Using data from the national 2025 Report on Employer Firms: Findings from the 2024 Small Business Credit Survey, this brief details findings from New Jersey. The survey finds that 67 percent of New Jersey small businesses said financial conditions were poor or fair in 2024, compared with 63 percent in 2023.
The survey of 457 New Jersey small businesses also found that compared with 2023:
- firms reported similar revenue trends, and the same share carried debt.
- the portion of firms that reported issues reaching customers or growing sales and hiring or retaining qualified staff increased, while the portion citing supply chain issues decreased slightly.
- fewer firms reported facing challenges with increased costs, yet more reported issues with paying operating expenses and uneven cash flows.
- the portion of firms that responded to financial challenges by using personal funds or cash reserves increased, while the portion that raised prices decreased slightly.
The Federal Reserve’s Small Business Credit Survey is a national sample of small businesses with fewer than 500 employees that provides timely information on firms’ needs and experiences with getting loans and managing debt. The Fed conducted its survey from September through November 2024 and reached over 7,600 small employer firms nationwide.
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