New Jersey small businesses saw progress in 2021, according to the Fed’s Small Business Credit Survey. But most had not yet recovered to levels they saw before the pandemic.

The survey also shows that businesses owned by people of color lag their White counterparts across most financial metrics. These businesses were less likely to get emergency financing or Paycheck Protection Program loan forgiveness. They were more likely to use personal funds to address shortfalls and to express negative views of financial institutions or products.

This report is part of a Research in Action Lab. The lab focuses on access to credit and capital for New Jersey small businesses that were hit hardest by the COVID-19 pandemic.

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