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Small Business

Firms of color were more likely to experience financial and operational challenges stemming from the pandemic. These challenges are particularly salient given the important role business ownership plays in wealth building and employment in communities of color.

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recent survey reports

State of the Older Entrepreneur During COVID-19

Older entrepreneurs are the majority of small business owners, yet they faced outsized challenges this year, including business closures, depletion of personal assets, and weakened revenue streams. These impacts were even more pronounced for older entrepreneurs of color.

Small Business Credit Survey: The 2021 Report on Employer Firms

Small businesses continue to face challenges amid the COVID-19 pandemic, including weak demand, heightened expenses, and limited credit availability. 30% of firms say they’re unlikely to survive without additional government aid.

Double Jeopardy: The Concentrated Health and Wealth Effects on Black Communities from COVID-19

Counties with the highest density of COVID-19 cases are also areas with the highest concentration of Black businesses and networks. Our analysis shows stark PPP coverage gaps in these hardest hit communities.

Can Small Firms Weather the Economic Effects of Covid-19?

We examine how firms are likely to weather the impacts of COVID-19 by unpacking small firms’ financial resiliency. Most firms would need to take significant cost-cutting measures or borrow if faced with sustained revenue loss.

Latino-Owned Businesses: Shining a Light on National Trends

Latinos start one in four new businesses in the U.S., contributing more than $700 billion in sales to the economy every year. With the Stanford Graduate School of Business and Interise, this report finds that Latino business owners face significant financial challenges compared to white business owners.

Video: How Are Latino-Owned Small Businesses Doing?

Financing Their Future: Veteran Entrepreneurs and Capital Access

From 1998 to 2018, veterans in the labor force who identified as “self-employed” dropped 33%. Data from the 2017 Small Business Credit Survey find that one challenge for veteran entrepreneurs is that while demand for financing is similar for veteran- and nonveteran-owned businesses, 60% of veteran-owned businesses reported financing shortfalls compared to 52% of nonveteran-owned businesses.

Podcast

Podcast: BankNotes

Bank Notes takes listeners deeper into insights and analysis from the New York Fed. This series provides a close look at small businesses, including their financing needs and challenges and discussions with current small business owners.

past Survey reports

2019 Small Business Credit Survey: Report on Nonemployer Firms

Despite being a key income source for their owners, nonemployer small businesses face acute profitability and financing challenges.

2018 Small Business Credit Survey: Report on Employer Firms

Heading into 2019, small businesses with employees reported stronger revenue and employment growth and continued levels of credit demand, with more firms applying to online lenders for financing.

2016 Small Business Credit Survey: Report on Employer Firms

Results from the survey showed that while many small businesses with employees were profitable and optimistic in 2016, a significant majority faced financial challenges, experienced funding gaps, and relied on personal finances.

Report on Women-Owned Firms

Women-owned small businesses with full- or part-time employees make up 20 percent of all small employer firms and are a growing segment of U.S. businesses. Results from the Small Business Credit Survey show that women-owned firms generally start small, stay small, and depend on small-denomination credit.

Report on Startup Firms

Startups—small businesses that were five-years-old or younger in 2016 with full- or part-time employees—make up 34% of all small employer firms and are drivers of U.S. job growth. Results from the Small Business Credit Survey show that while startups have stronger growth and more optimism than mature firms, they have greater credit risk and experience more financial challenges.

puerto rico

Puerto Rico Small Business Sector Trends: Evidence from the 2018 New York Fed Survey

Small businesses make up 99.7% of all business establishments in Puerto Rico. Using survey data from March through May 2018, this report describes the 2017 experiences of those currently operating on the Island.

Puerto Rico Small Businesses and the 2017 Hurricanes

This report focuses on the challenges and responses of the 77% of Puerto Rico small businesses that self-identified as having incurred a loss directly from hurricanes Irma and Maria.

Cover of Puerto Rico Small Business Survey 2017 report

2017 Small Business Survey

Data collected through May 2017, well before hurricanes Irma and Maria caused extensive damage on the Island, show how small business were faring prior to the storms and may provide useful benchmarks as recovery efforts proceed.

2016 Puerto Rico Small Business Survey

Survey results depict a sector that is resilient but financially stressed. Focusing on business performance, financing needs, and borrowing experiences of small firms, the survey is designed to fill knowledge gaps and flag economic growth opportunities for the Commonwealth.

Regional Perspectives on Puerto Rico Small Business

Puerto Rico's Micro-Entrepreneurs

Puerto Rico's Growth Entrepreneurs

About Small Business

The New York Fed's efforts center around the Small Business Credit Survey, an annual national survey started by the New York Fed on the financing needs and experiences of small businesses, or firms with fewer than 500 employees. The New York Fed also hosts workshops on accessing capital for small business owners and convenes an advisory council of small business leaders in the Second District to advise the New York Fed on regional conditions.

How the Pandemic Impacted Older Entrepreneurs

Double Jeopardy: Covid-19’s Concentrated Health and Wealth Effects in Black Communities

Video: How Are Latino-Owned Businesses Doing?