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Journal Article
Small Businesses Report Better Financing Outcomes
Borek, Nathaniel (2016-04)
Small businesses provide substantial employment and services and are an important part of the U.S. economy. One measure of small business conditions is the findings of the 2015 Small Business Credit Survey1 (SBCS). The survey, which is a collaborative effort of the community development departments of the Federal Reserve Banks of New York, Atlanta, Boston, Cleveland, Philadelphia, Richmond, and St. Louis, includes responses from small businesses operating in 26 states.2 This article summarizes highlights of the 2015 SBCS.
Cascade , Volume 2

Journal Article
Small Business Performance in Industries in LMI Neighborhoods After the Great Recession: Atlanta, Baltimore, Chicago, Houston and Los Angeles
O'Dell, Mark; Newberger, Robin G.; Toussaint-Comeau, Maude (2019)
Small businesses are essential to the economic infrastructure of both lower-income and higher-income neighborhoods. In this report, we compare small business performance in lower-income vs higher-income areas. Findings offer some directions for growing small businesses in LMI and ethnic/minority neighborhoods
Profitwise , Issue 3 , Pages 1-20

Working Paper
Business Formation: A Tale of Two Recessions
Dunne, Timothy; Penciakova, Veronika; Haltiwanger, John; Dinlersoz, Emin M. (2021-01-29)
The trajectory of new business applications and transitions to employer businesses differ markedly during the Great Recession and the COVID-19 recession. Both applications and transitions to employer startups decreased slowly but persistently in the post-Lehman crisis period of the Great Recession. In contrast, during the COVID-19 recession new applications initially declined but have since sharply rebounded, resulting in a surge in applications during 2020. Projected transitions to employer businesses also rise, but this projection is dampened by a change in the composition of applications ...
FRB Atlanta Working Paper , Paper 2021-5

Working Paper
Firm Entry and Employment Dynamics in the Great Recession
Siemer, Michael (2014-07-30)
The 2007-2009 recession is characterized by: a large drop in employment, an unprecedented decline in firm entry, and a slow recovery. Using confidential firm-level data, I show that financial constraints reduced employment growth in small relative to large firms by 4.8 to 10.5 percentage points. The effect of financial constraints is robust to controlling for aggregate demand and is particularly strong in small young firms. I show in a heterogeneous firms model with endogenous firm entry and financial constraints that a large financial shock results in a long-lasting recession caused by a ...
Finance and Economics Discussion Series , Paper 2014-56

Discussion Paper
Rural Spotlight: Promoting Small Business Development in South Carolina
Bell, Erika (2021-12-09)
Regional Matters

Journal Article
Small Banks, Big Impact: Community Banks and Their Role in Small Business Lending
Beiseitov, Eldar (2023-10-20)
An analysis examines the role that community banks play in meeting the credit needs of U.S. small businesses.
The Regional Economist

Report
Clicking for Credit: Experiences of Online Lender Applicants from the Small Business Credit Survey
Wiersch, Ann Marie; Lipman, Barbara J.; Wilson, Kim; Misera, Lucas (2022-08-16)
This report presents findings on the experiences of small businesses seeking credit from online lenders, based on data from the 2021 Small Business Credit Survey (SBCS). According to findings, firms that apply to online lenders are more likely to be newer and have fewer employees, lower revenues, and weaker credit scores. In addition, Black- and Hispanic-owned firms are more likely than white- and Asian-owned firms to report that they applied to an online lender. Furthermore, contrary to prior SBCS findings, online-lender applicants were less likely than bank applicants to be approved for the ...
Community Development Publications

Working Paper
Do Small Businesses Still Prefer Community Banks?
Goulding, William; Rice, Tara N.; Berger, Allen N. (2013-12-01)
We formulate and test hypotheses about the role of bank type ? small versus large, single-market versus multimarket, and local versus nonlocal banks ? in banking relationships. The conventional paradigm suggests that "community banks" ? small, single market, local institutions ? are better able to form strong relationships with informationally opaque small businesses, while "megabanks" ? large, multimarket, nonlocal institutions ? tend to serve more transparent firms. Using the 2003 Survey of Small Business Finance (SSBF), we conduct two sets of tests. First, we test for the type of bank ...
International Finance Discussion Papers , Paper 1096

Speech
The Impact of COVID-19 on Communities and Small Businesses
Harker, Patrick T. (2020-07-14)
Speaking at a Fed webinar, Philadelphia Fed President Patrick Harker said small businesses, and those owned by minorities in particular, are among those most economically impacted by the COVID-19 crisis. Harker said one solution to help create a stronger small business sector could be to ensure that more small businesses and microenterprises have relationships with banks.
Speech

Journal Article
Upfront: New from the Richmond Fed’s Regional Matters blog
Mullen, Katrina (2024-12-05)
Econ Focus , Volume 24 , Issue 4Q , Pages 3

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