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Report
Clicking for Credit: Experiences of Online Lender Applicants from the Small Business Credit Survey
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 ...
Report
An Uphill Battle: COVID-19’s Outsized Toll on Minority-Owned Firms
Since COVID-19 sparked state-mandated lockdowns nationwide in March, data suggest that minority-owned small businesses have been disproportionately impacted by the pandemic, facing higher rates of closures and sharper declines in cash balances as compared to nonminority-owned small businesses. Research shows that Black-owned businesses closed at more than twice the rate of white-owned firms and experienced declines in cash balances nine times as steep as nonminority firms in some cases. Black-owned businesses faced the greatest impact of any racial group, though Latinx- and Asian-owned ...
Discussion Paper
The Pandemic’s Effects on Women-Owned Small Firms: Findings from the Small Business Credit Survey
the fourth concludes that businesses owned by women, and, in particular, by Black women, faced more financial and operational challenges during the pandemic and were less likely to receive financing than men-owned businesses.