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.
Fielded in Q3 and Q4 of 2019, the SBCS offers baseline data on the financing and credit positions of small firms before the onset of the crisis.
The survey, which is part of the New York Fed’s Outreach & Education efforts, will be open through May 2020, and the New York Fed plans to release a report on the survey later this year.
Though they represent a small share of total small-business lending, nonbank online lenders are a growing source of small-dollar credit for small businesses.
Many minority-owned small businesses faced financial challenges and lagged in key performance indicators for profitability, revenue growth, and employee growth.
Small businesses need access to a variety of credit sources but face a host of challenges in getting the financing they need.