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.
Despite being a key income source for their owners, nonemployer firms face acute profitability and financing challenges.
Small businesses reported stronger revenue and employment growth and continued levels of credit demand, with more firms applying to online lenders for financing.