Where small businesses bank and why: Insights from the Small Business Credit Survey

Financial services providers are one of the most important partners for a small business owner. They support the smooth operation of a business with a variety of products such as checking and savings accounts, and by facilitating transactions such as customer purchases, employee payroll, and bill payments. Given the impact of financial services relationships on small businesses’ financial success, it is important to understand the types of providers and products that business owners rely on and why. The Federal Reserve Banks’ Small Business Credit Survey (SBCS) offers valuable insights into these aspects of small business financial services relationships.