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Startup Firms

Startups, often defined as firms that are two years old or less, account for 34 percent of all small employer firms and play an outsized role in US innovation and productivity. Per the US Census Bureau, job creation is substantially higher at younger businesses than at their older counterparts. After decades of little change, the rate of new business applications in the United States increased following the onset of the COVID-19 pandemic. Small Business Credit Survey data shed light on the barriers to success and growth faced by startup firms.