| Time periods: |
Time periods referenced in SBCS questions. For over-time comparisons in SBCS publications, the time references indicate the period before, after, or at the time of survey fielding in the respective survey years. The survey is fielded from approximately September through November each year. |
| Prior 12 months |
The 12 months prior to the fielding of the survey. |
| At time of survey |
Approximately September through November of the survey year. |
| Next 12 months |
The 12 months after the fielding of the survey. |
| Financial services providers and lenders: |
Self-reported source type at which the firm obtained financial services or applied for a loan, line of credit, or merchant cash advance. |
| Large bank, small bank |
Large banks are defined as those with at least $10B in total assets; small banks are defined as those with less than $10B in total assets. For applicable questions, respondents are shown a list of large banks operating in their state to assist them with proper classification of their institution. |
| Online lender / fintech company |
Online lenders / fintech companies are nonbanks that use digital platforms and technology to provide credit. |
| Finance company |
Finance companies are nonbanks that provide loans, leases, and other financial services. Examples include mortgage companies, equipment dealers, insurance companies, and auto finance companies. |
| Credit union |
Credit unions are nonprofit cooperatives at which members can borrow money at competitive rates from pooled deposits. |
| Community development financial institution (CDFI) |
CDFIs are financial institutions that provide credit and financial services to underserved markets and populations. CDFIs are certified by the CDFI Fund at the US Department of the Treasury. |
| Financial services provider |
Financial services providers are entities at which the firm has an account or uses other financial services (including loans, payments processing, etc.) |
| Financial company that is not a bank |
Examples include payroll services and payments processing companies, fintech lenders, and finance companies. |
| Other lender |
Respondents who selected “other lender” were asked to describe the source. They most frequently cited farm-lending institutions, friends/family/owner, nonprofit organizations, private investors, and government entities. |
| Credit risk: |
Self-reported business credit score or personal credit score, depending on which is used to obtain financing for the business. If the firm uses both, the weaker score is used. |
| Low credit risk |
80–100 business credit score or 720+ personal credit score |
| Medium credit risk |
50–79 business credit score or 620–719 personal credit score |
| High credit risk |
1–49 business credit score or <620 personal credit score |
| Industry: |
Classified based on the description of what the business does, as provided by the survey respondent. |
| Nonmanufacturing goods production and associated services |
Agriculture, Forestry, Fishing, and Hunting; Mining, Quarrying, and Oil and Gas Extraction; Utilities; Construction; Wholesale Trade; Transportation and Warehousing (NAICS: 11, 21, 22, 23, 42, 48–49) |
| Manufacturing |
Manufacturing (NAICS: 31–33) |
| Retail |
Retail Trade (NAICS: 44–45) |
| Leisure and hospitality |
Arts, Entertainment, and Recreation; Accommodation and Food Services (NAICS: 71–72) |
| Finance and insurance |
Finance and Insurance (NAICS: 52) |
| Healthcare and education |
Educational Services; Health Care and Social Assistance (NAICS: 61–62) |
| Professional services and real estate |
Information; Real Estate and Rental and Leasing; Professional, Scientific, and Technical Services; Management of Companies and Enterprises (NAICS: 51, 53–55) |
| Business support and consumer services |
Administrative and Support and Waste Management and Remediation Services; Other Services (NAICS: 56, 81) |
| Geographic location: |
Location of business headquarters, classified using the business’s ZIP code, which is asked in the SBCS and matched with Rural-Urban Commuting Area (RUCA) codes created by the US Department of Agriculture. Note that prior to 2022, the SBCS used geographic delineations created by the Centers for Medicare and Medicaid Services. |
| Urban |
Headquarters located in or associated with an area with at least 10% commuting flow to an urban area of 50,000 people or greater (RUCA codes 1–3) |
| Rural |
Headquarters located in or associated with an area with less than 10% commuting flow to an urban area of 50,000 people or greater (RUCA codes 4–10) |
| Race/ethnicity of ownership: |
Classified using race and ethnicity of firm owner(s), as provided by the survey respondent (the SBCS uses US Census-defined categories of race and ethnicity). Race and ethnicity categories are consolidated into two categories for data reported at the state and metropolitan statistical area level. |
| White-owned |
Owner(s) with 50% or more controlling interest is(are) non-Hispanic white. |
| Black- or African American-owned |
Owner(s) with more than 50% controlling interest is(are) non-Hispanic Black or African American. |
| Asian-owned |
Owner(s) with more than 50% controlling interest is(are) non-Hispanic Asian or Pacific Islander. |
| American Indian or Alaska Native-owned |
Owner(s) with more than 50% controlling interest is(are) non-Hispanic American Indian or Alaska Native. |
| Hispanic-owned |
Owner(s) with more than 50% controlling interest is(are) Hispanic. |
| Minority-owned |
Owner(s) with more than 50% controlling interest is(are) American Indian or Alaska Native, Asian, Black, or Hispanic, as defined above. |
| Nonminority-owned |
Owner(s) with more than 50% controlling interest is(are) non-Hispanic white. |
| Gender of ownership: |
Classified using gender of firm owner(s), as provided by the survey respondent. |
| Men-owned |
More than 50% of the business is owned by a man/men. |
| Equally owned |
50% of the business is owned by a man/men, and 50% of the business is owned by a woman/women. |
| Women-owned |
More than 50% of the business is owned by a woman/women. |
| Disability: |
Disability status of owner(s), as provided by survey respondent. The Americans with Disabilities Act defines an individual with a disability as a person who has a physical or mental impairment that substantially limits one or more major life activities. The SBCS questionnaire includes this definition as part of the question about owner disability. |
|
Immigrant: |
Owner(s) not born a US citizen, as provided by the survey respondent. |
| Growing firm: |
Firms that increased revenues and their number of employees in the prior 12 months and that plan to maintain or increase their number of employees in the next 12 months. |
