The Small Business Credit Survey (SBCS), a collaboration of all 12 Federal Reserve Banks, provides timely information about small business conditions to policymakers, service providers, and lenders. Fielded September through November 2022, the most recent survey reached nearly 6,000 nonemployer small businesses, which are firms with no paid employees except the owner(s). The SBCS collects information about the performance, challenges, and credit-seeking experiences of firms across the United States.
The SBCS provides helpful insights on firms in different stages of the business life cycle—from small startup nonemployer firms to well-established employer businesses. This report focuses on the nonemployer businesses, exploring differences between startups and older firms and between nonemployer and employer businesses.