Alert
February 3, 2021

Financial Challenges Faced by US Small Businesses During the Past 12 Months*, Oct 2020 (% of respondents)

Methodology

Data is from the February 2021 Federal Reserve Banks "Small Business Credit Survey: 2021 Report on Employer Firms" in collaboration with the NORC at the University of Chicago. 9,693 US employer firms were surveyed online from September-October, 2020. The sample data is weighted so the weighted distribution of firms in the survey matches the distribution of the small firm population in the US by number of employees, age, industry, geographic location, gender of owner(s), and race or ethnicity of owner(s). Annual revenue sizes of the firms surveyed were less than or equal to $100,000 (15%), $100,000-$1 million (50%), $1 million-$10 million (30%), and greater than $10 million (5%). The number of employees at each firm included 1-4 (55%), 5-9 (18%), 10-19 (13%), 20-49 (9%), and 50-499 (5%). 64% of firms are men-owned, 21% women-owned, and 16% equally owned. Federal Reserve Banks include all 12 member banks which are based in Boston, New York, Philadelphia, Cleveland, Richmond, Atlanta, Chicago, Minneapolis, Kansas City, Dallas, and San Francisco.