In the Fall of 2020, the Federal Reserve conducted the Small Business Credit Survey (SBCS) to gather information on small businesses’ performance and outlook, financing needs, and responses to the COVID-19 pandemic and related economic slowdowns. Arizona, California, and Hawaii are states in the Twelfth Federal Reserve District with enough 2020 SBCS responses to inform their own state reports.
About the Small Business Credit Survey
The Small Business Credit Survey (SBCS) collects information about business performance, financing needs and choices, and borrowing experiences of firms with 500 or fewer employees. Responses to the SBCS provide insight into the dynamics behind aggregate lending trends and about noteworthy segments of small businesses. The results are weighted to reflect the full population of small businesses. The SBCS is not a random sample; therefore, results should be analyzed with awareness of potential methodological biases.
For more from the 2020 Small Business Credit Survey, including the Report on Employer Firms, the Report on Firms Owned by People of Color, and the national data set, visit FedSmallBusiness.org.