The Minneapolis Fed is gearing up for our 2019 Federal Reserve Small Business Credit Survey with hopes of hearing from tens of thousands of small businesses. Below is information on how you can participate, why the Federal Reserve cares about small firms, as well as a link to the Federal Reserve’s website for all things Small Business Credit Survey, FedSmallBusiness.org.
How can you participate?
This survey is successful because of organizations like yours. More than 400 chambers of commerce, small business development centers, lenders, and other technical assistance and advisory organizations have invited their members to participate in previous surveys.
If you would like to partner with the Minneapolis Fed to reach small businesses in your area, email firstname.lastname@example.org. You will then receive a link to register for the survey when it opens, followed by an announcement that you can place on your website, newsletter, e-blast, and Facebook or other social media platforms to invite businesses to participate. Plus, you will be recognized as a partner when the results are made available. If your organization pulls in at least 50 completed responses, you will also receive a custom report showing how your members compare to all small businesses in the survey.
Please note that the survey will be open September 10 through December 20.
Why participate in the survey?
The survey is a platform through which small businesses can be heard. Results are released in a series of reports (examples from previous surveys can be found on our Survey & Reports and Analysis pages, with future reports planned over the next several months). It is designed to pick up on potential finance issues affecting small business and bring them to the attention of those who have the ability to make changes. The survey has garnered significant attention, including media coverage by the Wall Street Journal, Washington Post, and Forbes. The results are also released to participants and those who help to disseminate the survey. The information provided helps firms to better understand finance options and become more informed borrowers.
Why does the Federal Reserve care about small businesses?
Small businesses are vital to U.S. economic growth and to the health of our communities. Over half of private sector employment is at firms with fewer than 500 employees. Fast-growing firms—often young businesses—help to drive job growth and innovation. Put simply, fostering a robust small business sector is central to creating economic opportunity.