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Women business owners in Texas get less financing than men do
Women in Texas who own small businesses struggle more than men to access loans, post-COVID data show, and the situation is worse for women of color.
Journal Article
Small Businesses Report Better Financing Outcomes
Small businesses provide substantial employment and services and are an important part of the U.S. economy. One measure of small business conditions is the findings of the 2015 Small Business Credit Survey1 (SBCS). The survey, which is a collaborative effort of the community development departments of the Federal Reserve Banks of New York, Atlanta, Boston, Cleveland, Philadelphia, Richmond, and St. Louis, includes responses from small businesses operating in 26 states.2 This article summarizes highlights of the 2015 SBCS.
Journal Article
Upfront: New from the Richmond Fed's Regional Matters Blog
New from the Richmond Fed’s Regional Matters blog
Journal Article
Small Business Credit Survey Are you a small business or do you work with small businesses that would be interested in participating in the 2017 Small Business Credit Survey?
The dual mandate of the Federal Reserve includes maximum employment. Small business development and growth is essential to full employment. "More than half of Americans either own or work for a small business, and they create about two out of every three new jobs in the US each year," according to the Small Business Administration. To learn more about credit access and business conditions for this very large cohort of employers, Community Development and Policy Studies, a department of the Chicago Federal Reserve, is working to engage small businesses through trade, advisory, and other ...
Pandemic painful for many self-employed women, but their numbers are rising again
Years before the term “she-cession” became part of our national lexicon, the number of businesses owned by women was growing at a rate more than twice that of all businesses. Despite their increasing importance to the economy, women-owned firms were less likely than firms owned by men to be financially healthy heading into the COVID-19 economic crisis.
Working Paper
Persistent Effects of the Paycheck Protection Program and the PPPLF on Small Business Lending
Using bank-level U.S. Call Report data, we examine the longer-term effects of the Paycheck Protection Program (PPP) and the PPP Liquidity Facility on small business (SME) lending. Our sample runs through the end of 2023H1, by which time almost all PPP loans were forgiven or repaid. To identify a causal impact of program participation, we instrument based on historical bank relationships with the Small Business Administration and the Federal Reserve discount window prior to the onset of the pandemic. Elevated bank participation in both programs was positively associated with a substantial ...
Discussion Paper
How Do Firms Respond to Hiring Difficulties? Evidence from the Federal Reserve Banks' Small Business Credit Survey
Using data from the Federal Reserve Banks' 2017 Small Business Credit Survey (SBCS), this paper investigates the various ways in which different types of firms with less than 500 employees experience and address hiring difficulties, including when they decide to increase compensation. {{p}} The authors find significant variation in hiring difficulties by type of firm, and a firm's response appears to depend on the nature of the problem. The most common response is to increase compensation, with firms that experience competition from other employers being the most likely to do so. Other common ...
Discussion Paper
Anchor Institution Strategies in the Southeast: Working with Hospitals and Universities to Support Inclusive Growth
Engaging universities and hospitals to address economic disparities—often referred to as anchor institution strategies—has been understudied in the Southeast. The author examines efforts to launch anchor institution strategies in the Southeast. First, the author reviews the anchor institution concept in economic development, noting how the strategy has evolved from single institutions focusing on a set of neighborhoods to expanding to multi-institution collaboratives that attempt to tackle economic inequalities at a city or regional level. Second, the author offers case studies of New ...
Journal Article
Growing Rural America Through Startups
Rural places, by many measures, have tended to be less vibrant economically than metro areas, on average. Some small towns looking to create more job opportunities have tried to attract large businesses, while others have leaned on their natural amenities to draw residents and tourists. But another, less obvious, approach is in the running: entrepreneurship. New businesses contribute disproportionately to job and productivity growth, providing numerous benefits to a local community.
Discussion Paper
Anchor Institution Strategies in the Southeast: Working with Hospitals and Universities to Support Inclusive Growth
Engaging universities and hospitals to address economic disparities—often referred to as anchor institution strategies—has been understudied in the Southeast. The author examines efforts to launch anchor institution strategies in the Southeast. First, the author reviews the anchor institution concept in economic development, noting how the strategy has evolved from single institutions focusing on a set of neighborhoods to expanding to multi-institution collaboratives that attempt to tackle economic inequalities at a city or regional level. Second, the author offers case studies of New ...