The New Jersey Economic Development Authority (NJEDA) is asking business owners to respond to the Federal Reserve Bank’s 2021 Small Business Credit Survey. The annual survey provides crucial insights into the financial health of small businesses that can help to bring additional resources or support to New Jersey. Business owners can respond to the survey at http://frb.co1.qualtrics.com/jfe/form/SV_9FfRVIJv9ABKFq6?orgid=NJ_EDA&parentid=8.14.2020&reserve_bank=NY.
“Timely information on small business economic conditions, financing needs, and credit availability is vital to creating meaningful resources and economic opportunities in our local communities,” said NJEDA Chief Executive Officer Tim Sullivan. “Participating in the Small Business Credit Survey will help inform decisions that impact the future of thousands of small businesses in New Jersey, as it provides valuable insights on small business conditions that help us develop programs that address business owners’ most pressing needs.”
The Small Business Credit Survey is an annual survey of small businesses in the United States that aims to provide advocates and policymakers with insights they can use to address small businesses’ needs. The NJEDA is working with the Federal Reserve to drive responses from underrepresented businesses, with a particular focus on learning more about minority- and women-owned firms. “This research helps inform studies conducted as part of a Research in Action Lab partnership with the Federal Reserve Bank of Philadelphia,” said Ashley Putnam, Director, Economic Growth & Mobility Project, Federal Reserve Bank of Philadelphia.
The survey is open to all businesses with 500 or fewer employees, including businesses that have recently closed or are about to launch. It includes questions about business conditions, financing needs, access to credit, and the effects of the COVID-19 pandemic. The survey takes roughly 10 minutes to complete and can be filled out on a computer or phone. Responses are due November 19, 2021. All responses are confidential.
Business owners can complete the survey, which also provides a Spanish-language version of the questionnaire, here: http://frb.co1.qualtrics.com/jfe/form/SV_9FfRVIJv9ABKFq6?orgid=NJ_EDA&parentid=8.14.2020&reserve_bank=NY.
About the New Jersey Economic Development Authority
The New Jersey Economic Development Authority (NJEDA) serves as the State’s principal agency for driving economic growth. The NJEDA is committed to making New Jersey a national model for inclusive and sustainable economic development by focusing on key strategies to help build strong and dynamic communities, create good jobs for New Jersey residents, and provide pathways to a stronger and fairer economy. Through partnerships with a diverse range of stakeholders, the NJEDA creates and implements initiatives to enhance the economic vitality and quality of life in the State and strengthen New Jersey’s long-term economic competitiveness.
About the Small Business Credit Survey (SBCS)
The SBCS collects information about business performance, financing needs and choices, and borrowing experiences of firms with fewer than 500 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 in the United States. The SBCS is not a random sample; therefore, results should be analyzed with awareness of potential methodological biases.
The SBCS includes experiences from firms across all 50 states and the District of Columbia through the joint efforts of the Federal Reserve Banks of New York, Atlanta, Boston, Chicago, Cleveland, Dallas, Kansas City, Minneapolis, Philadelphia, Richmond, San Francisco and St. Louis.