2024 Report on Employer Firms: Findings from the 2023 Small Business Credit Survey

Abstract

While firm revenue and employment growth held mostly steady year-over-year, most firms - more than 9 in 10 - experienced either a financial or operational challenge in 2023. With respect to financing, the share of firms that applied for loans, lines of credit, or merchant cash advances declined year over year, though approvals remained little changed.