I received an email from the Connecticut SBDC bringing my attention to the annual Small Business Credit Survey (SBCS).
I learned that through this annual survey, the Federal Reserve Banks capture one-of-a-kind data on small businesses. The Fed is apolitical, independent, and decentralized, which puts it in a unique position to collect, analyze, and distribute this data.
They suggest that by taking the survey, small business owners contribute to data that directly informs the Fed, federal government agencies, service providers, policymakers, and others—ultimately benefitting their business and others like it.
The Federal Small Business website notes that the SBCS provides timely information about small business conditions to policymakers, service providers, and lenders. In 2021, the survey reached nearly 11,000 small businesses, gathering insights about the COVID-19 pandemic’s continuing impact, including workforce challenges, business performance, and credit conditions.
For more information on the goals of the Fed Small Business collaboration and results of past surveys click here:
The 2022 survey takes 10 minutes to complete (I completed the survey and can confirm this is true!); and is open to for-profit businesses with fewer than 500 employees. Responses are confidential, and small business owners do not need to provide any personal information. Take the survey today—it closes on Friday, November 4 at 11:59 pm PT.