Federal Reserve Banks of New York, together with Atlanta, Cleveland and Philadelphia had been conducting the Small Business Credit Survey and have just recently released the results on January 15.
The good news is the amount of credit available to small businesses continues to recover. However, it is still lesser compared to the credit supply available before the recession, especially for businesses with less than $1 million in revenue.
Cleveland Fed has the same conclusion when they put out their own report earlier this month.
“Small business loans now stand 17 percent below the peak reached prior to the recession.
While small commercial and industrial loans grew 3.4 percent over the past year, this modest
improvement does not provide strong assurances about the health of lending in this space. In
contrast, lending to larger businesses (loans greater than $1 million) bounced back quickly
and loans outstanding are now more than 24 percent higher than pre-recession
levels.” – Cleveland Fed
The highlights of the small credit survey are as follows:
months of 2014, which tells us that they had greater problems with demand than with supply.
the business, as well as complying with government regulations.