The national survey reveals that despite their outsized role in the U.S. economy, many SMBs lack necessary financing with over three-quarters using personal funds to plug holes.
| less than a minute read
Latest Fed Bank report shows small businesses face challenges
Get in touch
Get in touch
Among those who did not apply for loans, 39 percent felt they would not be approved because of a low credit score. Smaller companies, defined as having less than $1 million in revenues, face tougher challenges, according to the survey. Those companies are more likely to use personal funds in times of need, generally have lower credit scores and are likely to receive a smaller share of financing that sought when compared to larger firms.
Get in touch
Get in touch
