Academic journal article Federal Reserve Bulletin

Board Begins Survey of Small Business Finances

Academic journal article Federal Reserve Bulletin

Board Begins Survey of Small Business Finances

Article excerpt

The Federal Reserve Board on June 10, 2004, announced that it had begun the latest Survey of Small Business Finances in June 2004, the fourth in a series since 1988 aimed at increasing policymakers' understanding of the ways economic and regulatory changes affect small firms' access to credit.

On behalf of the Board, NORC (a social science research organization at the University of Chicago) is collecting information from small businesses about their finances in 2003. Through the end of 2004, it will conduct telephone interviews with 4,000 executives at firms of fewer than 500 employees.

In a letter, Federal Reserve Chairman Alan Greenspan encouraged the business owners that were randomly selected for the survey to participate, noting that the data collected by past surveys have been critical for policy decisions at the Federal Reserve and in other parts of government.

"The Federal Reserve Board is concerned with the ways in which economic and regulatory changes affect small businesses.... Such changes can, in turn, have important implications for economic policymaking," he wrote.

The last survey collected information on small business finances in 1998. Both the state of the economy and the use of technology are very different today than they were then. The Board plans to publish findings from the new study in early 2006 after all the data have been collected and analyzed. …

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