Row of small business store fronts, including a florist & gift shop

Brief

Small Business Credit Survey: New Jersey Insights

Priya Krishna

Economic Growth and Mobility Project Intern

June 2021

How did New Jersey’s small businesses fare in 2019 and 2020? This brief breaks down key data points that illustrate performance and challenges faced by this group based on data from the Small Business Credit Survey.

The Small Business Credit Survey is a national sample of small businesses, or firms with fewer than 500 employees, aimed at providing insight into firms' financing and debt needs and experiences. Analysis of this data set is issued through a series of reports.

This brief summarizes small business conditions in New Jersey between 2019 and 2020 using 2021 Small Business Credit Survey: Report on Employer Firms data. Three key topics are explored.

Employer firm performance and challenges
Information about emergency funding
Expected challenges in the next 12 months

Impact of COVID-19 on Small Businesses

New Jersey small businesses experienced changes in revenue due to policies implemented as a result of COVID-19. Because of government mandates, some businesses had to close, reduce operations, or maintain operations with modifications, whereas others did not face a significant impact or were able to expand operations. Of the 849 small businesses that responded, approximately:

Similar analysis was conducted for Pennsylvania and the Third District.

2021 Small Business Credit Survey: Report on Firms Owned by People of Color

This report uses SBCS data to highlight how firms of color were more likely to experience financial and operational challenges stemming from the pandemic. These challenges are salient because business ownership is integral to wealth building and employment in communities of color.

Credit & Capital

Report

2021 Small Business Credit Survey: Report on Employer Firms

Small businesses continue to face significant challenges amid the COVID-19 pandemic, including weak demand, heightened expenses, and limited credit availability. Nearly one-third of firms say they’re unlikely to survive without additional government aid until sales recover.

Credit & Capital

Brief

Small Business Credit Survey: Insights from New Jersey, Pennsylvania, and the Third District

A series of briefs illustrating performance and challenges faced by small businesses in New Jersey, Pennsylvania, and the Third District overall, respectively. The briefs are based on data from the Fed’s 2021 Small Business Credit Survey.