DBEDT encourages Hawaiʻi small business to complete annual Fed credit survey

The Hawaiʻi Department of Business, Economic Development and Tourism is urging local small businesses to complete the Federal Reserve Bank’s annual Small Business Credit Survey.

Small businesses are vital to the US economy, yet comprehensive data on their financing needs and challenges remain scarce. The Federal Reserve Bank seeks to address this gap through the annual Small Business Credit Survey, gathering unique insights into how and why small businesses seek financing.

The survey takes 10-12 minutes to complete 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. The survey closes on Friday, Nov. 1, at 3 p.m. Hawaiʻi time.

“We want small business leaders and owners to share their recent experiences and insights, including how they rate the financial condition of their business and whether they sought loans or other lines of credit over the last year,” said Dennis Ling, administrator of the Business Development and Support Division of the Department of Business, Economic Development, and Tourism. “By taking the survey, business owners contribute to data that directly informs the Fed, federal government agencies, service providers, policymakers and others—ultimately benefiting their business and similar businesses across the country.”

The survey is open to businesses currently in operation, those recently closed and those about to launch. All responses are confidential. Complete the survey at the following link: https://fedsmallbiz.org/4g4oSSv