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Report to the Congress on the Availability of Credit to Small Businesses

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Submitted to the Congress pursuant to section 2227 of the Economic Growth and Regulatory Paperwork Reduction Act of 1996
October 2007

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Figure 2
Total Debt of Nonfinancial Corporate Businesses

Level of Debt, 2002-2007
Billions of dollars

Type of debt	2002	2003	2004	2005	2006	2007:Q1
Total debt	4,581	4,689	4,848	5,084	5,531	5,666
Bonds1	2,710	2,869	2,946	3,006	3,227	3,295
Mortgages	450	507	553	638	755	789
Bank loans2	636	561	563	624	690	707
Commercial paper	120	85	102	94	117	130
Other loans3	665	667	684	723	742	745
Memo: Trade debt	1,457	1,403	1,500	1,565	1,638	1,651

Note. Debt outstanding at end of period.

1. Industrial revenue bonds and corporate bonds. Return to table

2. Extended without real estate as collateral. Return to table

3. Loans from finance companies and all other nonmortgage loans that are not extended by banks. Return to table

Source. Federal Reserve Board, flow of funds accounts. Seasonally adjusted data.

Growth Rates of Bank Loans and Total Debt for Nonfinancial Corporate Businesses, 1980-2007
Percent

Year	Bank loans	Total
1980	13.98	6.87
1981	14.09	12.00
1982	21.88	7.74
1983	6.09	9.93
1984	14.74	16.34
1985	8.17	11.77
1986	13.45	15.62
1987	0.83	11.29
1988	6.76	10.41
1989	4.81	7.93
1990	0.49	5.90
1991	-6.92	-2.23
1992	-3.79	0.91
1993	-1.64	1.61
1994	9.61	5.20
1995	14.14	8.77
1996	6.71	6.50
1997	7.96	9.66
1998	11.00	12.06
1999	5.20	11.07
2000	5.42	8.44
2001	-12.85	4.45
2002	-14.55	0.21
2003	-13.54	2.34
2004	0.31	3.41
2005	10.79	4.87
2006	10.60	8.84
2007:Q1	8.50	9.33

Note. Shaded bars indicate periods of recession: 1981:Q3-1982:Q3, 1990:Q3-1991:Q1, 2001:Q1-2001:Q4. Data are annual. Data for 2007 are based on Q1 only.

Source. Federal Reserve Board, flow of funds accounts.

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