Accessible Version

Figure 1. Percentage change in total debt and equity of nonfinancial businesses, 1980−2021

Percent

Date	Debt Change
12/31/1980	9.739921967
12/31/1981	12.46269512
12/31/1982	8.99215355
12/31/1983	10.43572982
12/31/1984	16.25033876
12/31/1985	10.83221007
12/31/1986	11.37998204
12/31/1987	8.787223154
12/31/1988	9.563991621
12/31/1989	6.989154364
12/31/1990	3.565272367
12/31/1991	-2.298565068
12/31/1992	-0.215420297
12/31/1993	3.408419862
12/31/1994	5.577015847
12/31/1995	6.266122238
12/31/1996	5.217401465
12/31/1997	8.48559515
12/31/1998	11.67402771
12/31/1999	10.99715677
12/31/2000	8.951599144
12/31/2001	4.544902274
12/31/2002	2.217156577
12/31/2003	1.34774128
12/31/2004	6.060121982
12/31/2005	7.989960453
12/31/2006	10.02329074
12/31/2007	12.59874819
12/31/2008	5.656824174
12/31/2009	-4.833657657
12/31/2010	-1.293835752
12/31/2011	2.359208879
12/31/2012	5.265164363
12/31/2013	4.731693962
12/31/2014	6.772506607
12/31/2015	6.691147629
12/31/2016	5.080819393
12/31/2017	7.078240399
12/31/2018	6.756778091
12/31/2019	4.835452072
12/31/2020	9.011207406
12/31/2021	4.610654139

Source: Federal Reserve Board, Statistical Release Z.1, “Financial Accounts of the United States.”

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Figure 2. Total debt and equity of nonfinancial businesses, 1980−2021

Percent

Date	Ratio of nonfinancial business debt to gross domestic product
12/31/1980	51.61056288
12/31/1981	51.71299247
12/31/1982	54.05807199
12/31/1983	54.93128646
12/31/1984	57.47493445
12/31/1985	59.27636688
12/31/1986	62.55266116
12/31/1987	64.18680115
12/31/1988	65.20579447
12/31/1989	64.75319456
12/31/1990	63.44548619
12/31/1991	60.02445223
12/31/1992	56.5680287
12/31/1993	55.61135696
12/31/1994	55.25897918
12/31/1995	56.01204778
12/31/1996	55.77076798
12/31/1997	56.94516006
12/31/1998	60.18789909
12/31/1999	62.86444845
12/31/2000	64.35075493
12/31/2001	65.17122193
12/31/2002	64.50000903
12/31/2003	62.36034827
12/31/2004	62.02105749
12/31/2005	62.75426317
12/31/2006	65.16426415
12/31/2007	70.03528409
12/31/2008	72.51592711
12/31/2009	70.40161629
12/31/2010	66.85450898
12/31/2011	66.01570569
12/31/2012	66.69443834
12/31/2013	67.40664402
12/31/2014	69.07048415
12/31/2015	71.03950514
12/31/2016	72.69600602
12/31/2017	74.70663357
12/31/2018	75.68439093
12/31/2019	76.20550344
12/31/2020	84.97637158
12/31/2021	80.76746966

Source: Federal Reserve Board, Statistical Release Z.1, “Financial Accounts of the United States.”

*Note: On November 4, 2022 the date range in the figure title was corrected to 1980–2021.

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Figure 3. Total debt and equity of nonfinancial businesses, 1997−2021

Billions of dollars

Date	Public equity issuance by nonfinancial U.S. firms
12/31/1997	59.64008855
12/31/1998	74.1103529
12/31/1999	110.2848332
12/31/2000	118.3692443
12/31/2001	77.57719415
12/31/2002	62.1141403
12/31/2003	44.41567731
12/31/2004	64.3448299
12/31/2005	54.71349284
12/31/2006	56.02919153
12/31/2007	65.43992712
12/31/2008	44.74551184
12/31/2009	63.1364373
12/31/2010	60.80571371
12/31/2011	58.73981207
12/31/2012	62.97591193
12/31/2013	101.7823358
12/31/2014	91.58334236
12/31/2015	110.5863835
12/31/2016	87.41986063
12/31/2017	89.40617689
12/31/2018	88.46686018
12/31/2019	102.4185565
12/31/2020	187.126225
12/31/2021	170.0635582

Source: Refinitiv, Thomson ONE Investment Banking with Deals module and SDC Platinum.

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Figure 4. Selected default and delinquency rates, 1990–2022

Percentage of outstandings

Date	Nonfinancial bond default rate*	C&I loan delinquency rate
1/1/1990	2.754509143	5.343410267
2/1/1990	2.727871867	5.324845184
3/1/1990	3.308102839	5.305661264
4/1/1990	3.825753641	5.287096181
5/1/1990	3.814971767	5.353754457
6/1/1990	3.951275818	5.420412733
7/1/1990	3.120823541	5.484920742
8/1/1990	3.651497966	5.696019086
9/1/1990	3.233023448	5.900307805
10/1/1990	3.524443513	6.111406149
11/1/1990	3.707759457	6.245568116
12/1/1990	4.222626701	6.366746667
1/1/1991	5.131381375	6.500908634
2/1/1991	5.250127269	6.447503937
3/1/1991	5.661934071	6.392319083
4/1/1991	4.811861257	6.338914386
5/1/1991	4.961024909	6.303811808
6/1/1991	4.639503374	6.268709231
7/1/1991	3.471700047	6.234738995
8/1/1991	2.495444777	6.114331669
9/1/1991	1.811829912	5.997808451
10/1/1991	1.825080817	5.877401125
11/1/1991	1.450497809	5.900654998
12/1/1991	0.937098602	5.92240862
1/1/1992	1.848168629	5.945662493
2/1/1992	1.979079159	5.782285629
3/1/1992	1.854682336	5.613462869
4/1/1992	1.852591417	5.450086004
5/1/1992	1.842487544	5.380624609
6/1/1992	1.509630084	5.311163214
7/1/1992	0.606950498	5.243942509
8/1/1992	0.744333169	5.042688664
9/1/1992	0.675380088	4.84792688
10/1/1992	0.661021589	4.646673035
11/1/1992	0.580332628	4.61497045
12/1/1992	0.492712957	4.586335857
1/1/1993	0.499767624	4.554633271
2/1/1993	0.216924376	4.369373347
3/1/1993	0.505777579	4.177938092
4/1/1993	0.439886996	3.992678167
5/1/1993	0.739144004	3.857300873
6/1/1993	0.742458567	3.72192358
7/1/1993	0.725543067	3.590913296
8/1/1993	0.685660713	3.38302146
9/1/1993	0.411615446	3.181835812
10/1/1993	0.445697935	2.973943976
11/1/1993	0.147948977	2.943862438
12/1/1993	0.275299178	2.916692016
1/1/1994	0.291328985	2.886610478
2/1/1994	0.386154043	2.724990434
3/1/1994	0.60540788	2.557983055
4/1/1994	0.530442592	2.396363011
5/1/1994	0.51647339	2.331575476
6/1/1994	0.366933616	2.266787941
7/1/1994	0.384724663	2.204090327
8/1/1994	0.410294263	2.178098541
9/1/1994	0.259428043	2.1529452
10/1/1994	0.2600781	2.126953414
11/1/1994	0.283972678	2.152380406
12/1/1994	0.327017195	2.175346721
1/1/1995	0.595043872	2.200773714
2/1/1995	0.524098136	2.167516886
3/1/1995	0.509628063	2.133151498
4/1/1995	0.67237767	2.099894671
5/1/1995	0.843402467	2.08114898
6/1/1995	1.0190965	2.062403289
7/1/1995	0.774342222	2.044262298
8/1/1995	0.838898193	2.034697911
9/1/1995	0.790741128	2.025442053
10/1/1995	0.656568198	2.015877667
11/1/1995	0.760190621	2.059701934
12/1/1995	0.604837652	2.10069883
1/1/1996	0.582224573	2.144523098
2/1/1996	0.53843431	2.118255534
3/1/1996	0.601159989	2.091112386
4/1/1996	0.586858959	2.064844823
5/1/1996	0.286444085	2.038037677
6/1/1996	0.454359631	2.011230532
7/1/1996	0.433661713	1.985288133
8/1/1996	0.341324575	1.956405396
9/1/1996	0.384465273	1.92845436
10/1/1996	0.403668193	1.899571623
11/1/1996	0.611745687	1.925013172
12/1/1996	0.609212463	1.947992637
1/1/1997	0.665852977	1.973434187
2/1/1997	0.663781036	1.921148137
3/1/1997	0.91938899	1.867119218
4/1/1997	0.880429992	1.814833169
5/1/1997	0.792051581	1.775243092
6/1/1997	0.605877493	1.735653015
7/1/1997	0.617398505	1.697340037
8/1/1997	0.621218896	1.683307847
9/1/1997	0.314375899	1.669728308
10/1/1997	0.3796245	1.655696118
11/1/1997	0.307123655	1.729604305
12/1/1997	0.274195021	1.796360087
1/1/1998	0.27079723	1.870268274
2/1/1998	0.518743387	1.823928397
3/1/1998	0.519194685	1.776043857
4/1/1998	0.549401478	1.729703979
5/1/1998	0.564954493	1.738398949
6/1/1998	0.640603892	1.747093919
7/1/1998	0.598072722	1.755508406
8/1/1998	0.378848612	1.780098888
9/1/1998	0.391509416	1.803896128
10/1/1998	0.411483264	1.828486609
11/1/1998	0.430631746	1.897834509
12/1/1998	0.848661985	1.960471323
1/1/1999	0.927025727	2.029819223
2/1/1999	1.117103433	2.020650266
3/1/1999	1.2863161	2.011175677
4/1/1999	1.828928549	2.00200672
5/1/1999	2.133170951	2.018665947
6/1/1999	1.958008461	2.035325175
7/1/1999	2.420176851	2.051447007
8/1/1999	2.275896163	2.017786002
9/1/1999	2.161108085	1.985210835
10/1/1999	1.833836447	1.951549829
11/1/1999	1.713783364	2.018960444
12/1/1999	1.632818828	2.082021987
1/1/2000	1.426008504	2.149432602
2/1/2000	1.547503084	2.181417981
3/1/2000	1.666203448	2.21446954
4/1/2000	1.67125151	2.246454919
5/1/2000	2.006838691	2.274578782
6/1/2000	2.022424939	2.302702645
7/1/2000	1.757965884	2.329919287
8/1/2000	1.760475702	2.376792807
9/1/2000	1.711879312	2.422154278
10/1/2000	1.697299003	2.469027798
11/1/2000	1.998513322	2.541127607
12/1/2000	2.196508963	2.606250016
1/1/2001	3.298856522	2.678349826
2/1/2001	3.419338617	2.767509786
3/1/2001	3.506307964	2.859641746
4/1/2001	4.518059762	2.948801706
5/1/2001	4.326600267	3.057722582
6/1/2001	4.241361257	3.166643458
7/1/2001	3.769568503	3.272050757
8/1/2001	3.731511986	3.324004178
9/1/2001	4.035455114	3.374281681
10/1/2001	3.641583535	3.426235102
11/1/2001	3.692969803	3.524237843
12/1/2001	5.064679545	3.612756447
1/1/2002	5.835442228	3.710759188
2/1/2002	5.837438307	3.78257794
3/1/2002	5.877204632	3.85679065
4/1/2002	5.528128616	3.928609402
5/1/2002	5.89817481	3.923960817
6/1/2002	4.592392155	3.919312232
7/1/2002	6.881465417	3.914813602
8/1/2002	6.395691392	3.881661931
9/1/2002	6.454468812	3.849579669
10/1/2002	5.975592153	3.816427999
11/1/2002	4.94577649	3.766183469
12/1/2002	6.694451171	3.720801312
1/1/2003	3.151276392	3.670556782
2/1/2003	3.339956862	3.629305427
3/1/2003	3.314256609	3.586679026
4/1/2003	3.527962577	3.545427671
5/1/2003	3.516535288	3.467771491
6/1/2003	1.628838835	3.390115312
7/1/2003	2.354216766	3.314964171
8/1/2003	2.287294705	3.145113837
9/1/2003	1.753100836	2.980742545
10/1/2003	1.451097099	2.810892211
11/1/2003	1.314114241	2.736696347
12/1/2003	1.294466228	2.667287312
1/1/2004	0.775359315	2.593091447
2/1/2004	0.695903717	2.483884893
3/1/2004	0.635012885	2.371038121
4/1/2004	0.657439402	2.261831567
5/1/2004	0.622867993	2.193590307
6/1/2004	0.607254391	2.125349047
7/1/2004	0.396775402	2.059309119
8/1/2004	0.355669997	1.971121216
9/1/2004	0.427549442	1.885778084
10/1/2004	0.620923073	1.797590181
11/1/2004	0.635294422	1.746181314
12/1/2004	1.014871042	1.699747499
1/1/2005	1.229479063	1.648338632
2/1/2005	1.332960383	1.587088477
3/1/2005	1.175243467	1.52379665
4/1/2005	0.966692613	1.462546495
5/1/2005	1.004067197	1.47415301
6/1/2005	0.534727282	1.485759525
7/1/2005	0.296933105	1.496991636
8/1/2005	0.31772575	1.475431235
9/1/2005	1.798010542	1.45456633
10/1/2005	1.987525043	1.433005929
11/1/2005	1.933330252	1.426770466
12/1/2005	2.86013613	1.421138435
1/1/2006	2.83913751	1.414902972
2/1/2006	2.746200805	1.361639973
3/1/2006	1.399744349	1.30660154
4/1/2006	1.173993555	1.25333854
5/1/2006	1.194000649	1.261814155
6/1/2006	0.289758709	1.27028977
7/1/2006	0.27375397	1.278491978
8/1/2006	0.267213493	1.235085208
9/1/2006	0.169153473	1.193078656
10/1/2006	0.264307837	1.149671886
11/1/2006	0.248999474	1.168699165
12/1/2006	0.231728057	1.185885094
1/1/2007	0.323362986	1.204912373
2/1/2007	0.310382436	1.18462883
3/1/2007	0.241522344	1.16366917
4/1/2007	0.200753242	1.143385627
5/1/2007	0.29689808	1.173532249
6/1/2007	0.2732691	1.203678871
7/1/2007	0.237311609	1.232853021
8/1/2007	0.249031464	1.260461199
9/1/2007	0.299056087	1.28717879
10/1/2007	0.276315551	1.314786967
11/1/2007	0.177056672	1.360600934
12/1/2007	0.176606916	1.403459162
1/1/2008	0.384635002	1.44927313
2/1/2008	0.368997143	1.532836837
3/1/2008	0.341670625	1.619186002
4/1/2008	0.35217797	1.70274971
5/1/2008	0.600446953	1.736116547
6/1/2008	0.680490097	1.769483383
7/1/2008	0.510751059	1.801773869
8/1/2008	0.62400179	2.065475447
9/1/2008	0.624995169	2.320670523
10/1/2008	0.660416356	2.584372101
11/1/2008	0.473271906	2.784534874
12/1/2008	1.253747593	2.965327055
1/1/2009	1.551086552	3.165489828
2/1/2009	1.987825457	3.327603015
3/1/2009	4.128970302	3.495119975
4/1/2009	5.036999663	3.657233161
5/1/2009	5.877550425	3.930758415
6/1/2009	7.764679257	4.204283669
7/1/2009	7.639761041	4.468985527
8/1/2009	7.132582814	4.429327561
9/1/2009	5.107666427	4.390948884
10/1/2009	4.327581492	4.351290918
11/1/2009	3.412856516	4.193487432
12/1/2009	0.911180599	4.050955251
1/1/2010	0.625167741	3.893151765
2/1/2010	0.503771287	3.776711271
3/1/2010	0.367553768	3.656389426
4/1/2010	0.221967153	3.539948931
5/1/2010	0.174235506	3.48608998
6/1/2010	0.092851833	3.432231029
7/1/2010	0.120864937	3.380109463
8/1/2010	0.446758277	3.256679299
9/1/2010	0.464649313	3.137230752
10/1/2010	0.455970821	3.013800588
11/1/2010	0.607408516	2.807567364
12/1/2010	0.710265229	2.621292193
1/1/2011	0.632891804	2.415058969
2/1/2011	0.313169573	2.304053258
3/1/2011	0.34145168	2.189347356
4/1/2011	0.343187708	2.078341644
5/1/2011	0.208732854	2.006936708
6/1/2011	0.129567529	1.935531772
7/1/2011	0.129027955	1.866430221
8/1/2011	0.165160151	1.796059671
9/1/2011	0.337378064	1.727959138
10/1/2011	0.345276773	1.657588587
11/1/2011	0.793607734	1.610247937
12/1/2011	0.8175642	1.565961522
1/1/2012	0.933586039	1.518620872
2/1/2012	0.907953951	1.474379147
3/1/2012	0.793296853	1.428662698
4/1/2012	0.794757615	1.384420973
5/1/2012	0.42079728	1.344580598
6/1/2012	0.368082276	1.304740223
7/1/2012	0.303974547	1.266185022
8/1/2012	0.419306497	1.239007327
9/1/2012	0.317027616	1.212706332
10/1/2012	0.335253863	1.185528636
11/1/2012	0.301690926	1.15710474
12/1/2012	0.729165952	1.131431543
1/1/2013	0.698227465	1.103007647
2/1/2013	0.605186027	1.079856359
3/1/2013	0.644453724	1.055933361
4/1/2013	0.673504155	1.032782073
5/1/2013	0.637216949	1.017058979
6/1/2013	0.316646112	1.001335884
7/1/2013	0.28826236	0.986119987
8/1/2013	0.271624853	0.954373522
9/1/2013	0.215661752	0.923651137
10/1/2013	0.144829005	0.891904672
11/1/2013	0.115687931	0.894946914
12/1/2013	0.068576969	0.897694747
1/1/2014	0.067928	0.900736989
2/1/2014	0.084708913	0.86786763
3/1/2014	0.19606187	0.833902625
4/1/2014	1.406065435	0.801033266
5/1/2014	1.400332079	0.789395674
6/1/2014	1.426781995	0.777758082
7/1/2014	1.442967139	0.766495896
8/1/2014	1.416266877	0.748843026
9/1/2014	1.392102538	0.731759604
10/1/2014	0.271055628	0.714106734
11/1/2014	0.268574437	0.727205047
12/1/2014	0.238727725	0.739035781
1/1/2015	1.234934737	0.752134095
2/1/2015	1.214557138	0.771973608
3/1/2015	1.23985925	0.792474437
4/1/2015	1.247568448	0.81231395
5/1/2015	1.348827124	0.840876957
6/1/2015	1.435910789	0.869439963
7/1/2015	0.62293779	0.897081582
8/1/2015	0.725135384	0.937834
9/1/2015	0.789701783	0.977271824
10/1/2015	0.760179896	1.018024242
11/1/2015	0.76065199	1.188406023
12/1/2015	1.153214156	1.347795431
1/1/2016	1.234890317	1.518177212
2/1/2016	1.258153779	1.544922381
3/1/2016	1.36767268	1.572559056
4/1/2016	1.589782428	1.599304225
5/1/2016	2.083156925	1.594442042
6/1/2016	1.695006633	1.589579859
7/1/2016	1.686454825	1.584874521
8/1/2016	1.664253056	1.57944701
9/1/2016	1.531207836	1.574194579
10/1/2016	1.342181539	1.568767068
11/1/2016	0.765417313	1.562866998
12/1/2016	0.805218021	1.557537902
1/1/2017	0.799332252	1.551637832
2/1/2017	0.685294112	1.487111863
3/1/2017	0.540173946	1.420435028
4/1/2017	0.510347312	1.355909059
5/1/2017	0.506374093	1.325700055
6/1/2017	0.485751671	1.29549105
7/1/2017	0.307991092	1.26625653
8/1/2017	0.292942093	1.233593212
9/1/2017	0.329187666	1.20198355
10/1/2017	0.285585534	1.169320232
11/1/2017	0.274583026	1.152820443
12/1/2017	0.257751301	1.137917408
1/1/2018	0.236974482	1.12141762
2/1/2018	0.317122418	1.106769619
3/1/2018	0.828348675	1.091633352
4/1/2018	0.869876119	1.076985352
5/1/2018	0.878079409	1.046621059
6/1/2018	0.972222255	1.016256767
7/1/2018	1.043233319	0.986871967
8/1/2018	0.957966741	0.968633491
9/1/2018	0.398350994	0.950983352
10/1/2018	0.424572191	0.932744876
11/1/2018	0.379599441	1.013128461
12/1/2018	0.269694736	1.08573299
1/1/2019	0.910060796	1.166116576
2/1/2019	1.03811609	1.133890068
3/1/2019	1.059114693	1.100589342
4/1/2019	1.133241549	1.068362834
5/1/2019	1.23659607	1.086265255
6/1/2019	1.281417718	1.104167677
7/1/2019	0.855451373	1.121492601
8/1/2019	0.837447349	1.110558276
9/1/2019	0.991040144	1.09997667
10/1/2019	0.924780981	1.089042345
11/1/2019	0.945241369	1.108573076
12/1/2019	1.086763839	1.126843761
1/1/2020	0.797710826	1.146374493
2/1/2020	0.703856558	1.187466895
3/1/2020	0.562313008	1.229929044
4/1/2020	1.273502022	1.271021446
5/1/2020	2.030044354	1.280266011
6/1/2020	2.200684093	1.289510576
7/1/2020	2.675866435	1.29845693
8/1/2020	2.727148539	1.281978558
9/1/2020	2.779131586	1.266031747
10/1/2020	2.044777287	1.249553376
11/1/2020	1.327585171	1.220416775
12/1/2020	1.045265454	1.194099845
1/1/2021	0.614183959	1.164963244
2/1/2021	0.518819784	1.128387002
3/1/2021	0.391976085	1.090591552
4/1/2021	0.274562206	1.05401531
5/1/2021	0.153069	1.043982097
6/1/2021	0.06384239	1.033948885
7/1/2021	0.104372424	1.024239324
8/1/2021	0.116812236	1.058647452
9/1/2021	0.094175442	1.091945641
10/1/2021	0.093550363	1.126353769
11/1/2021	0.069465592	1.102429113
12/1/2021	0.069702272	1.080819747
1/1/2022	0.014045908	1.056895092
2/1/2022	0.000303857	N/A
3/1/2022	0.155085487	N/A
4/1/2022	0.158924245	N/A
5/1/2022	0.270132922	N/A

* Six-month trailing defaults divided by beginning-of-period outstanding, at an annual rate.

Source: For default rate and outstanding amount of nonfinancial bonds, Moody's Analytics, Inc., Default and Recovery Database (DRD). For delinquency rate and outstanding amount of commercial and industrial (C&I) loans, Call Report data.

Return to text

Figure 5. Corporate bond yields, 1997–2022

Percent

Date	10-year triple-B	10-year high-yield
1/1/1997	7.4	9.7
2/1/1997	7.4	9.6
3/1/1997	7.7	9.8
4/1/1997	7.6	9.8
5/1/1997	7.5	9.4
6/1/1997	7.4	9.4
7/1/1997	6.9	9.0
8/1/1997	7.2	9.2
9/1/1997	7.0	9.0
10/1/1997	6.8	9.1
11/1/1997	6.9	9.0
12/1/1997	6.7	9.0
1/1/1998	6.6	8.8
2/1/1998	6.7	8.9
3/1/1998	6.8	8.9
4/1/1998	6.8	9.0
5/1/1998	6.7	9.0
6/1/1998	6.6	9.3
7/1/1998	6.7	9.3
8/1/1998	6.9	10.3
9/1/1998	6.3	10.2
10/1/1998	6.7	10.7
11/1/1998	6.6	10.0
12/1/1998	6.6	10.2
1/1/1999	6.5	10.1
2/1/1999	7.0	10.3
3/1/1999	6.9	10.1
4/1/1999	7.0	10.0
5/1/1999	7.3	10.4
6/1/1999	7.5	10.6
7/1/1999	7.7	10.7
8/1/1999	7.9	10.8
9/1/1999	7.8	10.9
10/1/1999	7.8	11.0
11/1/1999	7.9	10.8
12/1/1999	8.1	10.8
1/1/2000	8.3	11.1
2/1/2000	8.2	11.4
3/1/2000	8.1	11.9
4/1/2000	8.5	11.8
5/1/2000	8.7	12.2
6/1/2000	8.3	12.0
7/1/2000	8.2	12.1
8/1/2000	8.0	11.8
9/1/2000	8.0	12.1
10/1/2000	8.1	12.7
11/1/2000	7.9	13.6
12/1/2000	7.6	13.1
1/1/2001	7.5	11.8
2/1/2001	7.3	11.5
3/1/2001	7.4	11.9
4/1/2001	7.5	11.9
5/1/2001	7.5	12.0
6/1/2001	7.6	12.0
7/1/2001	7.2	11.6
8/1/2001	7.1	11.3
9/1/2001	7.1	12.6
10/1/2001	6.9	11.3
11/1/2001	7.2	10.8
12/1/2001	7.3	11.0
1/1/2002	7.5	10.8
2/1/2002	7.5	10.9
3/1/2002	N/A	N/A
4/1/2002	7.6	10.3
5/1/2002	7.4	10.8
6/1/2002	7.6	11.8
7/1/2002	7.5	11.7
8/1/2002	7.1	11.4
9/1/2002	6.8	11.8
10/1/2002	7.2	11.9
11/1/2002	7.1	11.1
12/1/2002	6.5	10.8
1/1/2003	6.6	10.4
2/1/2003	6.2	10.2
3/1/2003	6.2	9.8
4/1/2003	5.9	9.1
5/1/2003	5.4	9.1
6/1/2003	5.4	8.7
7/1/2003	6.3	9.1
8/1/2003	6.2	9.0
9/1/2003	5.7	8.6
10/1/2003	5.9	8.4
11/1/2003	5.9	8.2
12/1/2003	5.7	7.9
1/1/2004	5.6	7.8
2/1/2004	5.5	7.9
3/1/2004	5.3	7.9
4/1/2004	6.0	8.1
5/1/2004	N/A	N/A
6/1/2004	6.1	8.4
7/1/2004	6.0	8.2
8/1/2004	5.6	8.0
9/1/2004	5.5	7.8
10/1/2004	5.4	7.6
11/1/2004	5.6	7.5
12/1/2004	5.4	7.4
1/1/2005	5.3	7.5
2/1/2005	5.4	7.3
3/1/2005	5.7	7.9
4/1/2005	5.5	8.1
5/1/2005	5.3	8.1
6/1/2005	5.3	7.8
7/1/2005	5.5	7.7
8/1/2005	5.3	7.8
9/1/2005	5.6	8.0
10/1/2005	5.9	8.3
11/1/2005	5.9	8.3
12/1/2005	5.8	8.3
1/1/2006	5.9	8.2
2/1/2006	5.9	8.1
3/1/2006	6.2	8.2
4/1/2006	6.4	8.2
5/1/2006	6.5	8.4
6/1/2006	6.7	8.7
7/1/2006	6.5	8.7
8/1/2006	6.3	8.6
9/1/2006	6.2	8.4
10/1/2006	6.1	8.4
11/1/2006	5.9	8.3
12/1/2006	6.2	8.2
1/1/2007	6.2	8.2
2/1/2007	5.9	8.0
3/1/2007	6.1	8.1
4/1/2007	6.1	8.0
5/1/2007	6.3	7.9
6/1/2007	6.5	8.4
7/1/2007	6.6	9.2
8/1/2007	6.5	9.0
9/1/2007	6.5	8.7
10/1/2007	6.4	8.8
11/1/2007	6.3	9.3
12/1/2007	6.4	9.4
1/1/2008	6.4	9.8
2/1/2008	6.5	10.1
3/1/2008	6.7	10.4
4/1/2008	6.7	9.7
5/1/2008	6.9	9.8
6/1/2008	7.0	10.2
7/1/2008	7.2	10.5
8/1/2008	7.2	10.6
9/1/2008	8.0	11.8
10/1/2008	10.0	15.7
11/1/2008	9.7	17.8
12/1/2008	9.3	17.7
1/1/2009	9.0	14.3
2/1/2009	9.1	16.0
3/1/2009	8.9	14.2
4/1/2009	8.4	12.2
5/1/2009	7.9	13.1
6/1/2009	7.4	11.9
7/1/2009	6.7	10.9
8/1/2009	6.5	10.6
9/1/2009	6.2	9.7
10/1/2009	6.2	9.6
11/1/2009	5.9	9.5
12/1/2009	6.0	8.9
1/1/2010	5.7	8.8
2/1/2010	5.7	8.9
3/1/2010	5.8	8.5
4/1/2010	5.5	8.3
5/1/2010	N/A	N/A
6/1/2010	5.3	8.9
7/1/2010	5.1	8.3
8/1/2010	4.9	8.3
9/1/2010	4.8	7.8
10/1/2010	4.8	7.5
11/1/2010	5.0	7.9
12/1/2010	5.4	7.7
1/1/2011	5.4	7.5
2/1/2011	5.3	7.4
3/1/2011	5.4	7.5
4/1/2011	5.2	7.3
5/1/2011	5.0	7.3
6/1/2011	5.2	7.6
7/1/2011	4.9	7.4
8/1/2011	4.9	8.1
9/1/2011	5.2	8.7
10/1/2011	4.8	7.8
11/1/2011	5.0	8.2
12/1/2011	4.8	7.8
1/1/2012	4.6	7.3
2/1/2012	4.5	7.1
3/1/2012	4.7	7.3
4/1/2012	4.5	7.2
5/1/2012	4.4	7.6
6/1/2012	4.5	7.2
7/1/2012	4.1	7.0
8/1/2012	4.1	6.9
9/1/2012	4.0	6.7
10/1/2012	3.8	6.6
11/1/2012	3.8	6.5
12/1/2012	3.9	6.3
1/1/2013	4.1	6.2
2/1/2013	4.0	6.3
3/1/2013	N/A	N/A
4/1/2013	3.8	6.0
5/1/2013	4.3	6.2
6/1/2013	4.9	6.8
7/1/2013	4.8	6.7
8/1/2013	5.0	7.0
9/1/2013	4.9	6.9
10/1/2013	4.7	6.5
11/1/2013	4.8	6.6
12/1/2013	4.8	6.6
1/1/2014	4.6	6.6
2/1/2014	4.5	6.2
3/1/2014	4.5	6.2
4/1/2014	4.3	6.2
5/1/2014	4.1	6.0
6/1/2014	4.1	5.9
7/1/2014	4.2	6.2
8/1/2014	4.0	5.9
9/1/2014	4.3	6.3
10/1/2014	4.2	6.0
11/1/2014	4.1	6.2
12/1/2014	4.2	6.4
1/1/2015	3.8	6.2
2/1/2015	3.9	6.1
3/1/2015	3.9	6.1
4/1/2015	4.0	6.0
5/1/2015	4.2	6.1
6/1/2015	4.5	6.4
7/1/2015	4.4	6.4
8/1/2015	4.6	6.6
9/1/2015	4.5	7.2
10/1/2015	4.5	6.8
11/1/2015	4.6	7.0
12/1/2015	4.7	7.3
1/1/2016	4.6	7.6
2/1/2016	4.6	7.7
3/1/2016	4.3	7.1
4/1/2016	4.1	6.6
5/1/2016	4.1	6.7
6/1/2016	3.8	6.6
7/1/2016	3.7	6.3
8/1/2016	3.6	6.0
9/1/2016	3.7	6.0
10/1/2016	3.8	6.0
11/1/2016	4.3	6.3
12/1/2016	4.3	6.1
1/1/2017	4.2	5.9
2/1/2017	4.1	5.7
3/1/2017	4.2	5.8
4/1/2017	4.1	5.7
5/1/2017	3.9	5.6
6/1/2017	4.0	5.6
7/1/2017	3.9	5.5
8/1/2017	3.8	5.5
9/1/2017	3.9	5.5
10/1/2017	3.9	5.4
11/1/2017	3.9	5.5
12/1/2017	3.9	5.5
1/1/2018	4.1	5.6
2/1/2018	4.3	5.9
3/1/2018	N/A	N/A
4/1/2018	4.6	6.1
5/1/2018	4.6	6.3
6/1/2018	4.7	6.4
7/1/2018	4.6	6.3
8/1/2018	4.6	6.3
9/1/2018	4.7	6.3
10/1/2018	5.0	6.7
11/1/2018	5.1	7.0
12/1/2018	5.0	7.3
1/1/2019	4.6	6.7
2/1/2019	4.6	6.4
3/1/2019	4.3	6.2
4/1/2019	4.2	6.1
5/1/2019	4.1	6.3
6/1/2019	3.7	5.8
7/1/2019	3.7	5.7
8/1/2019	3.3	5.5
9/1/2019	3.4	5.5
10/1/2019	3.4	5.4
11/1/2019	3.4	5.4
12/1/2019	3.4	5.1
1/1/2020	3.0	5.0
2/1/2020	2.9	5.2
3/1/2020	4.2	6.8
4/1/2020	3.4	6.3
5/1/2020	3.2	5.7
6/1/2020	2.8	5.6
7/1/2020	2.5	4.8
8/1/2020	2.6	4.7
9/1/2020	2.6	5.0
10/1/2020	2.7	5.0
11/1/2020	2.4	4.5
12/1/2020	2.3	4.3
1/1/2021	2.5	4.4
2/1/2021	2.8	4.4
3/1/2021	3.1	4.6
4/1/2021	2.9	4.6
5/1/2021	2.9	4.6
6/1/2021	2.7	4.5
7/1/2021	2.5	4.3
8/1/2021	2.6	4.3
9/1/2021	2.7	4.4
10/1/2021	2.8	4.5
11/1/2021	2.9	4.7
12/1/2021	3.0	4.5
1/1/2022	3.3	5.0
2/1/2022	3.6	5.3
3/1/2022	4.1	5.7
4/1/2022	4.9	6.5
5/1/2022	5.1	7.1
6/1/2022	5.6	7.6

Source: ICE Data Indices, LLC, used with permission.

Return to text

Figure 6. Corporate bond spreads, 1997–2022

Basis points

Date	10-year triple-B	10-year high-yield
1/1/1997	81.2	317.1
2/1/1997	76.1	292.8
3/1/1997	72.8	280.0
4/1/1997	75.5	294.4
5/1/1997	77.1	267.7
6/1/1997	73.9	278.9
7/1/1997	74.5	292.3
8/1/1997	71.0	272.6
9/1/1997	70.0	274.9
10/1/1997	79.2	312.2
11/1/1997	92.3	308.7
12/1/1997	90.4	320.8
1/1/1998	97.7	318.9
2/1/1998	95.2	312.0
3/1/1998	93.6	305.7
4/1/1998	90.7	316.2
5/1/1998	93.4	327.6
6/1/1998	98.5	370.6
7/1/1998	108.5	365.4
8/1/1998	167.8	506.6
9/1/1998	159.6	552.5
10/1/1998	184.0	580.4
11/1/1998	167.7	501.5
12/1/1998	160.7	514.3
1/1/1999	152.0	506.5
2/1/1999	140.4	475.7
3/1/1999	133.5	448.7
4/1/1999	131.8	436.1
5/1/1999	N/A	N/A
6/1/1999	142.0	447.5
7/1/1999	148.4	447.3
8/1/1999	155.6	443.0
9/1/1999	152.6	462.0
10/1/1999	148.0	469.1
11/1/1999	146.3	436.2
12/1/1999	136.8	410.5
1/1/2000	147.7	434.5
2/1/2000	160.2	473.5
3/1/2000	181.6	559.7
4/1/2000	204.6	538.9
5/1/2000	220.5	571.1
6/1/2000	204.2	574.1
7/1/2000	203.8	592.0
8/1/2000	203.7	584.0
9/1/2000	199.5	603.0
10/1/2000	210.2	675.9
11/1/2000	220.7	794.5
12/1/2000	219.6	771.0
1/1/2001	208.0	640.9
2/1/2001	212.9	625.1
3/1/2001	212.0	664.2
4/1/2001	197.1	636.9
5/1/2001	188.7	631.7
6/1/2001	192.5	636.4
7/1/2001	193.8	635.3
8/1/2001	196.7	620.0
9/1/2001	219.7	771.1
10/1/2001	227.2	671.4
11/1/2001	203.4	563.6
12/1/2001	193.8	563.9
1/1/2002	216.0	546.5
2/1/2002	226.5	566.3
3/1/2002	N/A	N/A
4/1/2002	225.8	493.3
5/1/2002	212.4	545.7
6/1/2002	247.6	671.7
7/1/2002	276.4	694.8
8/1/2002	272.2	698.5
9/1/2002	286.3	780.7
10/1/2002	300.1	765.0
11/1/2002	254.0	657.5
12/1/2002	240.9	668.3
1/1/2003	236.5	616.5
2/1/2003	229.5	630.1
3/1/2003	212.0	576.8
4/1/2003	184.3	498.0
5/1/2003	182.1	554.3
6/1/2003	171.2	498.5
7/1/2003	166.2	443.0
8/1/2003	160.2	434.5
9/1/2003	153.9	444.6
10/1/2003	143.3	388.3
11/1/2003	136.9	371.6
12/1/2003	131.1	349.5
1/1/2004	128.0	345.1
2/1/2004	132.7	373.4
3/1/2004	134.9	388.9
4/1/2004	128.3	340.2
5/1/2004	N/A	N/A
6/1/2004	136.9	364.1
7/1/2004	132.2	357.1
8/1/2004	131.0	368.3
9/1/2004	124.0	354.5
10/1/2004	118.1	337.0
11/1/2004	109.6	300.6
12/1/2004	105.4	305.9
1/1/2005	105.8	322.8
2/1/2005	99.9	281.7
3/1/2005	114.3	330.9
4/1/2005	123.9	382.3
5/1/2005	123.7	398.1
6/1/2005	125.4	383.4
7/1/2005	115.9	334.3
8/1/2005	119.2	367.3
9/1/2005	121.0	359.9
10/1/2005	128.4	365.9
11/1/2005	128.4	371.3
12/1/2005	134.4	382.5
1/1/2006	130.2	354.4
2/1/2006	126.2	345.7
3/1/2006	129.2	322.6
4/1/2006	128.0	309.8
5/1/2006	134.3	322.0
6/1/2006	143.9	344.3
7/1/2006	146.7	363.9
8/1/2006	146.5	376.4
9/1/2006	148.3	373.5
10/1/2006	143.4	368.5
11/1/2006	141.2	375.0
12/1/2006	139.0	341.9
1/1/2007	134.8	331.2
2/1/2007	130.7	339.3
3/1/2007	138.9	336.3
4/1/2007	137.8	325.8
5/1/2007	136.2	296.4
6/1/2007	142.4	332.4
7/1/2007	172.7	433.1
8/1/2007	180.2	436.1
9/1/2007	179.0	402.3
10/1/2007	178.5	417.1
11/1/2007	212.1	512.0
12/1/2007	220.1	520.9
1/1/2008	253.8	594.4
2/1/2008	274.7	637.6
3/1/2008	303.7	666.7
4/1/2008	274.8	574.4
5/1/2008	265.0	555.9
6/1/2008	281.3	605.0
7/1/2008	301.4	637.6
8/1/2008	315.1	655.2
9/1/2008	385.0	764.1
10/1/2008	540.9	1110.9
11/1/2008	620.4	1429.0
12/1/2008	655.9	1488.9
1/1/2009	558.6	1089.2
2/1/2009	558.9	1242.4
3/1/2009	583.4	1115.7
4/1/2009	492.8	876.5
5/1/2009	403.8	923.4
6/1/2009	356.5	799.5
7/1/2009	286.5	704.9
8/1/2009	279.5	689.8
9/1/2009	264.9	611.4
10/1/2009	253.2	591.5
11/1/2009	252.8	606.0
12/1/2009	197.6	491.8
1/1/2010	193.3	497.8
2/1/2010	194.1	507.8
3/1/2010	180.6	455.3
4/1/2010	168.3	451.5
5/1/2010	N/A	N/A
6/1/2010	218.0	574.3
7/1/2010	204.1	521.1
8/1/2010	229.2	568.0
9/1/2010	213.6	518.6
10/1/2010	206.6	473.6
11/1/2010	212.5	494.4
12/1/2010	196.7	434.5
1/1/2011	190.3	402.8
2/1/2011	185.2	392.4
3/1/2011	183.9	391.5
4/1/2011	179.0	387.7
5/1/2011	187.9	417.7
6/1/2011	194.4	430.4
7/1/2011	197.1	447.6
8/1/2011	258.5	579.6
9/1/2011	316.3	669.4
10/1/2011	255.8	555.1
11/1/2011	285.7	607.7
12/1/2011	288.5	589.2
1/1/2012	279.5	548.9
2/1/2012	253.8	508.3
3/1/2012	243.9	505.5
4/1/2012	253.9	520.9
5/1/2012	286.8	597.9
6/1/2012	284.8	557.9
7/1/2012	260.0	547.3
8/1/2012	252.6	531.4
9/1/2012	235.6	510.9
10/1/2012	210.1	488.5
11/1/2012	224.4	489.0
12/1/2012	210.9	454.9
1/1/2013	204.2	422.1
2/1/2013	210.9	439.5
3/1/2013	N/A	N/A
4/1/2013	211.1	431.0
5/1/2013	208.2	406.2
6/1/2013	232.9	425.8
7/1/2013	215.6	402.3
8/1/2013	216.3	416.7
9/1/2013	221.0	426.0
10/1/2013	205.7	393.1
11/1/2013	196.6	380.6
12/1/2013	176.1	356.1
1/1/2014	188.3	385.5
2/1/2014	177.5	351.5
3/1/2014	173.1	346.1
4/1/2014	163.6	349.6
5/1/2014	162.8	349.0
6/1/2014	157.4	333.0
7/1/2014	159.4	356.0
8/1/2014	163.2	352.9
9/1/2014	172.4	373.2
10/1/2014	178.4	363.2
11/1/2014	190.7	399.2
12/1/2014	200.3	418.7
1/1/2015	207.9	448.6
2/1/2015	183.9	402.2
3/1/2015	190.0	410.6
4/1/2015	190.7	391.2
5/1/2015	196.8	388.1
6/1/2015	208.6	398.6
7/1/2015	222.0	415.1
8/1/2015	234.1	437.5
9/1/2015	243.9	508.9
10/1/2015	229.5	456.4
11/1/2015	228.3	475.3
12/1/2015	237.4	500.4
1/1/2016	265.9	556.8
2/1/2016	276.3	584.0
3/1/2016	242.5	522.2
4/1/2016	222.9	477.8
5/1/2016	220.7	484.3
6/1/2016	233.3	510.3
7/1/2016	217.5	477.0
8/1/2016	202.8	437.8
9/1/2016	205.0	434.4
10/1/2016	194.8	417.9
11/1/2016	187.2	388.1
12/1/2016	175.7	356.6
1/1/2017	175.7	343.4
2/1/2017	172.2	332.9
3/1/2017	175.5	339.8
4/1/2017	173.4	336.6
5/1/2017	169.1	338.1
6/1/2017	163.5	330.6
7/1/2017	156.3	317.4
8/1/2017	166.4	340.5
9/1/2017	154.9	313.2
10/1/2017	147.5	306.1
11/1/2017	148.5	310.0
12/1/2017	144.6	312.1
1/1/2018	133.4	284.6
2/1/2018	142.9	300.4
3/1/2018	N/A	N/A
4/1/2018	161.9	319.1
5/1/2018	172.9	348.1
6/1/2018	183.9	353.3
7/1/2018	166.5	334.1
8/1/2018	172.7	342.7
9/1/2018	163.7	325.9
10/1/2018	179.8	358.2
11/1/2018	206.2	398.5
12/1/2018	225.5	462.6
1/1/2019	199.5	404.3
2/1/2019	187.2	367.6
3/1/2019	187.2	379.0
4/1/2019	169.3	357.0
5/1/2019	191.1	415.6
6/1/2019	172.9	382.5
7/1/2019	164.6	367.8
8/1/2019	179.8	398.2
9/1/2019	167.9	376.0
10/1/2019	166.4	369.2
11/1/2019	157.2	355.4
12/1/2019	139.6	313.5
1/1/2020	150.6	349.6
2/1/2020	176.6	406.0
3/1/2020	337.8	598.1
4/1/2020	271.1	557.4
5/1/2020	247.9	502.0
6/1/2020	214.5	491.9
7/1/2020	192.3	424.7
8/1/2020	185.0	402.5
9/1/2020	195.7	432.8
10/1/2020	181.4	407.1
11/1/2020	153.3	362.3
12/1/2020	139.4	335.5
1/1/2021	136.7	324.0
2/1/2021	126.8	291.3
3/1/2021	125.4	284.4
4/1/2021	123.1	286.0
5/1/2021	N/A	N/A
6/1/2021	117.3	299.9
7/1/2021	123.8	303.0
8/1/2021	125.6	296.4
9/1/2021	117.8	279.6
10/1/2021	120.9	286.4
11/1/2021	137.0	317.1
12/1/2021	139.1	292.2
1/1/2022	146.9	313.5
2/1/2022	172.2	340.5
3/1/2022	172.9	331.2
4/1/2022	193.6	358.5
5/1/2022	217.5	412.6
6/1/2022	229.7	424.6

Note: Spreads over 10-year Treasury yield.

Source: ICE Data Indices, LLC, used with permission.

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Figure 7. Commercial paper yields, 1997–2022

Series: 30-day A2/P2 nonfinancial and 30-day AA nonfinancial commercial paper

Horizon: January 1997 through June 2022

Description: A line chart with two curves from January 1997 through June 2022. Units are percent, and the data are monthly. The 30-day A2/P2 nonfinancial series starts at around 5.5, decreases to about 5 by mid-1999, then spikes to about 7.5 in late 2000. The series then drops to around 1 in 2004 before increasing to about 5.5 by the end of 2007. The series then falls to around 3 in mid-2008, rises to almost 6 by October 2008, and then drops close to 0 by mid-2009. The series remains between 0 and 1 until early 2017 and begins to steadily climb to about 3 by 2019. With the exception of a spike to 2.5 in March 2020, the series drops and remains close to zero until early 2022 before rising and ending just below 2 in June 2022.

The 30-day AA nonfinancial series follows a trend similar to, but slightly below, the A2/P2 nonfinancial series. The series starts just above 5, decreases to just below 5 by early 1999, and increases to above 6 in 2000 before steadily dropping to 1 by mid-2004. The series then rises to just above 5 in 2006, where it remains until 2007. The series then drops to 0 by 2009, where it remains until the end of 2016. In 2017, the series begins to increase, reaching about 2.5 by 2019, before dropping close to 0 by late 2020. The series remains close to 0 until it rises to above 1 in June 2022.

Source: Depository Trust & Clearing Corporation.

*Note: On November 4, 2022 the legend labels were corrected so that the blue line curves now show the 30-day A2/P2 nonfinancial series and the black line curves show the 30-day AA nonfinancial series.

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Figure 8. Commercial paper spreads, 1998–2022

Series: 30-day A2/P2 nonfinancial and 30-day AA nonfinancial commercial paper

Horizon: January 1998 through June 2022

Description: A line chart with two curves from January 1998 through June 2022. Units are basis points, and the data are monthly. The 30-day A2/P2 nonfinancial series starts at around 15, drops to about negative 150 in June 1998, and then spikes to about 100 at the end of 1998. The series then fluctuates between 70 and negative 40 from 1999 to mid-2007, spiking to about 150 in December 1999 and December 2000. The series then rises to about 160 at the end of 2007, falls to 15 in mid-2008, and spikes to around 400 in late 2008, before dropping to about 10 by 2010. The series generally fluctuates between 10 and 40 from 2010 to early 2020, dipping just under 0 in September 2018. In February 2020, the series spikes to just over 200 before dropping close to 0 by the end of 2020, where it stays until it drops and ends at around negative 20 in June 2022.

The 30-day AA nonfinancial series follows a trend similar to, but slightly below, the A2/P2 nonfinancial series. The series starts around 5, then drops to about negative 150 in June 1998. The series then fluctuates between 50 and negative 50 from 1999 to 2008 except for two spikes to about 125 in 1999 and 2007 and another spike to about 80 in late 2008. The series then fluctuates close to zero from 2009 to 2019, increases to about 80 in early 2020, then drops and remains close to 0 before ending at around negative 50 in June 2022.

Note: Spreads computed over the target federal funds rate.

*Note: On November 4, 2022 the legend labels were corrected so that the blue line curves now show the 30-day A2/P2 nonfinancial series and the black line curves show the 30-day AA nonfinancial series.

Source: Depository Trust & Clearing Corporation.

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Figure 9. Growth rates of bank loans and total debt for partnerships and proprietorships, 1980−2021

Percent

Date	Bank loans	Total
12/31/1980	2.9	12.8
12/31/1981	10.9	11.7
12/31/1982	-5.7	9.3
12/31/1983	1.9	10.5
12/31/1984	15.9	15.2
12/31/1985	1.6	8.2
12/31/1986	0.5	7.2
12/31/1987	6.6	5.8
12/31/1988	6.6	8.0
12/31/1989	8.5	4.2
12/31/1990	2.4	0.0
12/31/1991	0.0	-2.2
12/31/1992	1.6	-2.3
12/31/1993	2.6	-1.7
12/31/1994	8.8	1.4
12/31/1995	6.1	4.1
12/31/1996	14.6	6.2
12/31/1997	20.3	8.3
12/31/1998	9.2	13.4
12/31/1999	16.4	12.8
12/31/2000	14.3	11.2
12/31/2001	10.8	8.4
12/31/2002	5.3	7.5
12/31/2003	2.2	3.3
12/31/2004	6.9	10.9
12/31/2005	30.8	13.1
12/31/2006	17.2	14.2
12/31/2007	17.9	13.9
12/31/2008	12.9	8.5
12/31/2009	-9.7	-2.4
12/31/2010	-1.8	-0.5
12/31/2011	-1.9	-1.5
12/31/2012	6.8	4.5
12/31/2013	2.2	2.7
12/31/2014	8.6	6.8
12/31/2015	5.8	5.6
12/31/2016	10.3	8.2
12/31/2017	10.1	9.1
12/31/2018	5.6	5.3
12/31/2019	1.2	1.9
12/31/2020	6.6	7.2
12/31/2021	-5.4	3.8

Note: The shaded bars indicate periods of economic contraction as defined by the National Bureau of Economic Research: January 1980−July 1980, July 1981−November 1982, July 1990−March 1991, March 2001−November 2001, December 2007−June 2009, and February 2020−April 2020.

Source: Federal Reserve Board, Statistical Release Z.1, “Financial Accounts of the United States.”

Return to text

Figure 10. Small business outlook, 2001−22

A. Firms planning capital outlays*

Date	Net percent of firms planning capital outlays in next six months
3/31/2001	32.72080254
6/30/2001	31.63542615
9/30/2001	28.91430553
12/31/2001	28.77321323
3/31/2002	30.54515875
6/30/2002	31.01234698
9/30/2002	29.3663674
12/31/2002	30.00374038
3/31/2003	27.70502273
6/30/2003	28.32505831
9/30/2003	29.65458861
12/31/2003	31.47718214
3/31/2004	31.89444086
6/30/2004	31.31024263
9/30/2004	31.98618611
12/31/2004	32.99413321
3/31/2005	33.27864311
6/30/2005	32.67455159
9/30/2005	31.42774608
12/31/2005	31.71521443
3/31/2006	31.29482659
6/30/2006	29.52616418
9/30/2006	30.91952584
12/31/2006	29.15492804
3/31/2007	29.96530755
6/30/2007	28.75923608
9/30/2007	28.90625612
12/31/2007	27.65998518
3/31/2008	24.40394793
6/30/2008	25.68870612
9/30/2008	22.96080003
12/31/2008	18.91722176
3/31/2009	16.43538914
6/30/2009	19.08417944
9/30/2009	18.34755787
12/31/2009	16.80502636
3/31/2010	18.4384641
6/30/2010	19.51760726
9/30/2010	18.6493396
12/31/2010	19.27371321
3/31/2011	21.6074323
6/30/2011	20.6080073
9/30/2011	21.28590022
12/31/2011	22.77052307
3/31/2012	22.01796883
6/30/2012	23.80517022
9/30/2012	23.13233866
12/31/2012	19.82141053
3/31/2013	22.8039502
6/30/2013	23.20955748
9/30/2013	24.73145941
12/31/2013	24.46326948
3/31/2014	23.26823507
6/30/2014	23.93724321
9/30/2014	25.03361967
12/31/2014	26.30771945
3/31/2015	24.4889777
6/30/2015	24.84732003
9/30/2015	25.37349613
12/31/2015	25.57841207
3/31/2016	24.93442517
6/30/2016	24.85012599
9/30/2016	25.6008397
12/31/2016	26.33364432
3/31/2017	28.1689747
6/30/2017	28.42809645
9/30/2017	27.84741353
12/31/2017	26.42749198
3/31/2018	28.25002493
6/30/2018	29.69456761
9/30/2018	30.0613601
12/31/2018	27.54417297
3/31/2019	27.14966243
6/30/2019	28.00880141
9/30/2019	26.68590776
12/31/2019	28.56454989
3/31/2020	25.8341045
6/30/2020	20.20018599
9/30/2020	25.67589189
12/31/2020	24.18621549
3/31/2021	22.43141549
6/30/2021	26.71955829
9/30/2021	27.05116337
12/31/2021	28.96362155
3/31/2022	27.70433081

* Percentage of firms planning capital outlays in next six months.

B. Outlook for small business expansion over the next three months**

Date	Percentage of firms that consider the next three months a good time to expand
3/31/2001	13.19526243
6/30/2001	12.09122607
9/30/2001	11.3739499
12/31/2001	12.78986903
3/31/2002	15.03275374
6/30/2002	14.49918384
9/30/2002	13.74386649
12/31/2002	13.59081781
3/31/2003	11.30479163
6/30/2003	13.75792761
9/30/2003	17.56360965
12/31/2003	22.79354271
3/31/2004	20.80652386
6/30/2004	21.52086099
9/30/2004	22.97152777
12/31/2004	29.87611218
3/31/2005	21.96815073
6/30/2005	19.08143635
9/30/2005	20.31234922
12/31/2005	21.57348029
3/31/2006	19.62630313
6/30/2006	16.23151295
9/30/2006	15.6822522
12/31/2006	18.06790658
3/31/2007	16.03318888
6/30/2007	12.80325377
9/30/2007	13.82363221
12/31/2007	12.61680317
3/31/2008	7.86129228
6/30/2008	5.933675983
9/30/2008	7.553993916
12/31/2008	3.935168245
3/31/2009	4.312739963
6/30/2009	5.680392237
9/30/2009	6.142315953
12/31/2009	5.611766877
3/31/2010	4.66601478
6/30/2010	6.248274863
9/30/2010	4.750134319
12/31/2010	6.130155589
3/31/2011	7.59168223
6/30/2011	5.845319222
9/30/2011	5.032305071
12/31/2011	6.498747299
3/31/2012	8.44648488
6/30/2012	7.463275868
9/30/2012	5.176812064
12/31/2012	4.653616324
3/31/2013	5.939956201
6/30/2013	7.510805629
9/30/2013	7.241346106
12/31/2013	6.780965929
3/31/2014	8.204490443
6/30/2014	9.179650841
9/30/2014	10.69506269
12/31/2014	11.52282553
3/31/2015	12.59847219
6/30/2015	11.77343277
9/30/2015	10.94094244
12/31/2015	10.06366725
3/31/2016	8.383249526
6/30/2016	8.481918012
9/30/2016	7.262798214
12/31/2016	13.98676743
3/31/2017	22.51669842
6/30/2017	20.9874947
9/30/2017	22.67538228
12/31/2017	26.81154395
3/31/2018	30.45530522
6/30/2018	27.59895321
9/30/2018	34.13448198
12/31/2018	29.74245188
3/31/2019	21.52421863
6/30/2019	24.22036921
9/30/2019	25.05361714
12/31/2019	27.27785215
3/31/2020	22.53229173
6/30/2020	7.502161087
9/30/2020	11.48892421
12/31/2020	10.07376021
3/31/2021	8.658248388
6/30/2021	13.74132735
9/30/2021	11.46522405
12/31/2021	9.285357299
3/31/2022	7.910542109

** Percentage of firms that consider the next three months a good time to expand.

C. Net percentage of banks reporting increased demand for C&I loans by small firms

Date	Net percentage of banks reporting increased demand for C&I loans by small firms
3/31/2001	-29.6
6/30/2001	-34.5
9/30/2001	-42.1
12/31/2001	-50.0
3/31/2002	-45.5
6/30/2002	-29.1
9/30/2002	-36.4
12/31/2002	-48.1
3/31/2003	-20.7
6/30/2003	-21.8
9/30/2003	-12.3
12/31/2003	-3.9
3/31/2004	21.8
6/30/2004	37.5
9/30/2004	38.9
12/31/2004	25.5
3/31/2005	29.6
6/30/2005	37.0
9/30/2005	35.2
12/31/2005	8.9
3/31/2006	5.4
6/30/2006	3.5
9/30/2006	0.0
12/31/2006	-13.0
3/31/2007	-5.4
6/30/2007	-19.2
9/30/2007	-11.8
12/31/2007	-7.7
3/31/2008	-23.6
6/30/2008	-16.1
9/30/2008	-15.4
12/31/2008	-7.4
3/31/2009	-57.7
6/30/2009	-63.5
9/30/2009	-54.7
12/31/2009	-35.7
3/31/2010	-29.6
6/30/2010	-9.3
9/30/2010	-3.6
12/31/2010	-21.4
3/31/2011	5.6
6/30/2011	9.6
9/30/2011	5.8
12/31/2011	-18.8
3/31/2012	15.1
6/30/2012	21.8
9/30/2012	0.0
12/31/2012	4.5
3/31/2013	15.4
6/30/2013	7.7
9/30/2013	24.3
12/31/2013	0.0
3/31/2014	14.1
6/30/2014	8.5
9/30/2014	25.0
12/31/2014	5.5
3/31/2015	5.7
6/30/2015	4.1
9/30/2015	7.2
12/31/2015	3.0
3/31/2016	-12.7
6/30/2016	-2.9
9/30/2016	2.9
12/31/2016	-1.5
3/31/2017	1.5
6/30/2017	-8.7
9/30/2017	-5.5
12/31/2017	-2.9
3/31/2018	6.0
6/30/2018	-1.5
9/30/2018	9.1
12/31/2018	-10.8
3/31/2019	-10.1
6/30/2019	-10.3
9/30/2019	-9.0
12/31/2019	-16.9
3/31/2020	-11.4
6/30/2020	0.0
9/30/2020	-28.6
12/31/2020	-45.5
3/31/2021	-17.6
6/30/2021	2.9
9/30/2021	7.4
12/31/2021	0.0
3/31/2022	9.2
6/30/2022	17.7
9/30/2022	14.3

Note: NFIB data are quarterly and seasonally adjusted. SLOOS data are quarterly; not seasonally adjusted. C&I is commercial and industrial.

Source: For panels A and B, National Federation of Independent Business (NFIB); for panel C, Federal Reserve Board, Senior Loan Officer Opinion Survey on Bank Lending Practices (SLOOS).

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Figure 11. Credit availability to small businesses, 2001−22

A. Net percentage of banks tightening standards on commercial and industrial loans, by firm size*
Percent

Date	Large and middle−market firms	Small firms
3/31/2001	59.65	45.45
6/30/2001	50.91	36.36
9/30/2001	40.35	31.58
12/31/2001	50.88	40.35
3/31/2002	45.45	41.82
6/30/2002	25.00	14.55
9/30/2002	21.43	5.45
12/31/2002	20.00	18.18
3/31/2003	22.03	13.79
6/30/2003	8.93	12.73
9/30/2003	3.45	3.51
12/31/2003	0.00	-1.75
3/31/2004	-17.86	-10.91
6/30/2004	-22.81	-19.30
9/30/2004	-20.00	-3.64
12/31/2004	-21.05	-18.18
3/31/2005	-23.64	-12.96
6/30/2005	-24.07	-24.07
9/30/2005	-16.67	-11.11
12/31/2005	-8.77	-5.26
3/31/2006	-10.71	-7.14
6/30/2006	-12.28	-7.02
9/30/2006	-8.93	-1.79
12/31/2006	0.00	-1.85
3/31/2007	0.00	5.36
6/30/2007	-3.77	1.92
9/30/2007	7.55	7.69
12/31/2007	19.23	9.62
3/31/2008	32.14	30.36
6/30/2008	55.36	51.79
9/30/2008	57.69	65.38
12/31/2008	83.64	74.55
3/31/2009	64.15	69.23
6/30/2009	39.62	42.31
9/30/2009	31.48	33.96
12/31/2009	14.04	16.07
3/31/2010	-5.45	3.70
6/30/2010	-7.14	0.00
9/30/2010	-8.77	-9.09
12/31/2010	-10.53	-7.14
3/31/2011	-10.53	-1.85
6/30/2011	-16.36	-13.46
9/30/2011	-21.82	-7.84
12/31/2011	-5.88	-6.25
3/31/2012	5.36	1.89
6/30/2012	-6.90	-1.82
9/30/2012	-9.52	-4.92
12/31/2012	-7.58	-7.58
3/31/2013	-7.35	-7.69
6/30/2013	-19.12	-23.08
9/30/2013	-18.06	-10.00
12/31/2013	-8.33	-7.14
3/31/2014	-13.70	-4.17
6/30/2014	-11.11	-7.04
9/30/2014	-10.67	-8.33
12/31/2014	-10.53	-8.22
3/31/2015	-5.48	-5.71
6/30/2015	-5.33	-1.39
9/30/2015	-7.04	-5.97
12/31/2015	7.35	1.47
3/31/2016	8.22	4.23
6/30/2016	11.59	5.80
9/30/2016	8.45	7.14
12/31/2016	1.47	-1.49
3/31/2017	1.45	0.00
6/30/2017	-2.82	-2.90
9/30/2017	-3.95	-4.11
12/31/2017	-8.45	-8.82
3/31/2018	-10.00	0.00
6/30/2018	-11.27	-2.99
9/30/2018	-15.94	-7.58
12/31/2018	-15.94	-3.08
3/31/2019	2.78	4.35
6/30/2019	-4.23	0.00
9/30/2019	-2.82	-5.80
12/31/2019	5.41	5.63
3/31/2020	0.00	-1.45
6/30/2020	41.54	39.68
9/30/2020	71.23	70.00
12/31/2020	37.68	31.34
3/31/2021	5.48	11.43
6/30/2021	-15.07	-12.86
9/30/2021	-32.43	-25.71
12/31/2021	-18.18	-11.11
3/31/2022	-14.49	-9.38
6/30/2022	-1.52	0.00
9/30/2022	18.75	21.43

* Firms with annual sales of more than $50 million are considered large.

B. Net fraction of firms reporting that credit was harder to get compared with 3 months ago**

Date	Percent of firms
3/31/2001	4
6/30/2001	3
9/30/2001	4
12/31/2001	2
3/31/2002	4
6/30/2002	5
9/30/2002	3
12/31/2002	3
3/31/2003	5
6/30/2003	4
9/30/2003	3
12/31/2003	4
3/31/2004	3
6/30/2004	3
9/30/2004	3
12/31/2004	4
3/31/2005	3
6/30/2005	4
9/30/2005	4
12/31/2005	4
3/31/2006	5
6/30/2006	5
9/30/2006	6
12/31/2006	6
3/31/2007	6
6/30/2007	5
9/30/2007	7
12/31/2007	7
3/31/2008	6
6/30/2008	8
9/30/2008	10
12/31/2008	11
3/31/2009	12
6/30/2009	14
9/30/2009	14
12/31/2009	15
3/31/2010	14
6/30/2010	13
9/30/2010	13
12/31/2010	11
3/31/2011	10
6/30/2011	10
9/30/2011	11
12/31/2011	10
3/31/2012	9
6/30/2012	8
9/30/2012	7
12/31/2012	9
3/31/2013	6
6/30/2013	6
9/30/2013	6
12/31/2013	6
3/31/2014	7
6/30/2014	6
9/30/2014	6
12/31/2014	4
3/31/2015	4
6/30/2015	3
9/30/2015	4
12/31/2015	4
3/31/2016	5
6/30/2016	5
9/30/2016	4
12/31/2016	5
3/31/2017	4
6/30/2017	3
9/30/2017	4
12/31/2017	4
3/31/2018	4
6/30/2018	4
9/30/2018	4
12/31/2018	4
3/31/2019	5
6/30/2019	4
9/30/2019	3
12/31/2019	3
3/31/2020	2
6/30/2020	3
9/30/2020	2
12/31/2020	2
3/31/2021	1
6/30/2021	2
9/30/2021	3
12/31/2021	2
3/31/2022	3

** This question is only asked of firms reporting that they regularly borrow.

C. Commercial and industrial loan terms: Changes in loan spreads
Net percent

Date	Large and middle−market firms	Small firms
3/31/2001	57.14	28.85
6/30/2001	44.44	22.22
9/30/2001	50.88	38.18
12/31/2001	58.93	41.82
3/31/2002	40.00	36.36
6/30/2002	23.64	13.21
9/30/2002	41.07	20.00
12/31/2002	29.09	14.81
3/31/2003	27.12	15.52
6/30/2003	14.55	11.11
9/30/2003	-12.28	-3.57
12/31/2003	-13.79	-10.53
3/31/2004	-26.79	-16.67
6/30/2004	-38.60	-25.45
9/30/2004	-30.91	-29.09
12/31/2004	-50.00	-38.18
3/31/2005	-45.45	-25.93
6/30/2005	-70.37	-54.72
9/30/2005	-46.30	-37.74
12/31/2005	-45.61	-36.84
3/31/2006	-42.59	-33.33
6/30/2006	-59.65	-45.61
9/30/2006	-41.82	-21.43
12/31/2006	-29.63	-31.48
3/31/2007	-44.64	-29.63
6/30/2007	-52.83	-37.25
9/30/2007	-32.08	-32.69
12/31/2007	34.62	21.15
3/31/2008	43.64	40.00
6/30/2008	70.91	63.64
9/30/2008	80.77	71.15
12/31/2008	98.18	92.73
3/31/2009	92.45	88.46
6/30/2009	79.25	75.00
9/30/2009	59.26	64.15
12/31/2009	40.35	42.86
3/31/2010	9.09	14.81
6/30/2010	-7.14	9.26
9/30/2010	-49.12	-32.73
12/31/2010	-33.33	-21.43
3/31/2011	-47.37	-29.63
6/30/2011	-54.55	-50.00
9/30/2011	-54.55	-42.31
12/31/2011	-41.18	-47.92
3/31/2012	-46.43	-43.40
6/30/2012	-60.34	-50.91
9/30/2012	-60.32	-45.90
12/31/2012	-53.85	-50.00
3/31/2013	-54.41	-50.77
6/30/2013	-63.24	-57.81
9/30/2013	-62.50	-51.43
12/31/2013	-54.17	-50.00
3/31/2014	-58.33	-51.43
6/30/2014	-59.72	-52.11
9/30/2014	-58.67	-44.44
12/31/2014	-47.37	-41.67
3/31/2015	-35.62	-35.71
6/30/2015	-40.00	-39.44
9/30/2015	-42.86	-36.23
12/31/2015	-20.59	-25.76
3/31/2016	-16.67	-18.31
6/30/2016	-2.90	-4.41
9/30/2016	-5.71	-13.04
12/31/2016	-8.82	-5.97
3/31/2017	-5.80	-8.96
6/30/2017	-11.43	-10.29
9/30/2017	-21.05	-8.22
12/31/2017	-27.14	-19.40
3/31/2018	-15.94	-2.99
6/30/2018	-24.29	-14.71
9/30/2018	-31.88	-17.19
12/31/2018	-26.47	-20.63
3/31/2019	4.23	-4.41
6/30/2019	-27.54	-14.71
9/30/2019	-26.76	-17.65
12/31/2019	-20.55	-15.71
3/31/2020	-20.83	-10.29
6/30/2020	40.91	30.16
9/30/2020	58.90	54.29
12/31/2020	13.24	10.61
3/31/2021	-1.39	13.24
6/30/2021	-30.56	-16.42
9/30/2021	-44.59	-35.71
12/31/2021	-36.92	-25.40
3/31/2022	-40.91	-31.15
6/30/2022	-9.38	-10.00
9/30/2022	18.75	28.57

Note: Data are quarterly; not seasonally adjusted.

Source: For panels A and C, Federal Reserve Board, Senior Loan Officer Opinion Survey on Bank Lending Practices; for panel B, National Federation of Independent Businesses (NFIB).

Return to text

Figure 12a. Most important problem facing small businesses, 2001−22

Percent

Date	Poor sales	Government regulation
3/31/2001	12.1	11.5
6/30/2001	10.9	12.0
9/30/2001	13.6	10.5
12/31/2001	16.9	11.2
3/31/2002	16.0	10.7
6/30/2002	14.4	11.7
9/30/2002	16.9	9.6
12/31/2002	16.6	10.9
3/31/2003	17.4	10.7
6/30/2003	17.2	9.9
9/30/2003	16.8	10.3
12/31/2003	14.4	11.2
3/31/2004	14.5	11.1
6/30/2004	12.4	10.8
9/30/2004	11.3	10.2
12/31/2004	10.6	10.0
3/31/2005	9.9	9.3
6/30/2005	9.4	10.2
9/30/2005	10.4	9.7
12/31/2005	9.8	9.5
3/31/2006	8.5	11.3
6/30/2006	9.6	9.5
9/30/2006	10.8	10.1
12/31/2006	11.9	11.6
3/31/2007	10.5	10.9
6/30/2007	11.3	10.0
9/30/2007	12.1	10.2
12/31/2007	12.5	10.5
3/31/2008	14.8	8.7
6/30/2008	16.4	9.1
9/30/2008	18.1	8.1
12/31/2008	25.0	8.5
3/31/2009	30.4	10.8
6/30/2009	31.2	11.5
9/30/2009	32.0	11.5
12/31/2009	33.7	12.3
3/31/2010	32.8	12.1
6/30/2010	29.6	14.3
9/30/2010	30.2	15.3
12/31/2010	30.9	14.8
3/31/2011	26.9	17.8
6/30/2011	24.6	15.9
9/30/2011	25.2	17.5
12/31/2011	24.5	19.4
3/31/2012	22.0	20.2
6/30/2012	20.9	19.4
9/30/2012	20.5	20.8
12/31/2012	21.1	19.2
3/31/2013	18.1	20.9
6/30/2013	16.5	21.4
9/30/2013	16.7	22.4
12/31/2013	15.0	21.0
3/31/2014	14.6	21.2
6/30/2014	13.2	20.0
9/30/2014	13.0	20.9
12/31/2014	11.6	22.0
3/31/2015	12.1	21.6
6/30/2015	10.9	21.9
9/30/2015	11.7	21.3
12/31/2015	10.7	20.7
3/31/2016	12.1	19.3
6/30/2016	12.2	19.0
9/30/2016	11.9	19.8
12/31/2016	11.7	19.3
3/31/2017	11.2	17.1
6/30/2017	9.6	16.2
9/30/2017	9.4	15.7
12/31/2017	9.8	15.2
3/31/2018	10.3	15.1
6/30/2018	8.2	13.4
9/30/2018	6.5	13.6
12/31/2018	8.0	13.6
3/31/2019	9.3	13.9
6/30/2019	7.9	13.4
9/30/2019	8.4	12.7
12/31/2019	7.7	13.8
3/31/2020	7.9	13.2
6/30/2020	17.9	12.6
9/30/2020	13.0	12.4
12/31/2020	12.8	13.8
3/31/2021	10.8	14.8
6/30/2021	6.9	12.2
9/30/2021	5.3	11.6
12/31/2021	4.9	10.3
3/31/2022	3.9	9.5

Figure 12b. Most important problem facing small businesses, 2001−22

Percent

Date	Taxes	Interest rates and finance	Inflation
3/31/2001	23.6603	3.4773	3.1969
6/30/2001	24.7614	3.6557	3.5039
9/30/2001	21.2556	2.5334	2.7414
12/31/2001	20.1608	2.2365	1.6225
3/31/2002	21.3673	2.7096	2.2114
6/30/2002	21.2100	2.3283	1.7078
9/30/2002	20.9416	2.7217	2.0162
12/31/2002	20.3681	2.3712	1.8247
3/31/2003	18.4378	2.1932	3.2851
6/30/2003	18.4644	1.9468	1.8072
9/30/2003	18.1683	1.5127	1.8355
12/31/2003	18.0103	1.7400	1.4396
3/31/2004	16.1110	1.6730	2.0143
6/30/2004	18.0362	1.6628	5.1784
9/30/2004	18.4140	2.2657	3.0124
12/31/2004	16.8719	1.8021	4.1548
3/31/2005	16.9876	2.1750	3.5413
6/30/2005	19.5146	2.1865	5.3732
9/30/2005	18.3453	2.2712	5.8258
12/31/2005	18.8791	3.1895	5.6164
3/31/2006	18.6332	3.4767	4.7710
6/30/2006	17.7104	3.9673	6.7057
9/30/2006	15.7597	4.3829	6.0236
12/31/2006	18.0507	3.2658	3.4319
3/31/2007	23.7875	3.9295	3.0064
6/30/2007	25.1290	2.6481	4.3832
9/30/2007	18.2113	2.8261	5.0808
12/31/2007	19.4842	3.4047	6.1745
3/31/2008	20.2006	2.8795	9.5193
6/30/2008	17.2471	2.7071	16.8684
9/30/2008	16.9935	2.7629	17.8752
12/31/2008	19.6132	3.4704	9.1787
3/31/2009	20.0538	3.7426	5.8443
6/30/2009	20.1441	4.8446	4.3811
9/30/2009	21.0218	4.2790	4.0888
12/31/2009	20.2993	4.3746	2.4456
3/31/2010	21.0672	4.4565	3.5895
6/30/2010	21.4028	4.1955	3.9852
9/30/2010	21.7958	3.8523	3.2131
12/31/2010	20.5850	3.9442	4.0446
3/31/2011	17.6489	3.4028	5.7898
6/30/2011	19.6815	2.9297	8.2369
9/30/2011	17.8843	3.7339	7.4659
12/31/2011	19.2741	3.6823	5.3429
3/31/2012	19.6412	3.3401	7.9291
6/30/2012	20.4777	3.2823	7.1409
9/30/2012	21.4674	2.5752	5.6395
12/31/2012	21.8527	2.3927	5.5157
3/31/2013	22.0816	2.5191	5.9701
6/30/2013	22.2245	1.9554	4.9865
9/30/2013	19.9203	2.2596	4.7844
12/31/2013	21.3308	2.1461	3.7421
3/31/2014	21.2356	1.8156	2.8474
6/30/2014	22.7412	2.3170	4.2164
9/30/2014	22.3129	1.8292	3.9126
12/31/2014	23.5487	1.8825	3.2737
3/31/2015	21.1473	2.6064	2.1209
6/30/2015	22.6285	1.7651	3.2618
9/30/2015	21.5939	1.1090	2.6089
12/31/2015	20.9647	1.6219	2.0464
3/31/2016	21.4189	1.7603	2.3514
6/30/2016	22.1225	1.8208	2.8903
9/30/2016	20.8361	1.6875	1.9359
12/31/2016	20.0669	1.9315	1.9757
3/31/2017	20.9826	1.8771	1.3823
6/30/2017	21.8155	1.2583	1.4581
9/30/2017	20.6669	1.4940	1.4785
12/31/2017	21.3719	1.5283	2.1494
3/31/2018	15.4840	1.8596	1.3541
6/30/2018	17.1299	1.5006	1.9723
9/30/2018	16.1734	2.2198	2.1246
12/31/2018	16.0098	2.2928	1.2100
3/31/2019	15.2515	1.8457	1.9744
6/30/2019	16.5857	1.9234	1.5663
9/30/2019	15.0081	1.8492	1.3243
12/31/2019	15.2739	1.9395	1.2573
3/31/2020	15.2702	1.7533	1.3685
6/30/2020	16.1672	1.5038	1.4805
9/30/2020	16.6236	1.3964	1.9671
12/31/2020	19.3478	1.2312	2.2716
3/31/2021	17.9042	1.1130	2.9137
6/30/2021	19.4022	0.8220	8.9535
9/30/2021	17.2725	0.7618	11.3461
12/31/2021	16.4783	0.3919	18.4581
3/31/2022	14.8442	0.6918	26.2296

Figure 12c. Most important problem facing small businesses, 2001−22

Percent

Date	Big business	Cost of labor	Availability of insurance	Quality of labor
3/31/2001	9.865945	6.432525	8.019881	18.188844
6/30/2001	10.240477	5.801013	10.117879	15.571764
9/30/2001	10.618389	5.991454	12.644794	17.244890
12/31/2001	11.203475	5.185720	12.995815	15.324676
3/31/2002	11.869817	4.967982	15.360607	11.275103
6/30/2002	9.435798	5.563359	18.053537	12.177798
9/30/2002	9.918425	4.841299	19.116346	10.812193
12/31/2002	10.056281	4.638128	20.288340	9.898869
3/31/2003	10.416967	4.596767	21.328532	8.346469
6/30/2003	9.629964	4.735521	25.302301	8.406794
9/30/2003	8.867767	5.319328	24.584559	9.711513
12/31/2003	10.167144	5.541579	26.883953	8.038639
3/31/2004	10.553339	5.483536	26.529417	8.680909
6/30/2004	10.328665	4.919834	24.760384	9.444338
9/30/2004	9.607075	4.763157	27.234156	9.600478
12/31/2004	10.162468	4.826062	26.656432	10.499701
3/31/2005	9.743373	5.131134	27.081253	10.370509
6/30/2005	8.822894	4.522828	24.430931	9.745023
9/30/2005	8.442384	5.448427	23.070867	10.219900
12/31/2005	8.708007	4.934671	22.935335	10.085517
3/31/2006	9.718628	5.595895	21.982886	10.484285
6/30/2006	7.717463	5.690458	21.202679	11.975482
9/30/2006	7.627855	5.343981	19.609884	12.326423
12/31/2006	8.529040	6.549041	19.610842	12.104107
3/31/2007	8.688096	5.007280	18.846649	12.556000
6/30/2007	8.508955	5.798243	17.141852	12.280675
9/30/2007	9.145298	6.084979	16.744216	14.601131
12/31/2007	7.651898	5.184123	15.794466	13.397711
3/31/2008	8.598990	5.058607	13.697307	10.533562
6/30/2008	6.458870	4.889382	11.324688	8.991884
9/30/2008	6.190853	4.195154	11.271631	8.955899
12/31/2008	6.369875	4.389445	10.068952	7.847454
3/31/2009	5.648796	4.404375	8.324530	4.552643
6/30/2009	5.723653	4.543158	7.517773	4.465518
9/30/2009	6.230812	4.428339	8.682165	3.712878
12/31/2009	5.672910	3.406702	7.830031	3.832029
3/31/2010	6.157780	3.267195	7.835280	3.232222
6/30/2010	6.060489	3.408484	7.352694	3.855629
9/30/2010	6.026114	3.440528	7.362721	4.077535
12/31/2010	6.288244	2.933255	8.228651	3.634771
3/31/2011	6.012959	3.683940	8.007261	5.975057
6/30/2011	7.244774	3.720426	7.368923	4.944493
9/30/2011	6.452771	3.478987	7.451933	5.065739
12/31/2011	7.298939	3.754158	7.179304	5.305955
3/31/2012	6.598713	3.672805	7.211744	5.469669
6/30/2012	6.125574	3.050595	8.001830	5.872582
9/30/2012	7.221092	3.736070	6.884039	6.218840
12/31/2012	6.862725	3.263271	7.808397	5.464593
3/31/2013	6.932570	4.344383	8.378597	5.164196
6/30/2013	7.612598	3.964041	8.442463	6.425750
9/30/2013	5.796407	4.547560	8.109931	9.020705
12/31/2013	7.789142	4.503838	9.844504	7.806956
3/31/2014	7.831995	4.841485	8.739236	9.231865
6/30/2014	8.107917	4.382861	8.309243	9.906228
9/30/2014	8.252708	4.393554	8.227080	9.831828
12/31/2014	8.055811	4.569805	7.846056	10.545907
3/31/2015	7.646467	4.887923	8.630340	12.052067
6/30/2015	7.206391	5.833706	7.421482	12.132607
9/30/2015	7.138004	5.521552	7.646852	14.405866
12/31/2015	7.417598	5.315529	9.136066	14.268311
3/31/2016	8.180726	5.517892	8.334403	13.050629
6/30/2016	8.175398	5.886588	8.366834	13.286707
9/30/2016	7.430342	6.828254	7.524699	15.403855
12/31/2016	8.103190	5.705594	9.374969	14.437231
3/31/2017	8.621633	6.021254	8.666191	16.123310
6/30/2017	8.361863	6.960110	9.531962	16.809059
9/30/2017	8.571686	6.897549	8.966473	18.935340
12/31/2017	7.953868	6.387643	9.987666	18.912322
3/31/2018	10.039626	6.727269	10.561878	21.470805
6/30/2018	9.620919	6.979324	10.209270	21.892183
9/30/2018	8.930630	7.561595	9.525111	23.537595
12/31/2018	9.050795	7.605676	10.531986	23.726848
3/31/2019	9.422929	8.828252	8.861939	22.060293
6/30/2019	9.036891	8.726120	9.572997	23.463580
9/30/2019	8.814139	9.603165	9.012247	25.342604
12/31/2019	9.887562	8.923975	9.488388	24.715030
3/31/2020	9.896429	7.624499	11.100888	24.877592
6/30/2020	8.624474	7.372352	7.818561	17.010135
9/30/2020	8.447903	8.554248	8.324234	21.063671
12/31/2020	8.581559	6.568742	7.645063	22.407796
3/31/2021	7.724534	7.780539	6.171274	23.273713
6/30/2021	7.322223	8.135549	5.228625	25.164014
9/30/2021	4.570958	10.204783	4.628086	27.250802
12/31/2021	0.075475	10.897531	4.080259	25.906761
3/31/2022	0.072288	10.047192	3.830254	22.355856

Note: NFIB data are quarterly; seasonally adjusted.

Source: National Federation of Independent Businesses (NFIB) Survey. Small Business Economic Trends Data. http://www.nfib.com/research−foundation/surveys/small−business−economic−trends.

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Figure 13. Delinquent commercial real estate and commercial and industrial loans, 2002−21

A. Commercial and industrial loans 30 or more days delinquent and nonaccruing loans
Delinquency rate (percent)

Date	Small−business−lending−intensive banks	Non−small−business−lending−intensive banks
6/30/2002	3.336943	3.824745
9/30/2002	3.358067	3.711874
12/31/2002	3.379190	3.599002
3/31/2003	3.400314	3.486130
6/30/2003	3.421438	3.373259
9/30/2003	3.282596	3.055774
12/31/2003	3.143754	2.738288
3/31/2004	3.004912	2.420803
6/30/2004	2.866070	2.103318
9/30/2004	2.765368	1.922274
12/31/2004	2.664665	1.741230
3/31/2005	2.563963	1.560185
6/30/2005	2.463261	1.379141
9/30/2005	2.506691	1.353841
12/31/2005	2.550121	1.328542
3/31/2006	2.593551	1.303242
6/30/2006	2.636981	1.277942
9/30/2006	2.842508	1.265380
12/31/2006	3.048034	1.252819
3/31/2007	3.253561	1.240257
6/30/2007	3.459088	1.227695
9/30/2007	3.745143	1.351713
12/31/2007	4.031198	1.475731
3/31/2008	4.317254	1.599749
6/30/2008	4.603309	1.723767
9/30/2008	5.188434	2.097161
12/31/2008	5.773560	2.470555
3/31/2009	6.358685	2.843950
6/30/2009	6.943810	3.217344
9/30/2009	6.182150	3.436821
12/31/2009	5.420489	3.656297
3/31/2010	4.658828	3.875773
6/30/2010	3.897167	3.510938
9/30/2010	4.199697	3.355660
12/31/2010	4.502227	2.840395
3/31/2011	4.192115	2.627510
6/30/2011	3.882004	2.240650
9/30/2011	3.895474	2.081453
12/31/2011	3.908945	1.741163
3/31/2012	3.390474	1.613419
6/30/2012	2.872004	1.400309
9/30/2012	2.757743	1.389527
12/31/2012	2.643483	1.187984
3/31/2013	2.448742	1.174727
6/30/2013	2.254000	1.057286
9/30/2013	2.153257	1.041504
12/31/2013	2.052513	0.891654
3/31/2014	1.931362	0.912705
6/30/2014	1.810212	0.831713
9/30/2014	1.795371	0.816192
12/31/2014	1.780531	0.737146
3/31/2015	1.724267	0.777220
6/30/2015	1.668003	0.808886
9/30/2015	1.682064	0.906559
12/31/2015	1.696125	0.996095
3/31/2016	1.685543	1.543340
6/30/2016	1.674960	1.572798
9/30/2016	1.704887	1.515650
12/31/2016	1.734814	1.492551
3/31/2017	1.674399	1.392426
6/30/2017	1.613983	1.292301
9/30/2017	1.645717	1.189645
12/31/2017	1.677451	1.086989
3/31/2018	1.630264	1.036234
6/30/2018	1.583077	0.985479
9/30/2018	1.672110	0.938164
12/31/2018	1.761142	0.890850
3/31/2019	1.738809	0.968302
6/30/2019	1.716476	1.045753
9/30/2019	1.734221	1.071170
12/31/2019	1.751966	1.096587
3/31/2020	1.674291	1.132982
6/30/2020	1.596615	1.169378
9/30/2020	1.275241	1.158705
12/31/2020	0.953866	1.148032
3/31/2021	0.783432	1.063845
6/30/2021	0.612997	0.979658
9/30/2021	0.712226	1.030625
12/31/2021	0.811455	1.081592

B. Commercial real estate loans 30 or more days delinquent and nonaccruing loans
Delinquency rate (percent)

Date	Small−business−lending−intensive banks	Non−small−business−lending−intensive banks
6/30/2002	1.997052	1.647839
9/30/2002	2.005533	1.628619
12/31/2002	2.014014	1.609398
3/31/2003	2.022494	1.590178
6/30/2003	2.030975	1.570958
9/30/2003	1.995184	1.492816
12/31/2003	1.959393	1.414674
3/31/2004	1.923602	1.336532
6/30/2004	1.887811	1.258389
9/30/2004	1.836641	1.209021
12/31/2004	1.785472	1.159653
3/31/2005	1.734302	1.110285
6/30/2005	1.683133	1.060917
9/30/2005	1.690557	1.044184
12/31/2005	1.697982	1.027450
3/31/2006	1.705406	1.010717
6/30/2006	1.712831	0.993983
9/30/2006	1.832907	1.028736
12/31/2006	1.952983	1.063489
3/31/2007	2.073059	1.098242
6/30/2007	2.193135	1.132995
9/30/2007	2.308940	1.340501
12/31/2007	2.424745	1.548007
3/31/2008	2.540550	1.755514
6/30/2008	2.656355	1.963020
9/30/2008	2.953212	2.498703
12/31/2008	3.250070	3.034387
3/31/2009	3.546927	3.570070
6/30/2009	3.843784	4.105754
9/30/2009	3.964310	4.646598
12/31/2009	4.084835	5.187442
3/31/2010	4.205360	5.728287
6/30/2010	4.325885	5.470922
9/30/2010	4.271251	5.446407
12/31/2010	4.216617	5.337902
3/31/2011	4.340952	5.463192
6/30/2011	4.465288	5.036058
9/30/2011	4.283357	4.867470
12/31/2011	4.101425	4.677910
3/31/2012	4.088099	4.482299
6/30/2012	4.074773	4.056550
9/30/2012	3.974410	3.964624
12/31/2012	3.874048	3.577358
3/31/2013	3.771494	3.390553
6/30/2013	3.668941	3.032513
9/30/2013	3.623647	2.717396
12/31/2013	3.578353	2.409453
3/31/2014	3.410218	2.309895
6/30/2014	3.242083	1.984631
9/30/2014	3.142939	1.864176
12/31/2014	3.043795	1.621519
3/31/2015	2.938076	1.536175
6/30/2015	2.832357	1.304009
9/30/2015	2.751342	1.233325
12/31/2015	2.670328	1.129737
3/31/2016	2.554106	1.127086
6/30/2016	2.437885	0.989313
9/30/2016	2.463472	0.985029
12/31/2016	2.489059	0.941968
3/31/2017	2.478691	0.897158
6/30/2017	2.468323	0.852349
9/30/2017	2.462919	0.850729
12/31/2017	2.457515	0.849109
3/31/2018	2.343147	0.839135
6/30/2018	2.228779	0.829162
9/30/2018	2.226689	0.818077
12/31/2018	2.224599	0.806992
3/31/2019	2.376803	0.785865
6/30/2019	2.529007	0.764737
9/30/2019	2.495335	0.749604
12/31/2019	2.461663	0.734472
3/31/2020	2.348655	0.884538
6/30/2020	2.235646	1.034604
9/30/2020	2.090803	1.184331
12/31/2020	1.945960	1.334058
3/31/2021	1.782094	1.204039
6/30/2021	1.618228	1.074020
9/30/2021	1.487048	0.977306
12/31/2021	1.355868	0.880592

Note: Small−business−lending−intensive banks are defined as institutions where 80 percent or more of their commercial and industrial and commercial real estate loans have initial values of $1 million or less.

Source: The data are constructed from special tabulations of Call Reports (Consolidated Reports of Condition and Income for U.S. Banks, Schedule RC−C, Part II: Loans to Small Businesses and Small Farms) dated June 30, 2001, to December 31, 2021.

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Figure A. Amount of debt outstanding at time of survey (percent of employer firms)

(percent of employer firms)

	2017 Survey	2021 Survey
No outstanding debt	32%	26%
≤$25K	15%	11%
$25K–$100K	22%	23%
$100K–$250K	13%	17%
$250K–$1M	12%	16%
>$1M	6%	7%

Note: In the 2021 survey, respondents were instructed to exclude from their debt any pandemic−related financial assistance loans that they expected would be forgiven (for example, Paycheck Protection Program loans). Key identifies bars in order from left to right.

Source: Small Business Credit Survey, Federal Reserve Banks.

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Figure B. Share of firms that applied for financing, previous 12 months (percent of employer firms)

(percent of employer firms)

Survey year	Percent
2017 Survey	40%
2018 Survey	43%
2019 Survey	43%
2020 Survey	37%
2021 Survey	34%

Note: Application rates for 2020 and 2021 exclude applications for pandemic−related financial assistance.

Source: Small Business Credit Survey, Federal Reserve Banks.

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Figure C. Financing and credit products sought (percent of employer firms)

(percent of employer firms)

	2017 Survey	2021 Survey
Loan or line of credit	87%	76%
Credit card	27%	29%
Lease	10%	8%
Trade credit	9%	9%
Equity investment	8%	6%
Merchant cash advance	7%	8%
Factoring	4%	4%

Note: Respondents could select multiple options. Application rates for 2021 exclude pandemic−related financial assistance. Key identifies bars in order from left to right.

Source: Small Business Credit Survey, Federal Reserve Banks.

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Figure D. Share of firms that received all financing sought (percent of employer firms)

(percent of employer firms)

	Percent of employer firms
2016 Survey	44%
2017 Survey	47%
2018 Survey	47%
2019 Survey	51%
2020 Survey	36%
2021 Survey	31%

Note: Financing for 2020 and 2021 excludes pandemic−related financial assistance.

Source: Small Business Credit Survey, Federal Reserve Banks.

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Figure E. Share of firms that received all financing sought, by type of firm (percent of employer firms)

(percent of employer firms)

	2017 Survey	2021 Survey
All firms	47%	31%
Non-Hispanic Asian	43%	15%
Non-Hispanic Black	23%	16%
Hispanic	28%	19%
Non-Hispanic White	49%	35%
Revenues <$1M	40%	24%
Revenues >$1M	59%	52%
Leisure and hospitality	42%	20%
Professional services and real estate	46%	32%
Manufacturing	54%	47%

Note: Financing for 2020 and 2021 excludes pandemic−related financial assistance. Key identifies bars in order from left to right.

Source: Small Business Credit Survey, Federal Reserve Banks.

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Figure A. Primary financial services provider, 2021 survey (percent of employer firms)

(percent of employer firms)

	Percent
Bank	84%
Nonbank provider	9%
Credit union	4%
Business does not use financial services	2%

Note: Nonbank providers include fintech companies, finance companies, and business financial services companies (for example, merchant services and payroll). Percentages do not sum to 100 because of rounding.

Source: Small Business Credit Survey, Federal Reserve Banks.

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Figure B. Loan, line of credit, and cash advance application rate by source, 2021 survey (percent of loan, line of credit, and cash advance applicants

(percent of loan, line of credit, and cash advance applicants)

	Percent
Large bank	43%
Small bank	36%
Online lender	23%
Finance company	17%
Credit union	8%
CDFI	3%

Note: Respondents could select multiple options. Application rates for 2021 exclude pandemic−related financial assistance. CDFI stands for Community Development Financial Institutions. See Notes and Definitions in the SBCS 2022 Report on Employer Firms for details on lender descriptions used in the SBCS.

Source: Small Business Credit Survey (SBCS), Federal Reserve Banks.

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Figure C. Share of applicants approved for at least some financing at source

(percent of loan, line of credit, and cash advance applicants at source)

	2017 Survey	2021 Survey
All sources	78%	68%
Online lender	75%	52%
Small bank	68%	66%
Large bank	56%	47%
Finance company	N/A	69%

Note: Finance company data for years before 2019 are not available because it was not included as a discrete answer choice. Approval rates for 2021 exclude pandemic−related financial assistance. See Notes and Definitions in the SBCS 2022 Report on Employer Firms for details on lender descriptions used in the SBCS.

Source: Small Business Credit Survey, Federal Reserve Banks.

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Figure D. Challenges with lenders

(percent of loan, line of credit, and cash advance appliants at source)

	Online lender	Finance company	Large bank	Small bank
Had at least one challenge	80%	66%	69%	50%
High interest rate	49%	40%	23%	18%
Unfavorable repayment terms	36%	24%	17%	12%
Difficult application process	23%	23%	39%	28%
Long wait for credit decision or funding	21%	17%	37%	30%

Note: Respondents could select multiple options. Selected response options and lenders shown. See Notes and Definitions in the SBCS 2022 Report on Employer Firms for details on lender descriptions used in the SBCS. Key identifies bars in order from left to right.

Source: Small Business Credit Survey, Federal Reserve Banks.

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Figure 14. Community reinvestment, 2006−20

A. Small business lending
2015 = 100

Date	All	Revenues less than $1 million
2006	137.5773	165.66084
2007	149.1929	170.32990
2008	130.4019	132.51856
2009	87.2156	89.02328
2010	79.5699	80.11519
2011	87.5958	90.14699
2012	90.4114	91.15365
2013	92.9112	92.41803
2014	94.6773	90.74398
2015	100	100
2016	104.3581	100.8271
2017	105.3269	104.6581
2018	110.2331	103.3047
2019	114.2099	108.0975
2020	204.1195	141.7852

B. All small business lending, by neighborhood income and assesment area status
2015 = 100

Date	Non−LMI AA	LMI AA	Non−LMI non−AA	LMI non−AA
2015	100	100	100	100
2016	105.1844	103.8534	100.7587	101.0011
2017	111.9117	100.1406	111.9979	99.3993
2018	118.2769	103.9328	112.2787	96.9913
2019	123.1917	107.1104	118.7142	100.5479
2020	225.1377	188.7128	156.3687	132.2292

C. All small business lending, by minority neighborhood population share
2015 = 100

Date	Low minority share	High minority share
2015	100	100
2016	100.8533	99.2583
2017	98.2493	96.5603
2018	99.1551	96.8327
2019	107.4818	111.3298
2020	216.2243	160.3042

Note: LMI is low and moderate income; AA is assessment area.

Source: Federal Financial Institutions Examination Council, data reported under the Community Reinvestment Act.

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Figure 15. Small Business Administration 7(a) Program, 2016−21

A. SBA 7(a) program lending
Lending volume (billions of dollars), Thousands of loans

Date	Dollar volume of loans (left scale)	Number of loans (right scale)
1/1/2016	24.128	64.074
1/1/2017	25.447	62.430
1/1/2018	25.373	60.354
1/1/2019	23.176	51.907
1/1/2020	22.550	42.298
1/1/2021	36.537	51.856

B. SBA 7(a) loan shares
Lending share (percent)

Date	Women	Minorities	Loans less than $150,000
1/1/2016	30	29	9
1/1/2017	29	31	9
1/1/2018	29	31	9
1/1/2019	28	31	8
1/1/2020	25	27	6
1/1/2021	26	30	3

Note: Women owned indicates ownership of 50 percent or more.

Source: U.S. Small Business Administration (SBA), Weekly Lending Reports.

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Figure 16. Small Business Administration 504 Program, 2016−21

A. SBA 504 program lending
Lending volume (billions of dollars), Thousands of loans

Date	Dollar volume of loans (left scale)	Number of loans (right scale)
1/1/2016	4.74	5.94
1/1/2017	5.01	6.22
1/1/2018	4.75	5.87
1/1/2019	4.96	6.10
1/1/2020	5.83	7.12
1/1/2021	8.22	9.68

B. SBA 504 loan shares
Lending share (percent)

Date	Women	Minorities	Loans less than $2,000,000
1/1/2016	15	27	66
1/1/2017	23	25	66
1/1/2018	30	26	66
1/1/2019	30	25	68
1/1/2020	28	22	68
1/1/2021	29	23	67

Note: Women owned indicates ownership of 50 percent or more.

Source: U.S. Small Business Administration (SBA), Weekly Lending Reports.

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Figure A. Paycheck Protection Program loans approved, 2020−21

Billion of dollars, Millions of loans

Date	Number of loans (right scale)	Gross approvals (left scale)
Apr-20	2896307	$422,668,107,776
May-20	4404106	$500,578,975,744
Jun-20	4812500	$513,165,903,872
Jul-20	5023953	$518,530,179,072
Aug-20	5136301	$521,782,766,592
Sep-20	5136301	$521,782,766,592
Oct-20	5136301	$521,782,766,592
Nov-20	5136301	$521,782,766,592
Dec-20	5136306	$521,784,656,092
Jan-21	6001002	$593,457,332,444
Feb-21	7234518	$675,210,862,812
Mar-21	8727076	$734,993,318,108
Apr-21	10462930	$773,190,910,172
May-21	11466244	$792,276,429,020
Jun-21	11468680	$792,615,097,692
Jul-21	11468681	$792,617,097,692

Source: Small Business Administration, Paycheck Protection Program Freedom of Information Act data.

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Figure B. Paycheck Protection Program forgiveness, 2020−22

Billions of dollars, Millions of loans

Date	Gross approvals (left scale)	Number of loans (right scale)
Oct-20	$2,105,309,056	74145
Nov-20	$46,918,842,240	444120
Dec-20	$86,660,724,608	875169
Jan-21	$126,169,175,936	1376576
Feb-21	$159,755,636,608	1778717
Mar-21	$209,428,975,488	2382882
Apr-21	$248,228,278,144	2921828
May-21	$287,181,848,448	3346433
Jun-21	$393,257,787,264	4122613
Jul-21	$444,582,698,880	4872680
Aug-21	$510,413,434,752	6055697
Sep-21	$561,275,088,768	7204966
Oct-21	$601,776,394,112	8088854
Nov-21	$634,382,014,336	8715434
Dec-21	$661,492,774,784	9139686
Jan-22	$684,345,409,408	9511570
Feb-22	$699,126,153,088	9726167
Mar-22	$713,798,623,104	9904135
Apr-22	$714,341,177,152	9910390

Source: Small Business Administration, Paycheck Protection Program Freedom of Information Act data.

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Board of Governors of the Federal Reserve System

Availability of Credit to Small Businesses