Availability of Credit to Small Businesses, September 2012 - Accessible Version
Figure 1. Total debt and equity of nonfinancial businesses, 1980-2012
Percent
Period | Total |
---|---|
1980 | 10.1 |
1981 | 13.0 |
1982 | 9.9 |
1983 | 9.1 |
1984 | 16.1 |
1985 | 11.0 |
1986 | 11.6 |
1987 | 7.8 |
1988 | 9.9 |
1989 | 6.3 |
1990 | 3.6 |
1991 | -2.1 |
1992 | -0.3 |
1993 | 3.1 |
1994 | 5.4 |
1995 | 6.2 |
1996 | 6.0 |
1997 | 9.1 |
1998 | 11.5 |
1999 | 10.4 |
2000 | 9.3 |
2001 | 5.9 |
2002 | 3.0 |
2003 | 2.2 |
2004 | 6.6 |
2005 | 8.9 |
2006 | 10.8 |
2007 | 13.6 |
2008 | 6.1 |
2009 | -2.3 |
2010 | 0.8 |
2011 | 4.5 |
2012:Q1 | 5.2 |
Note: Data are annual.
Source: Federal Reserve Board, flow of funds accounts.
Figure 1 continued Ratio of nonfinancial business debt to gross domestic product
Percent
Period | Total |
---|---|
1980 | 52.7 |
1981 | 52.9 |
1982 | 55.4 |
1983 | 56.3 |
1984 | 58.9 |
1985 | 60.8 |
1986 | 64.1 |
1987 | 65.7 |
1988 | 66.6 |
1989 | 66.4 |
1990 | 65.0 |
1991 | 61.4 |
1992 | 58.0 |
1993 | 57.0 |
1994 | 56.7 |
1995 | 57.7 |
1996 | 57.7 |
1997 | 59.2 |
1998 | 62.6 |
1999 | 65.3 |
2000 | 67.1 |
2001 | 68.6 |
2002 | 68.3 |
2003 | 66.8 |
2004 | 66.9 |
2005 | 68.4 |
2006 | 71.6 |
2007 | 77.5 |
2008 | 80.7 |
2009 | 80.3 |
2010 | 77.8 |
2011 | 78.2 |
2012:Q1 | 77.3 |
Note: Data are annual.
Source: Federal Reserve Board, flow of funds accounts.
Figure 1 continued. Equity issuance by nonfinancial U.S. firms
Billions of Dollars
Period | Total gross issuance | Private issuance* | Public issuance |
---|---|---|---|
1995 | 58.7 | 7.7 | 51.0 |
1996 | 96.2 | 15.6 | 80.6 |
1997 | 79.9 | 20.2 | 59.6 |
1998 | 99.5 | 25.4 | 74.1 |
1999 | 168.4 | 58.2 | 110.3 |
2000 | 225.9 | 107.5 | 118.4 |
2001 | 124.3 | 46.7 | 77.6 |
2002 | 88.5 | 26.4 | 62.1 |
2003 | 67.8 | 23.4 | 44.4 |
2004 | 91.0 | 26.6 | 64.3 |
2005 | 158.8 | 104.1 | 54.7 |
2006 | 215.0 | 159.0 | 56.0 |
2007 | 296.7 | 231.2 | 65.4 |
2008 | 308.0 | 263.3 | 44.7 |
2009 | 224.9 | 161.8 | 63.1 |
2010 | 170.1 | 109.3 | 60.8 |
2011 | 172.2 | 113.4 | 58.7 |
2012:Q1 | 180.5 | 111.6 | 68.9 |
Note: Data are annual.
*Includes venture capital, buyouts, corporate finance, mezzanine, and other private equity investments.
Source: Securities Data Company, the Private Equity Analyst, and the PricewaterhouseCoopers National Venture Capital Association MoneyTree Report
Figure 2D. Commercial paper yields
Percent
Period | 30-day A2/P2 nonfinancial | 30-day AA nonfinancial |
---|---|---|
January-97 | 5.5 | 5.3 |
February-97 | 5.4 | 5.2 |
March-97 | 5.8 | 5.6 |
April-97 | 5.7 | 5.5 |
May-97 | 5.8 | 5.5 |
June-97 | 5.8 | 5.5 |
July-97 | 5.7 | 5.5 |
August-97 | 5.7 | 5.5 |
September-97 | 5.7 | 5.5 |
October-97 | 5.7 | 5.5 |
November-97 | 5.8 | 5.6 |
December-97 | 6.0 | 5.7 |
January-98 | 5.6 | 5.5 |
February-98 | 5.7 | 5.5 |
March-98 | 5.8 | 5.5 |
April-98 | 5.7 | 5.5 |
May-98 | 5.7 | 5.5 |
June-98 | 5.8 | 5.5 |
July-98 | 5.7 | 5.5 |
August-98 | 5.7 | 5.5 |
September-98 | 5.5 | 5.2 |
October-98 | 5.6 | 5.1 |
November-98 | 5.4 | 5.0 |
December-98 | 5.2 | 4.9 |
January-99 | 5.0 | 4.8 |
February-99 | 5.0 | 4.8 |
March-99 | 5.1 | 4.8 |
April-99 | 5.0 | 4.8 |
May-99 | 5.0 | 4.9 |
June-99 | 5.3 | 5.1 |
July-99 | 5.3 | 5.1 |
August-99 | 5.5 | 5.3 |
September-99 | 5.5 | 5.3 |
October-99 | 5.5 | 5.3 |
November-99 | 5.7 | 5.5 |
December-99 | 5.8 | 5.1 |
January-00 | 5.9 | 5.7 |
February-00 | 6.0 | 5.8 |
March-00 | 6.3 | 6.1 |
April-00 | 6.3 | 6.1 |
May-00 | 6.8 | 6.5 |
June-00 | 7.0 | 6.6 |
July-00 | 6.7 | 6.5 |
August-00 | 6.7 | 6.5 |
September-00 | 6.7 | 6.5 |
October-00 | 6.7 | 6.5 |
November-00 | 7.1 | 6.5 |
December-00 | 7.4 | 6.4 |
January-01 | 6.2 | 5.4 |
February-01 | 5.8 | 5.1 |
March-01 | 5.4 | 5.0 |
April-01 | 4.8 | 4.5 |
May-01 | 4.3 | 4.0 |
June-01 | 4.1 | 3.8 |
July-01 | 3.9 | 3.7 |
August-01 | 3.7 | 3.5 |
September-01 | 3.1 | 2.6 |
October-01 | 2.9 | 2.2 |
November-01 | 2.6 | 2.0 |
December-01 | 2.5 | 1.8 |
January-02 | 2.1 | 1.8 |
February-02 | 2.3 | 1.8 |
March-02 | 2.2 | 1.8 |
April-02 | 2.1 | 1.7 |
May-02 | 2.0 | 1.7 |
June-02 | 2.0 | 1.8 |
July-02 | 2.0 | 1.8 |
August-02 | 2.0 | 1.7 |
September-02 | 2.0 | 1.7 |
October-02 | 2.0 | 1.7 |
November-02 | 1.5 | 1.3 |
December-02 | 1.7 | 1.3 |
January-03 | 1.4 | 1.2 |
February-03 | 1.4 | 1.3 |
March-03 | 1.5 | 1.2 |
April-03 | 1.4 | 1.2 |
May-03 | 1.4 | 1.2 |
June-03 | 1.2 | 1.0 |
July-03 | 1.2 | 1.0 |
August-03 | 1.2 | 1.0 |
September-03 | 1.1 | 1.0 |
October-03 | 1.2 | 1.0 |
November-03 | 1.1 | 1.0 |
December-03 | 1.2 | 1.0 |
January-04 | 1.1 | 1.0 |
February-04 | 1.1 | 1.0 |
March-04 | 1.2 | 1.0 |
April-04 | 1.1 | 1.0 |
May-04 | 1.1 | 1.0 |
June-04 | 1.4 | 1.3 |
July-04 | 1.5 | 1.3 |
August-04 | 1.7 | 1.5 |
September-04 | 1.9 | 1.7 |
October-04 | 2.0 | 1.9 |
November-04 | 2.3 | 2.1 |
December-04 | 2.5 | 2.2 |
January-05 | 2.7 | 2.5 |
February-05 | 2.8 | 2.6 |
March-05 | 2.9 | 2.7 |
April-05 | 3.2 | 3.0 |
May-05 | 3.2 | 3.0 |
June-05 | 3.5 | 3.2 |
July-05 | 3.5 | 3.4 |
August-05 | 3.8 | 3.6 |
September-05 | 4.0 | 3.7 |
October-05 | 4.2 | 4.0 |
November-05 | 4.3 | 4.1 |
December-05 | 4.4 | 4.2 |
January-06 | 4.6 | 4.5 |
February-06 | 4.7 | 4.5 |
March-06 | 4.9 | 4.7 |
April-06 | 5.0 | 4.9 |
May-06 | 5.2 | 5.0 |
June-06 | 5.4 | 5.2 |
July-06 | 5.5 | 5.3 |
August-06 | 5.4 | 5.2 |
September-06 | 5.4 | 5.3 |
October-06 | 5.4 | 5.2 |
November-06 | 5.4 | 5.2 |
December-06 | 5.4 | 5.2 |
January-07 | 5.3 | 5.2 |
February-07 | 5.3 | 5.2 |
March-07 | 5.4 | 5.2 |
April-07 | 5.3 | 5.2 |
May-07 | 5.4 | 5.2 |
June-07 | 5.4 | 5.2 |
July-07 | 5.4 | 5.2 |
August-07 | 6.0 | 5.2 |
September-07 | 5.3 | 4.7 |
October-07 | 5.0 | 4.5 |
November-07 | 5.2 | 4.5 |
December-07 | 4.9 | 4.0 |
January-08 | 3.4 | 2.9 |
February-08 | 3.5 | 2.8 |
March-08 | 3.2 | 2.1 |
April-08 | 3.1 | 2.1 |
May-08 | 2.8 | 2.1 |
June-08 | 2.9 | 2.2 |
July-08 | 3.0 | 2.1 |
August-08 | 3.0 | 2.0 |
September-08 | 5.7 | 2.2 |
October-08 | 5.6 | 1.0 |
November-08 | 6.2 | 0.4 |
December-08 | 3.0 | 0.1 |
January-09 | 1.9 | 0.2 |
February-09 | 1.6 | 0.4 |
March-09 | 1.1 | 0.1 |
April-09 | 0.8 | 0.3 |
May-09 | 0.7 | 0.2 |
June-09 | 0.6 | 0.2 |
July-09 | 0.5 | 0.2 |
August-09 | 0.4 | 0.2 |
September-09 | 0.4 | 0.1 |
October-09 | 0.3 | 0.1 |
November-09 | 0.3 | 0.1 |
December-09 | 0.3 | 0.2 |
January-10 | 0.2 | 0.1 |
February-10 | 0.2 | 0.2 |
March-10 | 0.3 | 0.2 |
April-10 | 0.3 | 0.2 |
May-10 | 0.4 | 0.2 |
June-10 | 0.4 | 0.1 |
July-10 | 0.4 | 0.2 |
August-10 | 0.4 | 0.2 |
September-10 | 0.4 | 0.2 |
October-10 | 0.4 | 0.2 |
November-10 | 0.3 | 0.2 |
December-10 | 0.4 | 0.2 |
January-11 | 0.4 | 0.2 |
February-11 | 0.4 | 0.2 |
March-11 | 0.4 | 0.2 |
April-11 | 0.3 | 0.1 |
May-11 | 0.3 | 0.1 |
June-11 | 0.3 | 0.1 |
July-11 | 0.4 | 0.1 |
August-11 | 0.3 | 0.1 |
September-11 | 0.4 | 0.0 |
October-11 | 0.4 | 0.1 |
November-11 | 0.5 | 0.1 |
December-11 | 0.6 | 0.1 |
January-12 | 0.5 | 0.1 |
February-12 | 0.4 | 0.1 |
March-12 | 0.5 | 0.1 |
Source: Depository Trust & Clearing Corporation.
Figure 2E. Commercial paper spreads
Basis points
Period | 30-day A2/P2 nonfinancial | 30-day AA nonfinancial |
---|---|---|
January-97 | -27.2 | -42.6 |
February-97 | -10.8 | -26.4 |
March-97 | 28.4 | 5.2 |
April-97 | 20.2 | -0.9 |
May-97 | -4.7 | -24.3 |
June-97 | 27.1 | 0.6 |
July-97 | -4.5 | -26.0 |
August-97 | 18.8 | -2.0 |
September-97 | -5.9 | -26.3 |
October-97 | -7.4 | -25.2 |
November-97 | -34.3 | -52.4 |
December-97 | 37.3 | 2.5 |
January-98 | -37.1 | -53.6 |
February-98 | -15.1 | -30.2 |
March-98 | 23.8 | 0.8 |
April-98 | 18.2 | -1.1 |
May-98 | -9.5 | -27.3 |
June-98 | 24.5 | 1.4 |
July-98 | -4.1 | -23.1 |
August-98 | 19.9 | 0.0 |
September-98 | -4.0 | -28.1 |
October-98 | 20.6 | -20.7 |
November-98 | 64.7 | 12.1 |
December-98 | 113.0 | 49.1 |
January-99 | 50.6 | 28.8 |
February-99 | 24.1 | 5.3 |
March-99 | 29.1 | 7.3 |
April-99 | 25.1 | 3.5 |
May-99 | 25.1 | 4.4 |
June-99 | 45.6 | 18.9 |
July-99 | 2.0 | -17.1 |
August-99 | 30.3 | 10.7 |
September-99 | 25.3 | 3.5 |
October-99 | 28.1 | 3.0 |
November-99 | 22.9 | -0.8 |
December-99 | 82.3 | 20.8 |
January-00 | 32.9 | 9.4 |
February-00 | 22.4 | 2.1 |
March-00 | 27.6 | 8.1 |
April-00 | -9.6 | -28.1 |
May-00 | 43.3 | 15.0 |
June-00 | 33.4 | 3.4 |
July-00 | 24.0 | -1.0 |
August-00 | 20.2 | -2.5 |
September-00 | 20.9 | -1.7 |
October-00 | 20.2 | -2.4 |
November-00 | -1.9 | -30.5 |
December-00 | 102.9 | 0.7 |
January-01 | 30.6 | -26.4 |
February-01 | 54.5 | -11.1 |
March-01 | 34.5 | -27.5 |
April-01 | 8.8 | -29.6 |
May-01 | 19.6 | -16.8 |
June-01 | 15.2 | -14.8 |
July-01 | 20.5 | -4.4 |
August-01 | 10.0 | -10.8 |
September-01 | -47.3 | -74.8 |
October-01 | 35.0 | -12.5 |
November-01 | 44.9 | -5.0 |
December-01 | 80.8 | 1.4 |
January-02 | 35.6 | -5.0 |
February-02 | 42.4 | 0.6 |
March-02 | 36.2 | -5.5 |
April-02 | 36.9 | 0.5 |
May-02 | 29.3 | -0.4 |
June-02 | 27.3 | -0.8 |
July-02 | 25.0 | -1.1 |
August-02 | 23.5 | -3.5 |
September-02 | 23.4 | -2.3 |
October-02 | 23.3 | -3.0 |
November-02 | 32.1 | 1.2 |
December-02 | 54.2 | 6.3 |
January-03 | 23.8 | -0.1 |
February-03 | 18.6 | -0.8 |
March-03 | 15.3 | -3.5 |
April-03 | 9.7 | -8.7 |
May-03 | 16.5 | -3.6 |
June-03 | 7.7 | -13.8 |
July-03 | 17.5 | 1.3 |
August-03 | 19.8 | 2.9 |
September-03 | 18.1 | 2.0 |
October-03 | 17.7 | 1.8 |
November-03 | 17.4 | 1.9 |
December-03 | 21.7 | 3.0 |
January-04 | 14.8 | -0.6 |
February-04 | 11.2 | -0.7 |
March-04 | 10.3 | -1.1 |
April-04 | 5.7 | -4.4 |
May-04 | 13.9 | 0.2 |
June-04 | 26.8 | 6.7 |
July-04 | 20.8 | 3.8 |
August-04 | 19.1 | 4.6 |
September-04 | 21.4 | 7.0 |
October-04 | 16.8 | 3.9 |
November-04 | 25.4 | 9.4 |
December-04 | 19.0 | -22.1 |
January-05 | 28.6 | 8.4 |
February-05 | 16.6 | 0.5 |
March-05 | 16.1 | -3.7 |
April-05 | 28.7 | 8.6 |
May-05 | 17.3 | -1.3 |
June-05 | 30.3 | 9.8 |
July-05 | 23.2 | 2.0 |
August-05 | 22.9 | 3.4 |
September-05 | 25.0 | 3.4 |
October-05 | 27.6 | 9.3 |
November-05 | 20.2 | -18.7 |
December-05 | 25.7 | -73.4 |
January-06 | 27.7 | -33.5 |
February-06 | 14.3 | -26.7 |
March-06 | 23.7 | -33.3 |
April-06 | -4.9 | -115.4 |
May-06 | 19.0 | -41.9 |
June-06 | 26.8 | -83.3 |
July-06 | 16.9 | -53.6 |
August-06 | 12.5 | -25.8 |
September-06 | -16.0 | -53.8 |
October-06 | 9.5 | -54.4 |
November-06 | 9.8 | -29.1 |
December-06 | 12.7 | -2.3 |
January-07 | 9.0 | -28.1 |
February-07 | 8.7 | -2.8 |
March-07 | 9.0 | -2.5 |
April-07 | -16.3 | -52.2 |
May-07 | 8.9 | -2.7 |
June-07 | 10.5 | -26.0 |
July-07 | 10.2 | -1.6 |
August-07 | 58.7 | -0.8 |
September-07 | 67.6 | -7.1 |
October-07 | 46.6 | -3.6 |
November-07 | 46.9 | -2.1 |
December-07 | 116.9 | -7.4 |
January-08 | 24.3 | -30.3 |
February-08 | 43.1 | -10.4 |
March-08 | 40.0 | -39.1 |
April-08 | 84.0 | -13.8 |
May-08 | 83.6 | -0.8 |
June-08 | 87.3 | 13.6 |
July-08 | 86.5 | -1.2 |
August-08 | 87.7 | 3.7 |
September-08 | 221.6 | -0.2 |
October-08 | 424.5 | 0.1 |
November-08 | 381.6 | -42.1 |
December-08 | 465.3 | -35.9 |
January-09 | 200.6 | 2.2 |
February-09 | 139.0 | 13.2 |
March-09 | 103.1 | 8.3 |
April-09 | 73.5 | 8.1 |
May-09 | 56.7 | 9.5 |
June-09 | 49.8 | 5.0 |
July-09 | 38.0 | 4.5 |
August-09 | 28.1 | 4.4 |
September-09 | 21.3 | -0.1 |
October-09 | 18.9 | -0.8 |
November-09 | 14.2 | -0.1 |
December-09 | 16.4 | -3.0 |
January-10 | 11.3 | 0.4 |
February-10 | 11.3 | -0.4 |
March-10 | 15.7 | 2.5 |
April-10 | 17.5 | 5.2 |
May-10 | 26.2 | 8.1 |
June-10 | 28.4 | 5.6 |
July-10 | 29.4 | 7.0 |
August-10 | 27.5 | 6.6 |
September-10 | 25.7 | 7.6 |
October-10 | 25.8 | 7.8 |
November-10 | 22.0 | 7.3 |
December-10 | 18.1 | 3.0 |
January-11 | 25.3 | 6.2 |
February-11 | 24.3 | 5.5 |
March-11 | 23.8 | 4.4 |
April-11 | 20.1 | 1.1 |
May-11 | 20.4 | -1.8 |
June-11 | 20.0 | -2.5 |
July-11 | 19.3 | -3.8 |
August-11 | 23.0 | -2.2 |
September-11 | 22.5 | -4.7 |
October-11 | 24.4 | -4.3 |
November-11 | 27.2 | -4.4 |
December-11 | 37.4 | -3.5 |
January-12 | 33.4 | -4.5 |
February-12 | 32.5 | -1.4 |
March-12 | 32.2 | -0.4 |
Note: Spreads computed over the target federal funds rate.
Source: For commercial paper, Depository Trust & Clearing Corporation.
Figure 3. Total debt of nonfinancial corporate businessLevel of debt, 2007-12
Billions of dollars
Type of debt | 2007 | 2008 | 2009 | 2010 | 2011 | 2012:Q1 |
---|---|---|---|---|---|---|
Total debt | 6,760 | 7,036 | 6,784 | 7,051 | 7,534 | 7,651 |
Bonds1 | 3,676 | 3,881 | 4,269 | 4,691 | 5,077 | 5,193 |
Mortgages2 | 929 | 878 | 758 | 690 | 623 | 615 |
Bank loans3 | 716 | 780 | 560 | 545 | 619 | 612 |
Commercial paper | 124 | 131 | 58 | 83 | 116 | 128 |
Other loans | 1,316 | 1,365 | 1,139 | 1,041 | 1,100 | 1,105 |
MEMO | ||||||
Trade debt | 1,898 | 1,673 | 1,587 | 1,751 | 1,935 | 1,969 |
Note: Debt outstanding at end of period. Seasonally adjusted data.
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.
Figure 3 continued. Growth rates of bank loans and total debt for nonfinancial corporate businesses, 1980-2012
Percent
Period | Total | Bank loans |
---|---|---|
1980 | 7.6 | 15.0 |
1981 | 13.0 | 14.6 |
1982 | 9.3 | 27.7 |
1983 | 8.0 | 7.9 |
1984 | 16.1 | 17.1 |
1985 | 12.0 | 10.1 |
1986 | 15.9 | 15.1 |
1987 | 9.5 | 0.7 |
1988 | 11.6 | 7.0 |
1989 | 7.8 | 3.9 |
1990 | 5.6 | -1.8 |
1991 | -2.1 | -7.9 |
1992 | 0.5 | -5.7 |
1993 | 5.3 | -1.4 |
1994 | 7.2 | 9.5 |
1995 | 7.3 | 14.0 |
1996 | 6.2 | 7.0 |
1997 | 9.8 | 8.4 |
1998 | 11.2 | 11.3 |
1999 | 9.7 | 6.1 |
2000 | 8.8 | 6.5 |
2001 | 4.9 | -11.7 |
2002 | 1.1 | -13.0 |
2003 | 1.7 | -13.2 |
2004 | 4.5 | 0.6 |
2005 | 6.2 | -4.4 |
2006 | 8.4 | 3.7 |
2007 | 12.8 | 15.7 |
2008 | 4.1 | 9.0 |
2009 | -2.4 | -28.2 |
2010 | 3.7 | -6.0 |
2011 | 6.9 | 13.5 |
2012:Q1 | 7.5 | 19.4 |
Note: The shaded bars indicate periods of business recession as defined by the National Bureau of Economic Research.
Source: Federal Reserve Board, flow of funds accounts.
Figure 4. Total debt of partnerships and proprietorships
Billions of dollars
Level of debt, 2007-12 | ||||||
---|---|---|---|---|---|---|
Type of debt | 2007 | 2008 | 2009 | 2010 | 2011 | 2012:Q1 |
Total debt | 3,775 | 4,093 | 3,959 | 3,762 | 3,773 | 3,784 |
Mortgages | 2,593 | 2,764 | 2,755 | 2,621 | 2,585 | 2,569 |
Bank loans1 | 882 | 1,000 | 884 | 815 | 866 | 895 |
Other loans2 | 165 | 177 | 172 | 177 | 177 | 178 |
MEMO | ||||||
Trade debt | 379 | 367 | 370 | 355 | 356 | 357 |
Note: Debt outstanding at end of period.
1. Extended without real estate as collateral. Return to table
2. Loans from finance companies and all other nonmortgage loans that are not extended by banks. Return to table
Figure 4 continued. Growth rates of bank loans and total debt for partnerships and proprietorships, 1980-2012
Percent
Period | Total | Bank loans |
---|---|---|
1980 | 12.8 | 3.4 |
1981 | 11.7 | 13.6 |
1982 | 9.3 | -11.1 |
1983 | 10.5 | -0.6 |
1984 | 15.2 | 22.3 |
1985 | 8.2 | 6.7 |
1986 | 7.2 | 4.6 |
1987 | 5.8 | 10.4 |
1988 | 7.9 | 7.6 |
1989 | 4.2 | 9.7 |
1990 | 0.0 | 1.5 |
1991 | -2.2 | -1.0 |
1992 | -2.3 | 2.0 |
1993 | -1.8 | 1.8 |
1994 | 1.3 | 9.8 |
1995 | 4.0 | 7.0 |
1996 | 6.0 | 17.5 |
1997 | 8.2 | 22.6 |
1998 | 13.3 | 10.4 |
1999 | 12.7 | 19.3 |
2000 | 11.2 | 15.5 |
2001 | 8.5 | 12.2 |
2002 | 7.3 | 6.2 |
2003 | 3.3 | 2.6 |
2004 | 11.1 | 7.2 |
2005 | 13.4 | 33.1 |
2006 | 14.3 | 17.9 |
2007 | 13.9 | 18.8 |
2008 | 8.4 | 13.3 |
2009 | -3.3 | -11.6 |
2010 | -5.0 | -7.9 |
2011 | 0.3 | 6.3 |
2012:Q1 | 1.1 | 13.3 |
Note: The shaded bars indicate periods of business recession as defined by the National Bureau of Economic Research.
Source: Federal Reserve Board, flow of funds accounts.
Figure 5. Demand for small business credit, 1990-2012
A. Firms planning capital outlays*
Percent
Period | Total |
---|---|
Q1-90 | 35 |
Q2-90 | 32 |
Q3-90 | 29 |
Q4-90 | 28 |
Q1-91 | 27 |
Q2-91 | 30 |
Q3-91 | 27 |
Q4-91 | 27 |
Q1-92 | 28 |
Q2-92 | 30 |
Q3-92 | 28 |
Q4-92 | 30 |
Q1-93 | 33 |
Q2-93 | 32 |
Q3-93 | 29 |
Q4-93 | 32 |
Q1-94 | 34 |
Q2-94 | 34 |
Q3-94 | 33 |
Q4-94 | 36 |
Q1-95 | 39 |
Q2-95 | 38 |
Q3-95 | 34 |
Q4-95 | 37 |
Q1-96 | 40 |
Q2-96 | 36 |
Q3-96 | 35 |
Q4-96 | 36 |
Q1-97 | 38 |
Q2-97 | 38 |
Q3-97 | 36 |
Q4-97 | 38 |
Q1-98 | 38 |
Q2-98 | 36 |
Q3-98 | 34 |
Q4-98 | 37 |
Q1-99 | 37 |
Q2-99 | 36 |
Q3-99 | 31 |
Q4-99 | 36 |
Q1-00 | 38 |
Q2-00 | 33 |
Q3-00 | 33 |
Q4-00 | 33 |
Q1-01 | 33 |
Q2-01 | 32 |
Q3-01 | 27 |
Q4-01 | 28 |
Q1-02 | 31 |
Q2-02 | 31 |
Q3-02 | 28 |
Q4-02 | 30 |
Q1-03 | 30 |
Q2-03 | 28 |
Q3-03 | 28 |
Q4-03 | 30 |
Q1-04 | 33 |
Q2-04 | 32 |
Q3-04 | 31 |
Q4-04 | 33 |
Q1-05 | 34 |
Q2-05 | 32 |
Q3-05 | 30 |
Q4-05 | 31 |
Q1-06 | 32 |
Q2-06 | 31 |
Q3-06 | 30 |
Q4-06 | 30 |
Q1-07 | 31 |
Q2-07 | 29 |
Q3-07 | 28 |
Q4-07 | 28 |
Q1-08 | 25 |
Q2-08 | 26 |
Q3-08 | 22 |
Q4-08 | 19 |
Q1-09 | 18 |
Q2-09 | 19 |
Q3-09 | 17 |
Q4-09 | 17 |
Q1-10 | 20 |
Q2-10 | 19 |
Q3-10 | 18 |
Q4-10 | 19 |
Q1-11 | 23 |
Q2-11 | 21 |
Q3-11 | 20 |
Q4-11 | 22 |
Q1-12 | 23 |
Note: Data are quarterly and not seasonally adjusted.
*Percentage of firms planning capital outlays in the next six months.
Source: National Federation of Independent Business.
Figure 5B. Outlook for small business expansion over the next three months**
Percent
Period | Total |
---|---|
Q1-90 | 15 |
Q2-90 | 17 |
Q3-90 | 11 |
Q4-90 | 5 |
Q1-91 | 8 |
Q2-91 | 14 |
Q3-91 | 11 |
Q4-91 | 8 |
Q1-92 | 11 |
Q2-92 | 16 |
Q3-92 | 12 |
Q4-92 | 10 |
Q1-93 | 13 |
Q2-93 | 12 |
Q3-93 | 8 |
Q4-93 | 11 |
Q1-94 | 17 |
Q2-94 | 18 |
Q3-94 | 15 |
Q4-94 | 17 |
Q1-95 | 19 |
Q2-95 | 19 |
Q3-95 | 17 |
Q4-95 | 15 |
Q1-96 | 17 |
Q2-96 | 20 |
Q3-96 | 17 |
Q4-96 | 15 |
Q1-97 | 20 |
Q2-97 | 23 |
Q3-97 | 26 |
Q4-97 | 22 |
Q1-98 | 25 |
Q2-98 | 28 |
Q3-98 | 23 |
Q4-98 | 17 |
Q1-99 | 23 |
Q2-99 | 25 |
Q3-99 | 23 |
Q4-99 | 20 |
Q1-00 | 24 |
Q2-00 | 23 |
Q3-00 | 20 |
Q4-00 | 13 |
Q1-01 | 13 |
Q2-01 | 14 |
Q3-01 | 11 |
Q4-01 | 10 |
Q1-02 | 15 |
Q2-02 | 17 |
Q3-02 | 13 |
Q4-02 | 11 |
Q1-03 | 12 |
Q2-03 | 16 |
Q3-03 | 16 |
Q4-03 | 19 |
Q1-04 | 22 |
Q2-04 | 25 |
Q3-04 | 23 |
Q4-04 | 25 |
Q1-05 | 22 |
Q2-05 | 21 |
Q3-05 | 20 |
Q4-05 | 19 |
Q1-06 | 20 |
Q2-06 | 20 |
Q3-06 | 15 |
Q4-06 | 16 |
Q1-07 | 17 |
Q2-07 | 15 |
Q3-07 | 14 |
Q4-07 | 11 |
Q1-08 | 8 |
Q2-08 | 7 |
Q3-08 | 7 |
Q4-08 | 3 |
Q1-09 | 5 |
Q2-09 | 7 |
Q3-09 | 6 |
Q4-09 | 5 |
Q1-10 | 5 |
Q2-10 | 7 |
Q3-10 | 5 |
Q4-10 | 5 |
Q1-11 | 8 |
Q2-11 | 7 |
Q3-11 | 5 |
Q4-11 | 5 |
Q1-12 | 8 |
Note: Data are quarterly and not seasonally adjusted.
**Percentage of firms that consider the next three months a good time to expand.
Source: National Federation of Independent Business.
Figure 5C. Net percentage of banks reporting increased demand for C loans by small firms
Percent
Period | Total |
---|---|
Q1-92 | -11.6 |
Q2-92 | 25.0 |
Q3-92 | 6.9 |
Q4-92 | -1.8 |
Q1-93 | 32.2 |
Q2-93 | 12.3 |
Q3-93 | 13.8 |
Q4-93 | 17.2 |
Q1-94 | 26.3 |
Q2-94 | 38.1 |
Q3-94 | 19.3 |
Q4-94 | 31.6 |
Q1-95 | 18.2 |
Q2-95 | 17.2 |
Q3-95 | 25.0 |
Q4-95 | 7.2 |
Q1-96 | 14.0 |
Q2-96 | 24.0 |
Q3-96 | 17.7 |
Q4-96 | 3.6 |
Q1-97 | 14.7 |
Q2-97 | 10.7 |
Q3-97 | 19.6 |
Q4-97 | 19.3 |
Q1-98 | 15.4 |
Q2-98 | 21.8 |
Q3-98 | 0.0 |
Q4-98 | 7.7 |
Q1-99 | 11.4 |
Q2-99 | 10.1 |
Q3-99 | 0.1 |
Q4-99 | -3.8 |
Q1-00 | -1.9 |
Q2-00 | 5.3 |
Q3-00 | -3.6 |
Q4-00 | -12.8 |
Q1-01 | -29.7 |
Q2-01 | -34.5 |
Q3-01 | -42.1 |
Q4-01 | -50.0 |
Q1-02 | -45.4 |
Q2-02 | -29.0 |
Q3-02 | -36.4 |
Q4-02 | -48.2 |
Q1-03 | -20.6 |
Q2-03 | -21.8 |
Q3-03 | -12.3 |
Q4-03 | -3.9 |
Q1-04 | 21.8 |
Q2-04 | 37.5 |
Q3-04 | 38.9 |
Q4-04 | 25.5 |
Q1-05 | 29.6 |
Q2-05 | 37.0 |
Q3-05 | 35.2 |
Q4-05 | 8.9 |
Q1-06 | 5.3 |
Q2-06 | 3.5 |
Q3-06 | 0.0 |
Q4-06 | -13.0 |
Q1-07 | -5.3 |
Q2-07 | -19.2 |
Q3-07 | -11.8 |
Q4-07 | -7.7 |
Q1-08 | -23.6 |
Q2-08 | -16.1 |
Q3-08 | -15.4 |
Q4-08 | -7.4 |
Q1-09 | -57.7 |
Q2-09 | -63.5 |
Q3-09 | -54.7 |
Q4-09 | -35.7 |
Q1-10 | -29.6 |
Q2-10 | -9.3 |
Q3-10 | -3.6 |
Q4-10 | -21.4 |
Q1-11 | 5.6 |
Q2-11 | 9.6 |
Q3-11 | 5.8 |
Q4-11 | -18.8 |
Q1-12 | 15.1 |
Note: Data are quarterly and not seasonally adjusted. Data start in 1992. C is commercial and industrial.
Source: Federal Reserve Board, Senior Loan Officer Opinion Survey on Bank Lending Practices.
Figure 6. Credit availability to small businesses, 1990-2012
A. Net Percentage of banks tightening credit standards on C loans, by firm size*
Percent
Period | Large firms | Small firms |
---|---|---|
Q2-90 | 56.9 | 52.6 |
Q3-90 | 39.5 | 33.9 |
Q4-90 | 48.9 | 40.7 |
Q1-91 | 36.0 | 31.6 |
Q2-91 | 15.5 | 6.9 |
Q3-91 | 12.3 | 8.7 |
Q4-91 | 9.0 | 5.2 |
Q1-92 | 5.3 | 0.0 |
Q2-92 | 0.9 | -7.3 |
Q3-92 | -1.7 | -1.7 |
Q4-92 | 4.4 | -5.4 |
Q1-93 | 2.7 | -1.8 |
Q2-93 | -7.9 | -1.8 |
Q3-93 | -19.5 | -11.7 |
Q4-93 | -17.8 | -8.5 |
Q1-94 | -13.0 | -12.3 |
Q2-94 | -12.2 | -8.9 |
Q3-94 | -7.0 | -7.0 |
Q4-94 | -17.4 | -17.5 |
Q1-95 | -6.9 | -5.3 |
Q2-95 | -5.9 | -6.9 |
Q3-95 | -6.1 | -1.8 |
Q4-95 | -3.5 | -1.8 |
Q1-96 | 7.0 | 3.5 |
Q2-96 | -0.9 | 1.8 |
Q3-96 | -3.7 | -1.9 |
Q4-96 | -7.8 | -12.2 |
Q1-97 | -5.5 | -5.3 |
Q2-97 | -7.0 | -3.5 |
Q3-97 | -5.7 | -1.9 |
Q4-97 | -7.0 | -3.5 |
Q1-98 | 1.8 | 1.9 |
Q2-98 | -7.1 | -1.8 |
Q3-98 | 0.0 | -5.2 |
Q4-98 | 36.4 | 14.8 |
Q1-99 | 7.4 | 3.7 |
Q2-99 | 10.0 | 8.3 |
Q3-99 | 5.4 | 1.9 |
Q4-99 | 9.1 | 1.9 |
Q1-00 | 10.9 | 9.4 |
Q2-00 | 24.6 | 21.4 |
Q3-00 | 33.9 | 23.6 |
Q4-00 | 43.8 | 27.3 |
Q1-01 | 59.7 | 45.4 |
Q2-01 | 50.9 | 36.4 |
Q3-01 | 40.4 | 31.6 |
Q4-01 | 50.9 | 40.4 |
Q1-02 | 45.4 | 41.8 |
Q2-02 | 25.0 | 14.5 |
Q3-02 | 21.4 | 5.5 |
Q4-02 | 20.0 | 18.2 |
Q1-03 | 22.0 | 13.8 |
Q2-03 | 8.9 | 12.7 |
Q3-03 | 3.5 | 3.5 |
Q4-03 | 0.0 | -1.8 |
Q1-04 | -17.9 | -10.9 |
Q2-04 | -22.8 | -19.3 |
Q3-04 | -20.0 | -3.7 |
Q4-04 | -21.1 | -18.2 |
Q1-05 | -23.6 | -12.9 |
Q2-05 | -24.1 | -24.1 |
Q3-05 | -16.7 | -11.1 |
Q4-05 | -8.8 | -5.3 |
Q1-06 | -10.7 | -7.1 |
Q2-06 | -12.3 | -7.0 |
Q3-06 | -8.9 | -1.8 |
Q4-06 | 0.0 | -1.8 |
Q1-07 | 0.0 | 5.3 |
Q2-07 | -3.7 | 1.9 |
Q3-07 | 7.5 | 7.7 |
Q4-07 | 19.2 | 9.6 |
Q1-08 | 32.2 | 30.4 |
Q2-08 | 55.4 | 51.8 |
Q3-08 | 57.6 | 65.3 |
Q4-08 | 83.6 | 74.5 |
Q1-09 | 64.2 | 69.2 |
Q2-09 | 39.6 | 42.3 |
Q3-09 | 31.5 | 34.0 |
Q4-09 | 14.0 | 16.1 |
Q1-10 | -5.5 | 3.7 |
Q2-10 | -7.1 | 0.0 |
Q3-10 | -8.8 | -9.1 |
Q4-10 | -10.5 | -7.1 |
Q1-11 | -10.5 | -1.9 |
Q2-11 | -16.4 | -13.5 |
Q3-11 | -21.8 | -7.8 |
Q4-11 | -5.9 | -6.3 |
Q1-12 | 5.4 | 1.9 |
Note: Data are quarterly and not seasonally adjusted. C is commercial and industrial. A value greater than 0 indicates net tightening; a value less than 0.
*Firms with annual sales of more than $50 million are considered large.
Source: Federal Reserve Board, Senior Loan Officer Opinion Survey on Bank Lending Practices.
Figure 6B. Credit more difficult to obtain than three months ago**
Percent
Period | Total |
---|---|
Q1-90 | 6 |
Q2-90 | 9 |
Q3-90 | 10 |
Q4-90 | 10 |
Q1-91 | 11 |
Q2-91 | 10 |
Q3-91 | 11 |
Q4-91 | 11 |
Q1-92 | 10 |
Q2-92 | 8 |
Q3-92 | 9 |
Q4-92 | 8 |
Q1-93 | 7 |
Q2-93 | 7 |
Q3-93 | 5 |
Q4-93 | 6 |
Q1-94 | 4 |
Q2-94 | 5 |
Q3-94 | 6 |
Q4-94 | 6 |
Q1-95 | 6 |
Q2-95 | 6 |
Q3-95 | 4 |
Q4-95 | 3 |
Q1-96 | 2 |
Q2-96 | 4 |
Q3-96 | 3 |
Q4-96 | 3 |
Q1-97 | 3 |
Q2-97 | 4 |
Q3-97 | 3 |
Q4-97 | 2 |
Q1-98 | 2 |
Q2-98 | 2 |
Q3-98 | 2 |
Q4-98 | 1 |
Q1-99 | 3 |
Q2-99 | 2 |
Q3-99 | 3 |
Q4-99 | 4 |
Q1-00 | 4 |
Q2-00 | 5 |
Q3-00 | 5 |
Q4-00 | 5 |
Q1-01 | 5 |
Q2-01 | 3 |
Q3-01 | 4 |
Q4-01 | 3 |
Q1-02 | 4 |
Q2-02 | 5 |
Q3-02 | 4 |
Q4-02 | 3 |
Q1-03 | 5 |
Q2-03 | 3 |
Q3-03 | 3 |
Q4-03 | 4 |
Q1-04 | 3 |
Q2-04 | 2 |
Q3-04 | 4 |
Q4-04 | 4 |
Q1-05 | 4 |
Q2-05 | 5 |
Q3-05 | 4 |
Q4-05 | 4 |
Q1-06 | 5 |
Q2-06 | 4 |
Q3-06 | 5 |
Q4-06 | 6 |
Q1-07 | 6 |
Q2-07 | 5 |
Q3-07 | 6 |
Q4-07 | 6 |
Q1-08 | 6 |
Q2-08 | 8 |
Q3-08 | 10 |
Q4-08 | 10 |
Q1-09 | 13 |
Q2-09 | 14 |
Q3-09 | 15 |
Q4-09 | 15 |
Q1-10 | 14 |
Q2-10 | 13 |
Q3-10 | 13 |
Q4-10 | 11 |
Q1-11 | 10 |
Q2-11 | 10 |
Q3-11 | 10 |
Q4-11 | 10 |
Q1-12 | 8 |
Note: Data are quarterly and not seasonally adjusted.
**Of borrowers who sought credit in the past three months, the proportion that reported difficulty in obtaining credit less the proportion that reported more ease in obtaining credit.
Source: National Federation of Independent Business.
Figure 6C. Average short-term loan rate
Percent
Period | Total |
---|---|
Q1-90 | 12.15 |
Q2-90 | 12.00 |
Q3-90 | 11.91 |
Q4-90 | 11.87 |
Q1-91 | 11.76 |
Q2-91 | 11.10 |
Q3-91 | 10.96 |
Q4-91 | 10.47 |
Q1-92 | 9.69 |
Q2-92 | 9.28 |
Q3-92 | 9.74 |
Q4-92 | 8.67 |
Q1-93 | 8.70 |
Q2-93 | 8.60 |
Q3-93 | 8.39 |
Q4-93 | 8.47 |
Q1-94 | 8.31 |
Q2-94 | 8.49 |
Q3-94 | 9.11 |
Q4-94 | 9.63 |
Q1-95 | 10.18 |
Q2-95 | 10.46 |
Q3-95 | 10.48 |
Q4-95 | 10.36 |
Q1-96 | 10.13 |
Q2-96 | 9.92 |
Q3-96 | 10.02 |
Q4-96 | 10.06 |
Q1-97 | 9.83 |
Q2-97 | 9.97 |
Q3-97 | 10.17 |
Q4-97 | 9.96 |
Q1-98 | 10.12 |
Q2-98 | 9.99 |
Q3-98 | 9.83 |
Q4-98 | 9.58 |
Q1-99 | 9.27 |
Q2-99 | 8.96 |
Q3-99 | 9.31 |
Q4-99 | 9.64 |
Q1-00 | 10.02 |
Q2-00 | 9.96 |
Q3-00 | 10.43 |
Q4-00 | 10.44 |
Q1-01 | 10.13 |
Q2-01 | 9.48 |
Q3-01 | 8.51 |
Q4-01 | 7.79 |
Q1-02 | 7.14 |
Q2-02 | 7.19 |
Q3-02 | 6.84 |
Q4-02 | 6.69 |
Q1-03 | 6.59 |
Q2-03 | 6.71 |
Q3-03 | 6.18 |
Q4-03 | 6.28 |
Q1-04 | 5.95 |
Q2-04 | 6.26 |
Q3-04 | 6.06 |
Q4-04 | 6.27 |
Q1-05 | 7.14 |
Q2-05 | 7.17 |
Q3-05 | 7.66 |
Q4-05 | 8.03 |
Q1-06 | 8.12 |
Q2-06 | 8.62 |
Q3-06 | 9.03 |
Q4-06 | 8.74 |
Q1-07 | 9.23 |
Q2-07 | 9.30 |
Q3-07 | 9.07 |
Q4-07 | 8.82 |
Q1-08 | 8.24 |
Q2-08 | 7.42 |
Q3-08 | 7.00 |
Q4-08 | 6.71 |
Q1-09 | 6.22 |
Q2-09 | 6.23 |
Q3-09 | 6.45 |
Q4-09 | 6.33 |
Q1-10 | 6.36 |
Q2-10 | 6.34 |
Q3-10 | 6.25 |
Q4-10 | 5.97 |
Q1-11 | 5.98 |
Q2-11 | 6.25 |
Q3-11 | 5.98 |
Q4-11 | 6.15 |
Q1-12 | 5.89 |
Note: Data are quarterly and not seasonally adjusted.
Figure 7. Survival, conditional survival, and average employment among establishments born in 1994, 1994-2011
Period | Survival rate (percent) | Conditional survival rate (percent) | Average employees (number) |
---|---|---|---|
1994 | 100.0 | ND | 7.5 |
1995 | 79.8 | 79.8 | 9.4 |
1996 | 68.5 | 85.8 | 10.7 |
1997 | 61.2 | 89.3 | 11.7 |
1998 | 54.9 | 89.6 | 12.8 |
1999 | 50.2 | 91.5 | 13.5 |
2000 | 45.8 | 91.3 | 14.6 |
2001 | 42.1 | 91.8 | 15.2 |
2002 | 38.9 | 92.5 | 15.4 |
2003 | 36.4 | 93.3 | 15.7 |
2004 | 34.2 | 94.2 | 16.2 |
2005 | 32.4 | 94.6 | 16.7 |
2006 | 31.0 | 95.6 | 17.2 |
2007 | 29.3 | 94.7 | 17.9 |
2008 | 27.8 | 94.8 | 18.2 |
2009 | 26.0 | 93.7 | 17.8 |
2010 | 24.6 | 94.5 | 18.0 |
2011 | 23.5 | 95.7 | 18.6 |
Note: The data for the conditional survival rate start in 1995. ND No data.
Source: Bureau of Labor Statistics, Business Employment Dynamics data.
Figure 8. Delinquency rates at commercial banks, 2001-11
A. C&I loans 30 or more days delinquent and nonaccruing loans
Delinquency rate (percent)
Period | Small-business-lending-intensive banks | Non-small-business-lending-intensive banks |
---|---|---|
2001:Q2 | 3.3 | 3.1 |
2001:Q3 | 3.4 | 3.4 |
2001:Q4 | 3.2 | 3.6 |
2002:Q1 | 3.4 | 3.7 |
2002:Q2 | 3.3 | 3.8 |
2002:Q3 | 3.2 | 3.8 |
2002:Q4 | 3.1 | 3.6 |
2003:Q1 | 3.4 | 3.4 |
2003:Q2 | 3.4 | 3.4 |
2003:Q3 | 3.2 | 3.1 |
2003:Q4 | 2.8 | 2.6 |
2004:Q1 | 2.9 | 2.5 |
2004:Q2 | 2.9 | 2.1 |
2004:Q3 | 2.8 | 2.0 |
2004:Q4 | 2.5 | 1.7 |
2005:Q1 | 2.7 | 1.6 |
2005:Q2 | 2.5 | 1.4 |
2005:Q3 | 2.6 | 1.5 |
2005:Q4 | 2.4 | 1.5 |
2006:Q1 | 2.6 | 1.5 |
2006:Q2 | 2.6 | 1.3 |
2006:Q3 | 3.0 | 1.3 |
2006:Q4 | 2.4 | 1.2 |
2007:Q1 | 2.7 | 1.3 |
2007:Q2 | 3.5 | 1.2 |
2007:Q3 | 3.7 | 1.3 |
2007:Q4 | 4.0 | 1.4 |
2008:Q1 | 4.4 | 1.6 |
2008:Q2 | 4.6 | 1.7 |
2008:Q3 | 4.9 | 1.8 |
2008:Q4 | 5.6 | 2.3 |
2009:Q1 | 6.7 | 2.8 |
2009:Q2 | 6.9 | 3.2 |
2009:Q3 | 6.7 | 4.0 |
2009:Q4 | 6.6 | 4.0 |
2010:Q1 | 5.4 | 3.8 |
2010:Q2 | 3.9 | 3.5 |
2010:Q3 | 4.8 | 3.3 |
2010:Q4 | 4.5 | 2.8 |
2011:Q1 | 4.1 | 2.6 |
2011:Q2 | 3.9 | 2.3 |
2011:Q3 | 3.7 | 2.0 |
2011:Q4 | 3.9 | 1.8 |
Note: Small-business-lending-intensive banks are defined as institutions where 80 percent or more of their commercial and industrial (C&I) and commercial real estate (CRE) 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, 2011.
B. CRE loans 30 or more days delinquent and nonaccruing loans
Delinquency rate (percent)
Period | Small-business-lending-intensive banks | Non-small-business-lending-intensive banks |
---|---|---|
2001:Q2 | 2.1 | 1.6 |
2001:Q3 | 2.1 | 1.8 |
2001:Q4 | 2.2 | 1.8 |
2002:Q1 | 2.1 | 1.8 |
2002:Q2 | 2.0 | 1.6 |
2002:Q3 | 2.1 | 1.6 |
2002:Q4 | 2.1 | 1.6 |
2003:Q1 | 2.3 | 1.7 |
2003:Q2 | 2.0 | 1.6 |
2003:Q3 | 1.9 | 1.5 |
2003:Q4 | 1.9 | 1.4 |
2004:Q1 | 1.9 | 1.4 |
2004:Q2 | 1.9 | 1.3 |
2004:Q3 | 1.8 | 1.2 |
2004:Q4 | 1.7 | 1.1 |
2005:Q1 | 1.9 | 1.2 |
2005:Q2 | 1.7 | 1.1 |
2005:Q3 | 1.7 | 1.1 |
2005:Q4 | 1.7 | 1.0 |
2006:Q1 | 1.7 | 1.1 |
2006:Q2 | 1.7 | 1.0 |
2006:Q3 | 1.9 | 1.0 |
2006:Q4 | 1.9 | 1.1 |
2007:Q1 | 2.1 | 1.2 |
2007:Q2 | 2.2 | 1.1 |
2007:Q3 | 2.3 | 1.3 |
2007:Q4 | 2.5 | 1.6 |
2008:Q1 | 2.7 | 1.9 |
2008:Q2 | 2.7 | 2.0 |
2008:Q3 | 2.8 | 2.2 |
2008:Q4 | 3.2 | 2.7 |
2009:Q1 | 3.7 | 3.6 |
2009:Q2 | 3.8 | 4.1 |
2009:Q3 | 4.0 | 4.7 |
2009:Q4 | 4.1 | 5.2 |
2010:Q1 | 4.3 | 5.8 |
2010:Q2 | 4.3 | 5.5 |
2010:Q3 | 4.1 | 5.5 |
2010:Q4 | 4.2 | 5.3 |
2011:Q1 | 4.9 | 5.5 |
2011:Q2 | 4.5 | 5.0 |
2011:Q3 | 4.3 | 4.9 |
2011:Q4 | 4.1 | 4.7 |
Note: Small-business-lending-intensive banks are defined as institutions where 80 percent or more of their commercial and industrial (C&I) and commercial real estate (CRE) 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, 2011.
Figure 9. Venture capital Investments, 1995-2012
Billions of dollars
Period | Total |
---|---|
1995 | 7.3 |
1996 | 10.6 |
1997 | 14.1 |
1998 | 19.8 |
1999 | 51.3 |
2000 | 99.2 |
2001 | 38.1 |
2002 | 20.8 |
2003 | 18.6 |
2004 | 22.4 |
2005 | 22.9 |
2006 | 26.6 |
2007 | 30.8 |
2008 | 30.5 |
2009 | 19.7 |
2010 | 23.3 |
2011 | 28.4 |
2012:Q1 | 23.0 |
Note: Data are at an annual rate.
Source: PricewaterhouseCoopers National Venture Capital Association MoneyTree Report.
Figure 9 continued. Amount and number of investments, 2007-12
Development stage | 2007 | 2008 | 2009 | 2010 | 2011 | 2012:Q1 |
---|---|---|---|---|---|---|
Venture capital | ||||||
Investments (billions of dollars) | 30.8 | 30.5 | 19.7 | 23.3 | 28.4 | 23.0 |
Number of deals | 4,124 | 4,111 | 3,065 | 3,526 | 3,673 | 3,032 |
Average deal size (millions of dollars) | 7.5 | 7.4 | 6.4 | 6.6 | 7.7 | 7.6 |
Seed, start-up, early stage | ||||||
Investments (billions of dollars) | 7.6 | 7.2 | 6.6 | 7.4 | 9.2 | 7.0 |
Number of deals | 1,603 | 1,632 | 1,312 | 1,617 | 1,810 | 1,372 |
Average deal size (millions of dollars) | 4.7 | 4.4 | 5.0 | 4.5 | 5.1 | 5.1 |
Note: Data are at an annual rate.
Source: PricewaterhouseCoopers National Venture Capital Association MoneyTree Report.
Figure 10. Peer-to-peer loans funded, 2008-11
Millions of dollars
Period | Lending Club other loans | Lending Club business loans | Prosper other loans | Prosper business loans |
---|---|---|---|---|
2008 | 18.3 | 1.7 | 51.3 | 15.2 |
2009 | 47.4 | 4.4 | 8.2 | 1.2 |
2010 | 121.0 | 5.4 | 23.7 | 3.1 |
2011 | 243.5 | 13.9 | 65.3 | 9.1 |
Note: Calculations from individual loan data from LendingClub.com and Prosper.com (see www.lendingclub.com/info/download-data.action and www.prosper.com/tools/DataExport.aspx).
Figure 11. Community reinvestment, 2005-10
A. Small business lending
2007 = 100
Period | All | Revenues less than $1 million |
---|---|---|
2005 | 82 | 89 |
2006 | 92 | 97 |
2007 | 100 | 100 |
2008 | 87 | 78 |
2009 | 58 | 52 |
2010 | 53 | 47 |
Note: Federal Financial Institutions Examination Council, data reported under the Community Reinvestment Act.
B. All small business lending, by neighborhood income and assessment area status
2007 = 100
Period | LMI inside AA | Non-LMI inside AA | LMI outside AA | Non-LMI outside AA |
---|---|---|---|---|
2005 | 94 | 92 | 70 | 67 |
2006 | 98 | 97 | 87 | 86 |
2007 | 100 | 100 | 100 | 100 |
2008 | 89 | 90 | 81 | 84 |
2009 | 69 | 69 | 41 | 44 |
2010 | 64 | 64 | 36 | 38 |
Note: LMI is low and moderate income; AA is assesment area..
Source: Federal Financial Institutions Examination Council, data reported under the Community Reinvestment Act.
C. Lending to businesses with revenues less than $1 million, by neighborhood income and assessment area status
2007 = 100
Period | LMI inside AA | Non-LMI inside AA | LMI outside AA | Non-LMI outside AA |
---|---|---|---|---|
2005 | 99 | 97 | 81 | 79 |
2006 | 102 | 99 | 95 | 94 |
2007 | 100 | 100 | 100 | 100 |
2008 | 83 | 86 | 64 | 67 |
2009 | 59 | 62 | 35 | 40 |
2010 | 54 | 58 | 29 | 34 |
Note: LMI is low and moderate income; AA is assesment area.
Source: Federal Financial Institutions Examination Council, data reported under the Community Reinvestment Act.
D. All small business lending, by minority neighborhood population share
2007 = 100
Period | Low minority share | High minority share |
---|---|---|
2005 | 82 | 83 |
2006 | 92 | 94 |
2007 | 100 | 100 |
2008 | 89 | 82 |
2009 | 59 | 55 |
2010 | 54 | 50 |
Source: Federal Financial Institutions Examination Council, data reported under the Community Reinvestment Act.
E. Lending to businesses with revenues less than $1 million, by minority neighborhood population share
2007 = 100
Period | Low minority share | High minority share |
---|---|---|
2005 | 90 | 88 |
2006 | 97 | 98 |
2007 | 100 | 100 |
2008 | 80 | 69 |
2009 | 54 | 45 |
2010 | 49 | 39 |
Source: Federal Financial Institutions Examination Council, data reported under the Community Reinvestment Act.
Figure 12. Small Businesss Administration 7(a) Program, 2005-11
A. SBA 7(a) Program lending
Period | Dollar volume of loans (billions of dollars) | Number of loans (thousands) |
---|---|---|
2005 | 15 | 96 |
2006 | 15 | 97 |
2007 | 14 | 100 |
2008 | 13 | 69 |
2009 | 9 | 44 |
2010 | 13 | 53 |
2011 | 20 | 54 |
Note: SBA is Small Business Administration.
Source: Small Business Administration.
B. SBA 7(a) Loan shares Lending share
(percent)
Period | Minorities | Women | Loans less than $150,000 |
---|---|---|---|
2005 | 30 | 25 | 77 |
2006 | 33 | 22 | 78 |
2007 | 34 | 23 | 79 |
2008 | 33 | 23 | 73 |
2009 | 22 | 20 | 68 |
2010 | 19 | 18 | 65 |
2011 | 21 | 17 | 55 |
Note: SBA is Small Business Administration.
Source: National Association of Government Guaranteed Lenders.
Figure 13. Small Business Administration secondary market, 2000-12
A. 7(a) settled value
Millions of dollars
Period | Total |
---|---|
January-00 | 233.6 |
February-00 | 252.0 |
March-00 | 260.3 |
April-00 | 280.6 |
May-00 | 305.3 |
June-00 | 306.7 |
July-00 | 289.7 |
August-00 | 283.0 |
September-00 | 283.9 |
October-00 | 288.4 |
November-00 | 239.2 |
December-00 | 230.4 |
January-01 | 212.2 |
February-01 | 254.3 |
March-01 | 284.8 |
April-01 | 317.5 |
May-01 | 284.3 |
June-01 | 281.9 |
July-01 | 270.6 |
August-01 | 258.1 |
September-01 | 273.6 |
October-01 | 258.4 |
November-01 | 278.3 |
December-01 | 244.8 |
January-02 | 249.3 |
February-02 | 255.5 |
March-02 | 258.9 |
April-02 | 279.9 |
May-02 | 290.9 |
June-02 | 295.8 |
July-02 | 297.0 |
August-02 | 284.1 |
September-02 | 273.9 |
October-02 | 257.0 |
November-02 | 310.5 |
December-02 | 319.2 |
January-03 | 316.0 |
February-03 | 272.3 |
March-03 | 271.1 |
April-03 | 274.9 |
May-03 | 291.9 |
June-03 | 298.0 |
July-03 | 301.9 |
August-03 | 317.4 |
September-03 | 332.3 |
October-03 | 383.6 |
November-03 | 398.2 |
December-03 | 378.7 |
January-04 | 324.8 |
February-04 | 277.7 |
March-04 | 273.0 |
April-04 | 276.9 |
May-04 | 313.9 |
June-04 | 327.7 |
July-04 | 346.3 |
August-04 | 362.9 |
September-04 | 376.3 |
October-04 | 385.6 |
November-04 | 424.1 |
December-04 | 420.9 |
January-05 | 401.6 |
February-05 | 371.9 |
March-05 | 377.7 |
April-05 | 400.7 |
May-05 | 396.0 |
June-05 | 401.7 |
July-05 | 413.0 |
August-05 | 410.4 |
September-05 | 417.9 |
October-05 | 432.4 |
November-05 | 449.0 |
December-05 | 430.2 |
January-06 | 393.5 |
February-06 | 383.1 |
March-06 | 384.2 |
April-06 | 376.7 |
May-06 | 393.0 |
June-06 | 404.5 |
July-06 | 425.2 |
August-06 | 411.3 |
September-06 | 414.7 |
October-06 | 404.1 |
November-06 | 453.6 |
December-06 | 441.9 |
January-07 | 411.4 |
February-07 | 357.8 |
March-07 | 354.3 |
April-07 | 380.5 |
May-07 | 402.2 |
June-07 | 413.1 |
July-07 | 415.4 |
August-07 | 349.2 |
September-07 | 380.4 |
October-07 | 385.9 |
November-07 | 420.3 |
December-07 | 376.9 |
January-08 | 365.1 |
February-08 | 330.0 |
March-08 | 329.5 |
April-08 | 337.2 |
May-08 | 339.6 |
June-08 | 381.5 |
July-08 | 356.0 |
August-08 | 314.2 |
September-08 | 215.4 |
October-08 | 183.8 |
November-08 | 108.8 |
December-08 | 98.4 |
January-09 | 106.9 |
February-09 | 135.9 |
March-09 | 168.8 |
April-09 | 231.0 |
May-09 | 289.5 |
June-09 | 335.8 |
July-09 | 339.3 |
August-09 | 352.7 |
September-09 | 352.2 |
October-09 | 336.1 |
November-09 | 361.6 |
December-09 | 334.7 |
January-10 | 342.4 |
February-10 | 302.1 |
March-10 | 319.1 |
April-10 | 300.3 |
May-10 | 352.6 |
June-10 | 341.7 |
July-10 | 349.9 |
August-10 | 322.2 |
September-10 | 305.2 |
October-10 | 305.6 |
November-10 | 338.4 |
December-10 | 401.8 |
January-11 | 437.5 |
February-11 | 485.1 |
March-11 | 478.9 |
April-11 | 473.0 |
May-11 | 477.3 |
June-11 | 411.4 |
July-11 | 416.5 |
August-11 | 386.6 |
September-11 | 415.1 |
October-11 | 392.3 |
November-11 | 381.6 |
December-11 | 384.1 |
January-12 | 371.3 |
February-12 | 363.4 |
March-12 | 407.4 |
Note: Three-month moving average.
Source: Data provided by Small Business Administration, Office of Financial Assistance.
B. 7(a) premium ranges
Percent
Period | 103 or below | Between 103 and 106 | 106 or above |
---|---|---|---|
January-00 | 32.8 | 20.3 | 46.9 |
February-00 | 33.0 | 17.0 | 50.1 |
March-00 | 34.9 | 14.1 | 51.0 |
April-00 | 36.2 | 12.1 | 51.7 |
May-00 | 32.1 | 12.6 | 55.3 |
June-00 | 29.7 | 12.6 | 57.7 |
July-00 | 27.1 | 13.3 | 59.5 |
August-00 | 26.1 | 19.3 | 54.7 |
September-00 | 30.2 | 21.4 | 48.4 |
October-00 | 29.0 | 21.9 | 49.1 |
November-00 | 27.4 | 19.7 | 52.9 |
December-00 | 19.0 | 19.9 | 61.1 |
January-01 | 21.3 | 18.4 | 60.3 |
February-01 | 22.1 | 11.6 | 66.3 |
March-01 | 22.7 | 7.4 | 69.9 |
April-01 | 20.2 | 6.6 | 73.2 |
May-01 | 18.0 | 8.4 | 73.6 |
June-01 | 21.9 | 10.2 | 67.9 |
July-01 | 20.3 | 9.8 | 69.9 |
August-01 | 23.1 | 8.5 | 68.5 |
September-01 | 21.1 | 8.4 | 70.6 |
October-01 | 19.8 | 8.3 | 71.9 |
November-01 | 15.8 | 8.4 | 75.8 |
December-01 | 13.9 | 6.2 | 79.9 |
January-02 | 16.0 | 4.5 | 79.5 |
February-02 | 14.8 | 3.7 | 81.5 |
March-02 | 15.5 | 3.3 | 81.2 |
April-02 | 14.1 | 3.4 | 82.5 |
May-02 | 13.4 | 3.5 | 83.1 |
June-02 | 12.9 | 3.4 | 83.8 |
July-02 | 11.0 | 4.1 | 84.9 |
August-02 | 10.5 | 3.8 | 85.8 |
September-02 | 7.9 | 4.5 | 87.6 |
October-02 | 7.1 | 3.2 | 89.7 |
November-02 | 6.7 | 7.0 | 86.4 |
December-02 | 7.5 | 6.7 | 85.8 |
January-03 | 8.6 | 7.6 | 83.8 |
February-03 | 7.8 | 4.1 | 88.1 |
March-03 | 7.4 | 3.3 | 89.2 |
April-03 | 6.2 | 2.1 | 91.7 |
May-03 | 8.3 | 3.8 | 87.9 |
June-03 | 7.7 | 4.8 | 87.5 |
July-03 | 7.6 | 5.1 | 87.4 |
August-03 | 6.6 | 5.2 | 88.2 |
September-03 | 6.8 | 5.0 | 88.2 |
October-03 | 7.3 | 6.1 | 86.6 |
November-03 | 7.6 | 4.2 | 88.2 |
December-03 | 7.5 | 3.3 | 89.2 |
January-04 | 6.7 | 2.2 | 91.1 |
February-04 | 6.3 | 2.0 | 91.7 |
March-04 | 5.5 | 2.2 | 92.3 |
April-04 | 5.5 | 1.9 | 92.5 |
May-04 | 6.7 | 1.5 | 91.8 |
June-04 | 6.5 | 2.2 | 91.3 |
July-04 | 8.0 | 2.5 | 89.4 |
August-04 | 6.1 | 3.3 | 90.6 |
September-04 | 6.8 | 2.5 | 90.7 |
October-04 | 5.1 | 2.8 | 92.2 |
November-04 | 4.6 | 2.4 | 92.9 |
December-04 | 4.4 | 3.5 | 92.1 |
January-05 | 4.5 | 3.0 | 92.5 |
February-05 | 5.0 | 2.7 | 92.3 |
March-05 | 3.5 | 1.5 | 95.0 |
April-05 | 2.5 | 1.9 | 95.6 |
May-05 | 1.5 | 2.0 | 96.5 |
June-05 | 1.7 | 1.7 | 96.6 |
July-05 | 2.3 | 1.6 | 96.2 |
August-05 | 2.2 | 1.5 | 96.4 |
September-05 | 2.2 | 2.2 | 95.6 |
October-05 | 1.8 | 1.9 | 96.2 |
November-05 | 2.0 | 2.5 | 95.5 |
December-05 | 1.9 | 3.1 | 95.0 |
January-06 | 1.7 | 4.0 | 94.3 |
February-06 | 2.2 | 3.8 | 94.0 |
March-06 | 2.9 | 3.1 | 94.0 |
April-06 | 4.0 | 2.5 | 93.4 |
May-06 | 4.9 | 3.9 | 91.2 |
June-06 | 4.0 | 4.2 | 91.8 |
July-06 | 4.2 | 4.4 | 91.4 |
August-06 | 6.8 | 3.0 | 90.2 |
September-06 | 7.9 | 3.6 | 88.4 |
October-06 | 8.3 | 3.9 | 87.8 |
November-06 | 8.5 | 4.2 | 87.3 |
December-06 | 7.8 | 4.2 | 88.0 |
January-07 | 6.5 | 3.8 | 89.7 |
February-07 | 5.9 | 3.5 | 90.6 |
March-07 | 5.8 | 2.8 | 91.4 |
April-07 | 5.6 | 3.0 | 91.4 |
May-07 | 5.9 | 3.4 | 90.8 |
June-07 | 7.2 | 3.6 | 89.2 |
July-07 | 7.8 | 4.3 | 87.9 |
August-07 | 12.0 | 7.0 | 81.0 |
September-07 | 15.0 | 10.1 | 74.9 |
October-07 | 16.6 | 13.9 | 69.5 |
November-07 | 15.5 | 15.8 | 68.7 |
December-07 | 20.8 | 18.6 | 60.6 |
January-08 | 21.0 | 21.9 | 57.1 |
February-08 | 21.4 | 23.0 | 55.6 |
March-08 | 17.1 | 24.7 | 58.2 |
April-08 | 23.2 | 22.3 | 54.6 |
May-08 | 22.4 | 20.3 | 57.3 |
June-08 | 22.7 | 17.5 | 59.9 |
July-08 | 23.2 | 14.9 | 61.9 |
August-08 | 28.7 | 15.4 | 55.8 |
September-08 | 41.8 | 18.9 | 39.3 |
October-08 | 60.4 | 19.2 | 20.3 |
November-08 | 73.4 | 21.1 | 5.5 |
December-08 | 81.3 | 16.3 | 2.4 |
January-09 | 75.6 | 22.3 | 2.2 |
February-09 | 72.7 | 24.2 | 3.1 |
March-09 | 58.3 | 27.9 | 13.7 |
April-09 | 55.5 | 22.2 | 22.2 |
May-09 | 45.3 | 17.2 | 37.5 |
June-09 | 38.9 | 13.8 | 47.3 |
July-09 | 22.3 | 11.2 | 66.5 |
August-09 | 13.5 | 9.3 | 77.2 |
September-09 | 12.0 | 5.7 | 82.3 |
October-09 | 14.0 | 4.4 | 81.5 |
November-09 | 15.1 | 3.2 | 81.8 |
December-09 | 12.4 | 4.2 | 83.4 |
January-10 | 15.0 | 4.8 | 80.2 |
February-10 | 13.6 | 5.2 | 81.2 |
March-10 | 12.5 | 4.1 | 83.4 |
April-10 | 6.9 | 4.6 | 88.5 |
May-10 | 6.3 | 3.6 | 90.1 |
June-10 | 5.7 | 3.0 | 91.4 |
July-10 | 4.9 | 1.9 | 93.2 |
August-10 | 2.6 | 2.6 | 94.8 |
September-10 | 4.7 | 2.5 | 92.8 |
October-10 | 4.4 | 2.1 | 93.5 |
November-10 | 4.3 | 1.5 | 94.2 |
December-10 | 1.8 | 1.2 | 97.0 |
January-11 | 2.8 | 1.6 | 95.6 |
February-11 | 4.5 | 2.1 | 93.4 |
March-11 | 5.0 | 2.8 | 92.2 |
April-11 | 4.4 | 3.4 | 92.2 |
May-11 | 2.8 | 2.7 | 94.5 |
June-11 | 1.8 | 2.0 | 96.1 |
July-11 | 1.6 | 1.3 | 97.2 |
August-11 | 1.5 | 1.2 | 97.3 |
September-11 | 1.8 | 1.7 | 96.5 |
October-11 | 1.5 | 2.9 | 95.7 |
November-11 | 1.1 | 2.7 | 96.2 |
December-11 | 0.8 | 2.2 | 96.9 |
January-12 | 0.5 | 1.4 | 98.1 |
February-12 | 0.6 | 2.1 | 97.3 |
March-12 | 0.8 | 2.7 | 96.5 |
Note: Three-month moving average.
Source: Data provided by Small Business Administration, Office of Financial Assistance.
C. 504 debentures volume
Millions of dollars
Period | Total |
---|---|
January-00 | 112.2 |
February-00 | 121.3 |
March-00 | 129.6 |
April-00 | 135.6 |
May-00 | 127.2 |
June-00 | 121.6 |
July-00 | 122.2 |
August-00 | 126.5 |
September-00 | 123.0 |
October-00 | 119.6 |
November-00 | 118.3 |
December-00 | 124.9 |
January-01 | 118.6 |
February-01 | 122.0 |
March-01 | 119.2 |
April-01 | 129.2 |
May-01 | 128.5 |
June-01 | 133.1 |
July-01 | 137.7 |
August-01 | 137.6 |
September-01 | 144.9 |
October-01 | 138.2 |
November-01 | 146.6 |
December-01 | 149.9 |
January-02 | 149.8 |
February-02 | 146.0 |
March-02 | 143.8 |
April-02 | 163.4 |
May-02 | 162.0 |
June-02 | 159.3 |
July-02 | 157.5 |
August-02 | 171.0 |
September-02 | 177.2 |
October-02 | 168.2 |
November-02 | 162.2 |
December-02 | 167.9 |
January-03 | 158.7 |
February-03 | 164.3 |
March-03 | 174.8 |
April-03 | 194.8 |
May-03 | 196.9 |
June-03 | 194.1 |
July-03 | 180.9 |
August-03 | 199.4 |
September-03 | 193.2 |
October-03 | 207.0 |
November-03 | 210.1 |
December-03 | 210.2 |
January-04 | 205.2 |
February-04 | 202.4 |
March-04 | 212.7 |
April-04 | 230.6 |
May-04 | 247.9 |
June-04 | 253.5 |
July-04 | 260.0 |
August-04 | 258.1 |
September-04 | 254.4 |
October-04 | 263.5 |
November-04 | 252.4 |
December-04 | 252.0 |
January-05 | 243.7 |
February-05 | 238.8 |
March-05 | 254.6 |
April-05 | 266.2 |
May-05 | 300.6 |
June-05 | 297.6 |
July-05 | 306.6 |
August-05 | 305.1 |
September-05 | 313.5 |
October-05 | 310.2 |
November-05 | 310.0 |
December-05 | 310.3 |
January-06 | 321.4 |
February-06 | 328.9 |
March-06 | 352.4 |
April-06 | 375.8 |
May-06 | 372.6 |
June-06 | 380.2 |
July-06 | 365.5 |
August-06 | 377.5 |
September-06 | 371.3 |
October-06 | 398.1 |
November-06 | 391.8 |
December-06 | 388.2 |
January-07 | 342.0 |
February-07 | 345.9 |
March-07 | 355.4 |
April-07 | 397.2 |
May-07 | 400.0 |
June-07 | 396.5 |
July-07 | 406.9 |
August-07 | 421.6 |
September-07 | 436.8 |
October-07 | 415.6 |
November-07 | 403.7 |
December-07 | 402.4 |
January-08 | 371.8 |
February-08 | 369.9 |
March-08 | 397.2 |
April-08 | 433.3 |
May-08 | 440.9 |
June-08 | 433.0 |
July-08 | 415.8 |
August-08 | 424.2 |
September-08 | 372.0 |
October-08 | 371.9 |
November-08 | 358.6 |
December-08 | 344.9 |
January-09 | 300.7 |
February-09 | 265.0 |
March-09 | 287.2 |
April-09 | 300.9 |
May-09 | 304.2 |
June-09 | 286.0 |
July-09 | 280.3 |
August-09 | 290.9 |
September-09 | 278.7 |
October-09 | 275.8 |
November-09 | 282.9 |
December-09 | 275.4 |
January-10 | 284.7 |
February-10 | 257.3 |
March-10 | 261.9 |
April-10 | 266.6 |
May-10 | 274.3 |
June-10 | 285.3 |
July-10 | 285.9 |
August-10 | 294.2 |
September-10 | 292.7 |
October-10 | 297.5 |
November-10 | 292.1 |
December-10 | 291.4 |
January-11 | 287.8 |
February-11 | 282.2 |
March-11 | 278.4 |
April-11 | 272.0 |
May-11 | 283.8 |
June-11 | 284.0 |
July-11 | 302.3 |
August-11 | 299.4 |
September-11 | 321.7 |
October-11 | 322.2 |
November-11 | 324.4 |
December-11 | 318.8 |
January-12 | 331.9 |
February-12 | 343.3 |
March-12 | 356.6 |
April-12 | 347.5 |
Note: Three-month moving average.
Source: Data provided by Small Business Administration, Office of Financial Assistance.
Figure 14. Establishment births and house price index, 1993-2011
Period | Establishment births (thousands) | HPI adjusted (house price index) |
---|---|---|
Q1-93 | ND | 104.8 |
Q2-93 | 175 | 105.8 |
Q3-93 | 185 | 106.6 |
Q4-93 | 173 | 107.5 |
Q1-94 | 182 | 108.2 |
Q2-94 | 187 | 108.8 |
Q3-94 | 193 | 109.3 |
Q4-94 | 184 | 109.1 |
Q1-95 | 189 | 109.5 |
Q2-95 | 189 | 111.4 |
Q3-95 | 185 | 113.1 |
Q4-95 | 188 | 114.1 |
Q1-96 | 195 | 115.4 |
Q2-96 | 191 | 115.5 |
Q3-96 | 199 | 115.9 |
Q4-96 | 204 | 116.9 |
Q1-97 | 203 | 117.9 |
Q2-97 | 195 | 118.8 |
Q3-97 | 196 | 120.5 |
Q4-97 | 195 | 122.1 |
Q1-98 | 206 | 124.0 |
Q2-98 | 206 | 125.1 |
Q3-98 | 200 | 126.8 |
Q4-98 | 189 | 128.4 |
Q1-99 | 199 | 129.7 |
Q2-99 | 206 | 131.4 |
Q3-99 | 206 | 133.1 |
Q4-99 | 199 | 134.5 |
Q1-00 | 213 | 137.1 |
Q2-00 | 204 | 139.2 |
Q3-00 | 209 | 141.8 |
Q4-00 | 200 | 144.0 |
Q1-01 | 206 | 147.7 |
Q2-01 | 204 | 150.2 |
Q3-01 | 204 | 152.5 |
Q4-01 | 194 | 154.5 |
Q1-02 | 204 | 156.7 |
Q2-02 | 208 | 159.2 |
Q3-02 | 199 | 162.5 |
Q4-02 | 201 | 164.9 |
Q1-03 | 193 | 166.9 |
Q2-03 | 191 | 168.9 |
Q3-03 | 193 | 171.4 |
Q4-03 | 200 | 176.1 |
Q1-04 | 207 | 179.0 |
Q2-04 | 203 | 183.3 |
Q3-04 | 209 | 190.1 |
Q4-04 | 210 | 194.2 |
Q1-05 | 209 | 198.7 |
Q2-05 | 216 | 204.9 |
Q3-05 | 221 | 211.1 |
Q4-05 | 221 | 215.9 |
Q1-06 | 220 | 219.5 |
Q2-06 | 221 | 221.8 |
Q3-06 | 210 | 223.8 |
Q4-06 | 221 | 226.1 |
Q1-07 | 214 | 227.1 |
Q2-07 | 206 | 227.0 |
Q3-07 | 216 | 224.8 |
Q4-07 | 208 | 224.4 |
Q1-08 | 207 | 223.3 |
Q2-08 | 200 | 218.1 |
Q3-08 | 191 | 211.8 |
Q4-08 | 188 | 210.3 |
Q1-09 | 172 | 212.3 |
Q2-09 | 177 | 207.3 |
Q3-09 | 169 | 202.1 |
Q4-09 | 182 | 200.9 |
Q1-10 | 175 | 198.6 |
Q2-10 | 179 | 197.2 |
Q3-10 | 188 | 199.3 |
Q4-10 | 200 | 197.8 |
Q1-11 | 183 | 192.4 |
Q2-11 | 187 | 189.4 |
Q3-11 | ND | 191.3 |
Q4-11 | ND | 192.0 |
Note: House price index (HPI) is seasonally adjusted and indexed to 1991:Q1 = 100.
Source: For establishment births, Bureau of Labor Statistics; for house price index, Federal Housing Finance Agency.