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Firm Innovation and GrowthAtlanta • Boston • Chicago • Cleveland • Dallas • Kansas City • Minneapolis New York • Philadelphia • Richmond • St. Louis • San FranciscoFEDERAL RESERVE BANKS of2025REPORTON EMPLOYERFIRMS:PUBLISHED MARCH 2025ISSN 2831-4034 | doi.org/10.55350/sbcs-20250327SMALL BUSINESS CREDIT SURVEY | 2025 REPORT ON EMPLOYER FIRMSThe views expressed in this report are those of the report team and not necessarily those of the Federal Reserve Bank of Cleveland or the Federal Reserve System. Data used in this report may be subject to updates or changes. 1 The report team appreciates the thoughtful comments and guidance from the following Federal Reserve System colleagues: Ed Knotek from the Federal Reserve Bank of Cleveland, Claire Kramer Mills from the Federal Reserve Bank of New York, Sarah Simms from the Federal Reserve Bank of San Francisco, and Angelyque Campbell, Marysol McGee, and Kim Wilson from the Board of Governors of the Federal Reserve System. Thank you to Harrison Markel and Natalie Bashkin of the Federal Reserve Bank of Cleveland for publication review and report design. 2 For a full list of partner organizations, please visit www.fedsmallbusiness.org/partnerships/partner-organizations.