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.

Return to Text

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.

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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

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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.

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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.

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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.

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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.

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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

Source: Federal Reserve Board, flow of funds accounts.

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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.

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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.

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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.

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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.

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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.

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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.

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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.

Source: National Federation of Independent Business.

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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.

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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.

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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.

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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.

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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.

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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).

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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.

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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.

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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.

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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.

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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.

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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.

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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.

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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.

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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.

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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.

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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.  

ND No data  

Source: For establishment births, Bureau of Labor Statistics; for house price index, Federal Housing Finance Agency.  

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Last update: June 20, 2012