Survey of Small Business Finances
Frequently Asked Questions
Q: What is the purpose of the Survey of Small
Business Finances?
A: The 2003 Survey of Small Business Finances
is the fourth survey in a series that collects financial data from businesses
with fewer than 500 employees.
Q: Who is doing the survey?
A: The Survey of Small Business Finances is
being conducted for the Federal Reserve Board (FRB) by the National Opinion
Research Center (NORC) at the University of Chicago.
The Federal Reserve System is the central bank of the United States. It was
founded by Congress in 1913 to provide the nation with a safer, more flexible,
and more stable monetary and financial system; over the years, its role in
banking and the economy has expanded. Today, the Federal Reserve Board's
duties fall into four general areas:
- Conducting the nation's monetary policy by influencing the money and credit conditions in the economy in pursuit of full employment and stable prices
- Supervising and regulating banking institutions to ensure the safety and soundness of the nation's banking and financial system and to protect the credit rights of consumers
- Maintaining the stability of the financial system and containing risk that may arise in financial markets
- Providing certain financial services to the U.S. government, to the public, to financial institutions, and to foreign official institutions, including playing a major role in operating the nation's payments system.
Q: Will my answers be confidential?
A: Yes. NORC and the Federal Reserve Board maintain the highest standards of confidentiality. Your name and other identifying information, as well as all other participants', will be kept strictly confidential. NORC assures that the confidentiality of your responses to this survey will be maintained by NORC and the Federal Reserve Board. No information obtained in the course of this study may be disclosed in a manner in which the particular establishment or individual supplying the information is identifiable except to a very small number of authorized staff at NORC and the Federal Reserve System.
Q: Why was my business chosen to participate?
A: Your small business was selected from a nationally representative scientific sample of businesses throughout the United States. The businesses we are contacting represent the diversity of small businesses across the nation. The information you provide is essential to obtain an accurate picture of the financial needs of small businesses like yours.
Q: What kinds of questions will be asked?
A: A variety of topics will be covered during the time of the interview. The questions cover your firm's use of credit and other financial services as well as where these services were obtained. You will also be asked about your experiences in obtaining credit. Information will also be collected on the firm's assets, liabilities, income, and expenses to help understand the differences among individual small businesses.
Q: Why do you need my financial information?
A: Financial information is critical in understanding the needs of all small businesses. One of the main goals of the survey is to evaluate the importance of credit use and availability relative to a firm's size and other financial characteristics. Data from this survey will be published in summary form only. The confidentiality of your responses to this information request will be maintained by NORC and the Federal Reserve Board. No information obtained in the course of this study may be disclosed in a manner in which the particular establishment or individual supplying the information is identifiable except to a very small number of authorized staff at NORC and the Federal Reserve System.
Q: Can't you just get this information from the IRS?
A: No. The IRS is legally bound to maintain total confidentiality of your tax records for any and all purposes. Other government bodies such as the Federal Reserve Board have no privileged access to your individual tax records. Similarly, the survey project staff will not disclose any of your personal or case-specific information with the IRS or any other government agency.
Q: Am I required to participate and answer every question?
A: No. Your participation is voluntary and you may refuse to answer any questions to which you object. However, the participation of each selected business is vital to the success of the survey. The information obtained in the interview will be held in the strictest confidence.
Q: What will I get out of this?
A: The information you provide will help the Federal Reserve Board understand the needs of small businesses like yours and evaluate public policy affecting the cost and availability of financial services to small businesses.