Department of Business, Economic Development & Tourism

For Immediate Release: November 14, 2023

HONOLULU—Small businesses are critical to the US economy. But data on small businesses is limited—especially data on how and why small businesses seek financing. Through the annual Small Business Credit Survey (SBCS), the Federal Reserve Banks capture one-of-a-kind data on small businesses. The Fed is apolitical, independent, and decentralized, which puts it in a unique position to collect, analyze, and distribute this data.

The survey takes 10 to 12 minutes to complete and is open to for-profit businesses with fewer than 500 employees. Responses are confidential and small business owners do not need to provide any personal information. The survey closes on Thursday, November 30, at 3:00 p.m. Hawaii time.

“We want small business leaders and owners to share their recent experiences and perceptions, including how they rate the financial condition of their businesses if they sought loans or other lines of credit over the last year, or if they suffered losses from the wildfires,” said Dennis Ling, administrator of the Business Development and Support Division of the Department of Business, Economic Development and Tourism. “By taking the survey, business owners and business leaders contribute to data that directly informs the Fed, federal government agencies, service providers, policymakers, and others—ultimately benefitting their businesses and others like theirs.”

The survey is open to businesses currently in operation, those recently closed, and those about to launch. All responses are confidential. Complete the survey at the following link: https://fedsmallbiz.org/3qR28Rh.

About the Department of Business, Economic Development and Tourism (DBEDT)
DBEDT is Hawaii’s resource center for economic and statistical data, business development opportunities, energy and conservation information, and foreign trade advantages. DBEDT’s mission is to achieve a Hawaii economy that embraces innovation and is globally competitive, dynamic and productive, providing opportunities for all Hawaii’s citizens. Through its attached agencies, the department fosters planned community development, creates affordable workforce housing units in high-quality living environments, and promotes innovation-sector job growth.

About the Business Development and Support Division (BDSD)
The Business Development and Support Division of DBEDT promotes industry development and economic diversification by supporting existing and emerging industries in Hawaii and by attracting new investment and businesses to the state. Learn more at: https://invest.hawaii.gov/.

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MEDIA CONTACTS:
Laci Goshi
Department of Business, Economic Development & Tourism
(808) 518-5480

Mark Ritchie
Business Support Branch Chief
Business Development and Support Division
Department of Business, Economic Development and Tourism