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Federal Reserve Speeches·

Cook, Welcome Remarks

  • The Federal Reserve Bank of Cleveland hosted the State of Small Business Symposium to highlight the vital role of small businesses in job creation & economic growth.
  • 99.9 percent of U.S. businesses employ fewer than 500 workers & these firms accounted for 61 percent of net new job creation since 1995.
  • The Federal Reserve's Small Business Credit Survey (SBCS) provides essential data on financing needs & operational challenges for firms with fewer than 500 employees.
  • The SBCS transitioned to a national Systemwide collaboration 10 years ago & has expanded in scope to capture near-real-time credit conditions & financing frictions.
  • The 2025 survey findings reveal that nearly half of small employer firms use artificial intelligence (AI) & 71 percent of these firms reported increased productivity.
  • AI adoption among small businesses contradicts the conventional wisdom that only large firms can effectively deploy such technologies.
  • Access to credit remains a critical factor for small firms to establish operations, grow, create jobs, & strengthen communities.
  • Researchers & policymakers are encouraged to utilize SBCS data to analyze credit access patterns, rejection reasons, & future business plans.