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This report is prepared in accordance with section 2227 of the Economic Growth and Regulatory Paperwork Reduction Act of 1996, which requires that, every five years, the Board of Governors of the Federal Reserve System submit a report to the Congress detailing the extent of small business lending by all creditors. The report discusses recent patterns in the flows and terms of business credit, credit use by small firms, and the sources of credit provided to small businesses, with an emphasis on the lending activities of commercial banks. The securitization of small business loans and community reinvestment activities are also discussed.

This report examines recent patterns in the flows and terms of business credit, credit use by small firms, and the sources of credit provided to small businesses, with an emphasis on the lending activities of commercial banks. Government interventions, such as community reinvestment activities and special governmental policies implemented during the COVID-19 pandemic, are also discussed.

Financial conditions were mostly accommodative between 2018 and 2022, the years covered by this report. Although financial conditions deteriorated in mid-2020 at the onset of the COVID-19 pandemic, they have since returned to pre-pandemic levels for most businesses, reflecting the recovery in economic activity and government initiatives to protect the economy during the downturn.

https://www.federalreserve.gov/publications/availability-of-credit-to-small-businesses.htm

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