DBEDT Encourages Hawaii Small Business To Complete Federal Reserve’s 2024 Small Business Credit Survey

DEPARTMENT OF BUSINESS, ECONOMIC DEVELOPMENT AND TOURISM

BUSINESS DEVELOPMENT AND SUPPORT DIVISION

JOSH GREEN, M.D.
GOVERNOR

JAMES KUNANE TOKIOKA
DIRECTOR

DENNIS T. LING
ADMINISTRATOR

FOR IMMEDIATE RELEASE
October 21, 2024

DBEDT ENCOURAGES HAWAIʻI SMALL BUSINESSES TO COMPLETE
ANNUAL FED CREDIT SURVEY

HONOLULU - Small businesses are vital to the U.S. economy, yet comprehensive data on their financing needs and challenges remain scarce. The Federal Reserve Banks address this gap through the annual Small Business Credit Survey (SBCS), gathering unique insights into how and why small businesses seek financing. As an independent and decentralized entity, the Fed is uniquely positioned to collect, analyze, and distribute this essential data to inform decision-makers and stakeholders nationwide.

The survey takes 10-12 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 Friday, November 1, at 3:00 p.m. Hawaiʻi time.

"We want small business leaders and owners to share their recent experiences and insights, including how they rate the financial condition of their business and whether they sought loans or other lines of credit over the last year," 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 contribute to data that directly informs the Fed, federal government agencies, service providers, policymakers and others-ultimately benefitting their business and similar businesses across the country."

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/4g4oSSv

About the Department of Business, Economic Development and Tourism (DBEDT)
DBEDT is Hawai'i's resource center for economic and statistical data, business development opportunities, energy and conservation information, as well as foreign trade advantages. DBEDT's mission is to achieve a Hawai'i economy that embraces innovation and is globally competitive, dynamic and productive, providing opportunities for all Hawai'i'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 Hawai'i 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 and Tourism
808-518-5480
[email protected]

Dennis Ling
Business Development and Support Division Administrator
Department of Business, Economic Development and Tourism
[email protected]

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