OCDE - Financing SMEs and Entrepreneurs 2026 - Estados Unidos de 2026

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FINANCING SMES AND ENTREPRENEURS 2026: UNITED STATES © OECD 2026

Key Facts on SME Financing The U.S. economy in 2024 demonstrated resilience in the face of ongoing global uncertainties, maintaining moderate output growth alongside a robust labour ma rket and easing inflation. Real GDP expanded by 2.5% in 2024, supported by strong consumer spending and private investment, although growth moderated to 1.6% in the first quarter. The labour market remai ned strong, with the unemployment rate averaging 4.0% and sustained job creation across sectors (U.S. Dep artment of Commerce, Bureau of Economic Analysis, 2025; U.S. Department of Labor, 2025). Inflation, which had peaked in prior years, continued to moderate, with the Consumer Price Index (CPI) rising by 3.5% in April 2024 compared to a year earlier, reflecting the impact of tighter monetary policy and improved supply conditions (U.S. Department of Labour, B ureau of Labour Statistics, 2025). The Federal Reserve reduced the federal funds target range to 4.25 % 4.50% by year-end, following cumulative rate cuts intended to support economic momentum while ensuring inflation trends towards the 2% target (Board of Governors of the Federal Reserve System, 2025 [1]). The small business sector continued to contribute sign ificantly to the U.S. economy. As of 2024, there were approximately 34.8 million small businesses, represen ting 99.9% of all U.S. businesses and employing 59 million workers, or 45.9% of the private workforce. (U.S. Small Business Administration, Office of Advocacy, 2024). Between March 2023 and March 2024, small businesses accounted for 1.1 million openings and 982,940 closings. (U.S. Small Business Administration, Office of Advocacy, 2025). Business borrowing reflected the macroeconomic environm ent. Commercial and industrial (C&I) loan

million openings and 982,940 closings. (U.S. Small Business Administration, Office of Advocacy, 2025). Business borrowing reflected the macroeconomic environm ent. Commercial and industrial (C&I) loan demand strengthened late in 2024, with net positive demand from small and medium-sized enterprises (SMEs), although early 2025 saw renewed tightening in credit conditions and weakening loan demand amid cautious lender sentiment (Board of Governors of the Federal Reserve System, 2025). Small business loan approvals and utilisation rates remained stable, although banks reported higher collateral requirements and tighter covenants (Federal Reserve Bank of Kansas City, 2025). Venture capital activity in 2024 grew beyond 2023, yet investors shifted towards lower-risk assets amid rising funding costs and macroeconomic uncertainty. Angel and seed-stage investments showed relative stability, reflecting continued interest in early-stage innovation despite a broader decline in late-stage deal value (Pitchbook and National Venture Capital Association (NVCA), 2025). The SBA and Treasury supported SMEs through programmes such as the 7(a) and 504 loan programmes, as well as the State Small Business Credit Initiative (SSBCI), which had allocated USD 8.4 billion to states, territories, and tribal governments by March 2024 (U.S. Department of the Treasury, 2025). Capital Pilot (WCP). WCP offers a newly structured li ne of credit, made by 7(a) lenders and backed by SBA, and is designed to give greater flexibility to SM E borrowers than a traditional term loan. WCP loans can be structured as Transition-Based or Asset-Based and p rovide an innovative fee structure to support growth-oriented businesses that previous SBA loan products could not always support. Additionally, these loans can be utilised for both domestic and export sal es, providing a new financing option for U.S. SME exporters. United StatesOutstanding business loans, SMEs. As of June 30 USD billion 687 Outstanding business loans, total. As of June 30 USD trillion 2.24 Share of SME outstanding loans % of total outstandin g business loans 30.61

exporters. United StatesOutstanding business loans, SMEs. As of June 30 USD billion 687 Outstanding business loans, total. As of June 30 USD trillion 2.24 Share of SME outstanding loans % of total outstandin g business loans 30.61 New business lending, SMEs USD: Index Government loan guarantees, SMEs USD billion Government guaranteed loans, SMEs Number of loans ( thousands) Direct Government Loans, SMEs USD billion Non-performing loans, total % of all business loans Non-performing loans, SMEs % of all SME loans Interest rate, SMEs % Collateral, SMEs % of SMEs needing collateral to obtain bank lending Percentage of SME loan applications Approved SME loan applications/ total number received Rejection rate 1-(SME loans approved/ received) Utilisation rate SME loans used/ authorised Venture and growth capital USD billion Venture and growth capital (growth rate) %, Year-on -year growth rate Leasing and hire purchases USD billion Factoring and invoice discounting USD billion Payment delays, B2B Per cent of Domestic Invoices Over due Bankruptcies, all businesses Thousand Bankruptcies, all businesses (growth rate) %, Year-on-y ear growth rate3

FINANCING SMES AND ENTREPRENEURS 2026: UNITED STATES © OECD 2026

SMEs in the National Economy The U.S. Small Business Administration (SBA) defines size standards for businesses to be considered March 2023. In addition to meeting these numerical standards, to be considered a small business by SBA, a business must be for-profit, independently owned and operated, be physically located in the United States, and may not be nationally dominant in its industry. However, generally, U.S. businesses with fewer than 500 employees are considered small businesses. As of 2024, there were 34.8 million small businesses in t he United States, which made up 99.9% of all U.S. businesses. Of those 34.8 million, 98% have fewe r than 20 employees. Small businesses employed

than 500 employees are considered small businesses. As of 2024, there were 34.8 million small businesses in t he United States, which made up 99.9% of all U.S. businesses. Of those 34.8 million, 98% have fewe r than 20 employees. Small businesses employed 59 million people, who account for 45.9% of all U.S. employees. About 44% of U.S. businesses are womenowned, 22.1% are minority-owned, and 5.5% are veter an-owned (SBA, Office of Advocacy, 2022 [2]). In 2024, there were on average 430,000 new business appli cations per month, a growth of 50% over 2019 levels (U.S. Department of Treasury, 2024). Engaging in international trade also bolsters SMEs contributions to the U.S. economy. In 2023, 277,779 U.S. companies exported goods valued at USD 1.8 trillio n. Of those exporters, 270,014, or 97.2% were SMEs. Exports by small firms reached $588.4 billion, m aking up 33% of exports by identified firms. (U.S. Census Bureau, 2025) 5 Small Business Credit Survey, the share of small busi nesses operating at a profit rose from 46% in 2023. The survey finds a slight decrease in small business revenue growth compared to 2023 survey data. Expectations for f uture revenue and employment growth, recent applications for credit, and the outcomes of those appl ications mostly held steady. Rising costs of goods, services, and/or wages the most commonly cited financial challenge in the past three surveys was again the most prevalent issue (Federal Reserve Banks, 2025). SME Lending In 2024, interest rates stabilised and began to fall in the last quarter of the year as demand for credit began to rebound. The Senior Loan Officer Opinion Survey r eported a net tightening of lending standards and terms, with banks citing economic outlook uncertainties a nd industry-specific concerns (Board of

SME Lending In 2024, interest rates stabilised and began to fall in the last quarter of the year as demand for credit began to rebound. The Senior Loan Officer Opinion Survey r eported a net tightening of lending standards and terms, with banks citing economic outlook uncertainties a nd industry-specific concerns (Board of Governors of the Federal Reserve System, 2025). Alth ough the number of government-guaranteed loans to SMEs decreased by just over 100 000 in 2024, the tot al value of these government-guaranteed loans increased by more than USD 3 billion when compared to 2023 levels. employer firms applied for some form of financing in 2024, with lines of credit and traditional term loan s being most common. Applicants also reported increased us e of personal credit cards and home equity loans to meet business needs (Federal Reserve Banks, 2025). Credit Conditions After continuing to raise rates throughout 2023, the F ederal Reserve maintained a stable federal funds rate for the first 8 months of 2024. In September, a series of rate cuts began, totalling 100 basis points and bringing the rate to 4.33 by year-end. Despite this, banks continued to tighten terms throughout 2024, citing4

FINANCING SMES AND ENTREPRENEURS 2026: UNITED STATES © OECD 2026

concerns over economic outlook, regulatory environment, and risk tolerance (Board of Governors of the Federal Reserve System, 2025). Lending standards for commercial and industrial loans sa w incremental tightening, including stricter collateral requirements and shorter loan maturities. The average interest rate on SME loans increased from 6.06% in 2023 to 6.77% in 2024 (Federal Reserve Bank of Kansas City, 2025). Alternative Sources of SME Financing In response to tighter bank credit conditions, non-bank finance sources, including leasing and asset-based lending, grew modestly throughout 2024 as firms diver sified their funding sources. Venture capital deal activity rebounded from 2023 levels, and although th ere were declines in late-stage financing, angel and

In response to tighter bank credit conditions, non-bank finance sources, including leasing and asset-based lending, grew modestly throughout 2024 as firms diver sified their funding sources. Venture capital deal activity rebounded from 2023 levels, and although th ere were declines in late-stage financing, angel and seed-stage deal values remained relatively resilient in 2024 (Pitchbook and NCVA, 2025). Government Policy Response SBA works with approximately 5,000 banks and credit unions, 250 Community Development Corporations (CDCs), over 170 non-profit financial intermediarie s and Community Development Financial Institutions (CDFIs), and 300 small business investment companies (S BICs). The SBA Office of Capital Access has several programmes that provide direct loans and loan guarantees for a wide range of products designed to meet the diverse financial needs of small firms thr oughout their life cycle, starting from small start-u ps to established firms. The largest of these programmes , the 7(a) Loan Programme , provides loan guarantees for working capital loans of up to USD 5 million to new and existing small businesses. The second-largest programme, the CDC/504 Loan Programme, provides loan guarantees for loans up to USD 5.5 million to be used for the purchase of major fixed assets, such as new facilities or equipment. In Fiscal Year 2024, SBA provided USD 146.4 billion in 7(a) lo ans, 504 loans, and microloan funding (U.S. Small Business Administration, 2025.5

FINANCING SMES AND ENTREPRENEURS 2026: UNITED STATES © OECD 2026

Figure 1. Trends in SME and entrepreneurship finance in the United States6

FINANCING SMES AND ENTREPRENEURS 2026: UNITED STATES © OECD 2026

Table 2. Sources and D Scoreboard Indicator Definition Source Debt Outstanding business loans, SMEs Loan balances held at f inancial Institutions under USD 1 million, including Commercial & Industry (C&I) loans and loans secured by nonfarm, nonresidential properties

Table 2. Sources and D Scoreboard Indicator Definition Source Debt Outstanding business loans, SMEs Loan balances held at f inancial Institutions under USD 1 million, including Commercial & Industry (C&I) loans and loans secured by nonfarm, nonresidential properties (reported as of June 30 each year). Board of Governors of the Federal Reserve, Availability of Credit to Small Businesses. Outstanding business loans, total Loan balances held a t financial institutions, including C&I loans and loans secured by nonfarm nonresidential properties. FDIC, Quarterly Banking Profile Share of SME outstanding loans Calculated Calculated New business lending, total not available not available New business lending, SMEs Index, January 2005 = 100 T he Small Business Lending Index (SBLI) measures the volume of small business loans issued over the past 30 days and are based on the most recent data from the largest commercial and industrial lenders in PayNet's U.S. database, including both loans and leases. Thomson Reuters PayNet , Small Business Lending Index Share of new SME lending Calculated Calculated Outstanding short-term loans, SMEs Not available Not available Outstanding long-term loans, SMEs Not available Not available Share of short-term SME lending Calculated Calculated Government loan guarantees, SMEs Full value of outstanding loans guaranteed by the U.S. Small Business Administration 7(a) and 504 loan programmes US SBA, 7(a) and 504 loan guarantee programmes U.S. Small Business Administration Government guaranteed loans, SMEs Number of SBA Guaranteed loans to SMEs U.S. Small Bu siness Administration Direct government loans, SMEs

U.S. Small Business Administration Non-performing loans, total Business Loan Delinquenc y Rate at all Commercial Banks (loans that are past due thirty days or more days). Board of Governors of the Federal Reserve System, Charge-off and Delinquency Rates

Direct government loans, SMEs

U.S. Small Business Administration Non-performing loans, total Business Loan Delinquenc y Rate at all Commercial Banks (loans that are past due thirty days or more days). Board of Governors of the Federal Reserve System, Charge-off and Delinquency Rates Non-performing loans, SMEs Small Business Deliquency Indenx (SBDI). Loans delinquent 31-90 days. Thomson Reuters PayNet Interest rate, SMEs 2007 to 2016 = Mean Weighted Ave rage Effective Loan Rate for C&I Loans under USD 1 million at all commercial banks

Definition for 2017 Data = Interest rates on Outstanding Fixed-Rate Term loans, C&I loans made to firms with annual revenues equal or less than USD 5 million 2007 to 2017: Board of Governors of the Federal Reserve, Survey of Terms of Business Lending, E2 Release

2017-Present: Federal Reserve Bank of Kansas City, Small Business Lending Survey Collateral, SMEs Collateral Per cent: Per cent of N ew Fixed-Rate Term Loans Secured with collateral of any kind, dollar value, loans made to firms with annual revenues equal or less than USD 5 million. Federal Reserve Bank of Kansas City, Small Business Lending Survey Percentage of SME loan applications Per cent of Application Approved: Percentage of approved SME loan applications by dollar amount, loan applications from firms with annual revenues equal or less than USD 5 million. SME loans authorized/requested ($) Federal Reserve Bank of Kansas City, Small Business Lending Survey Rejection rate Per cent of Application Rejected: 1-(SME loans authorised/ requested) ($) Federal Reserve Bank of Kansas City, Small Business Lending Survey Utilisation rate Median Usage Per cent of New Fixed-Rate Loans Made Under Commitment, dollar amount of loans made to firms with annual revenues equal or less than USD 5 million Federal Reserve Bank of Kansas City, Small Business Lending Survey

Federal Reserve Bank of Kansas City, Small Business Lending Survey Utilisation rate Median Usage Per cent of New Fixed-Rate Loans Made Under Commitment, dollar amount of loans made to firms with annual revenues equal or less than USD 5 million Federal Reserve Bank of Kansas City, Small Business Lending Survey Non-bank finance Venture and growth capital Total VC and Angel, deal value, USD billion Pitchbook-National Venture Capit al Association (NVCA) Venture Monitor Venture and growth capital (growth rate) Calculated Calculated7

FINANCING SMES AND ENTREPRENEURS 2026: UNITED STATES © OECD 2026

Leasing and hire purchases Finance Companies, Owned and Managed Receivables, Total business, (Levels) Board of Governor of the Federal Reserve System, Finance Companies G.20 Factoring and invoice discounting Total Factoring Volum e, USD million FCI Annual Reviews Other indicators Payment delays, B2B Per cent of Domestic Invoices Overd ue Atradius Payment Practices Barometer, Dun & Bradstreet Bankruptcies, SMEs Number of Business Bankruptcies Adm. Office of U.S. Courts, Business Bankruptcy Filings Bankruptcies, SMEs (growth rate) Calculated Calculated References Board of Governors of the Federal Reserve System, "Senior Loan Officer Opinion Survey on Bank Lending Practices (SLOOS)," 2025. https://www.federalreserve.gov/data/sloos.htm Board of Governors of the Federal Reserve System, "Federal Funds Rate - Historical Data," 2025. https://www.federalreserve.gov/monetarypolicy/openmarket.htm Federal Reserve Bank of Kansas City, "Small Business Lending Survey," 2025. https://www.kansascityfed.org/research/indicatorsdata/smallbusinesslendingsurvey Federal Reserve Banks, "Small Business Credit Survey," 2025. 2025 Report on Employer Firms: Findings from the 2024 Small Business Credit Survey Pitchbook and National Venture Capital Association (NVCA), "Venture Monitor,"

Federal Reserve Banks, "Small Business Credit Survey," 2025. 2025 Report on Employer Firms: Findings from the 2024 Small Business Credit Survey Pitchbook and National Venture Capital Association (NVCA), "Venture Monitor," 2025. https://pitchbook.com/news/reports edbrel2023.pdf U.S. Department of Commerce, Bureau of Economic Analysis, "Gross Domestic Product," 2025. https://www.bea.gov U.S. Department of Labor, Bureau of Labor Statistics, "Employment Situation," 2025. https://www.bls.gov Small Business and Entrepreneurship in the Post-COVID Expansion

2024. Small Business and Entrepreneurship in the Post-COVID Expansion | U.S. Department of the Treasury U.S. Small Business Administration, Office of Advocacy, 2024 Small Business Profile ,

https://advocacy.sba.gov/wp-content/uploads/2024/11/United_States.pdf U.S. Small Business Administration, Office of Advocacy, "Small Business Economic Profile," 2025. https://advocacy.sba.gov/wp-content/uploads/2025/06/United_States_2025-State-Profile.pdf U.S. Small Business Administration, "FY 2024 Capital Access Report," 2024. SBA 2024 Capital Impact Report | U.S. Small Business Administration U.S. Department of the Treasury, "State Small Business Credit Initiative: Annual Report,"

2025. https://home.treasury.gov8 FULL COUNTRY PROFILE: UNITED STATES

FINANCING SMES AND ENTREPRENEURS 2026: UNITED STATES © OECD 2026

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