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Merchant Cash Advances: High cost, few rules?
Access to credit continues to be a common challenge for small firms in the United States, particularly for traditionally underserved communities. Research on small business lending consistently shows that minority-owned firms are approved for bank loans at significantly lower rates than their white-owned counterparts, are more likely to be discouraged from applying, and receive smaller loan amounts when they do receive credit. Data from SFD USA fits that pattern: over 70% of
Tracy Cole
5 days ago


Understanding Small Firms: Complementing Big Data with Financial Diaries
Small firms with 1-20 workers make up the majority of employer firms in the US. But these businesses, especially those in low-income neighborhoods, are under-examined in existing research like large economic surveys. Here's why, and here's how the Small Firm Diaries proposes to help fill the gap.
Tracy Cole
Sep 4, 2025


Introducing the Small Firm Diaries USA
The Financial Access Initiative started conducting in-depth, diaries-style analyses on small firms in 2021, with studies in 7 countries....
Laura Freschi
Aug 27, 2025


A New Framework for Understanding Small Firms
We launched the Small Firm Diaries because after decades of work trying to help microenterprises to grow into small firms, there was still very little work to describe and understand existing small firms . Given the dearth of data on small firms we created a simple dividing line between micro and small: at least one paid worker. Our delineation between small and medium was a bit more nebulous: no full-time, non-owner managers (we used less than 20 paid workers as a fuzzy prox
Rachael Eplee, Laura Freschi, and Tim Ogden
Sep 9, 2024
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