Federal Reserve Bank Of Minneapolis, February 21, 2024, Native Entrepreneurs Face Credit-Access Challenges
In 2022, the most recent year for which SBCS data are available, Native representation in the survey data was the highest it has ever been, at 405 out of 13,910 respondents, or nearly 3 percent of the total sample. For the first time, SBCS reports were able to include American Indian or Alaska Native-owned businesses in analyses that were broken down by demographic categories. And during the survey questionnaire’s development, the Center for Indian Country Development (CICD) had the opportunity to add a module that would specifically explore the credit experiences of Native-owned small businesses. CICD members developed module questions, vetted them with a small group of tribal leaders, and ultimately selected eight questions tailored to Native-owned businesses’ unique circumstances. Between the breakdown by demographics and the new Native-specific module, the SBCS in 2022 more accurately and precisely captured the experiences of Native-owned businesses than ever before.
