The Federal Reserve Board published welcome remarks by Governor Lisa D. Cook for the Federal Reserve Bank of Cleveland's State of Small Business Symposium, centering on the economic importance of small businesses and the Federal Reserve's Small Business Credit Survey as a key source of data on their financing conditions. In previewing the full 2025 survey results to be presented later at the event, Cook highlighted one finding in particular: nearly half of small employer firms reported using artificial intelligence in some capacity, and 71 percent of those firms said it had increased productivity. Cook framed the survey as important for policymakers, researchers and practitioners because it captures financing requirements, debt needs, credit access and operational challenges among firms with fewer than 500 employees. She noted that these firms make up 99.9 percent of U.S. businesses and have accounted for 61 percent of net new job creation since 1995. The remarks also pointed to the survey's expanded scale and scope over the past decade, including its evolution from a four-Bank regional effort into a Systemwide national survey designed to provide near-real-time insight into small business credit conditions and financing frictions. Cook said the full 2025 Small Business Credit Survey would be presented later at the symposium.
Federal Reserve Board2026-06-24
Federal Reserve Board highlights survey finding that nearly half of small employer firms use AI and 71 percent report productivity gains
In welcome remarks for a Cleveland Fed small business symposium, Federal Reserve Board Governor Lisa D. Cook emphasized the Small Business Credit Survey as a core source of data on small-firm financing conditions. She highlighted a 2025 survey finding that nearly half of small employer firms use artificial intelligence and that 71 percent of those users reported higher productivity. The full 2025 survey was scheduled to be presented later at the event.