The Federal Reserve Bank of New York is not convinced that a lack of credit access primarily contributed to the woes of small businesses since the 2007-2009 recession.
Uncertainty about economic conditions and poor sales were the main reasons why small firms experienced steeper job declines than large firms, according to the New York Fed's report, "Why Small Businesses Were Hit Harder by the Recent Recession."
Between December 2007 and December 2009, jobs declined 10.4% at small firms, defined as those with fewer than fifty employees, compared with 7.5% at large ones.
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