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Business Environment Profiles - United States

Access to credit

Published: 07 March 2025

Key Metrics

Access to credit

Total (2025)

13223 $ billion

Annualized Growth 2020-25

4.8 %

Definition of Access to credit

Access to credit refers to the borrowing capacity advanced by a commercial bank to an individual, firm or organization in the form of loans, cash credit and overdrafts. Credit enables households to borrow against future income and firms to invest in machinery and equipment. The data for this report is measured as the value of the loans and leases in bank credit, and it is sourced from the Federal Reserve. The values presented in this report are annual figures, derived from equally weighted monthly averages of the loans and leases in commercial bank credit. This data includes commercial and industrial loans, real estate loans and consumer loans. However, the data excludes unearned income, federal funds borrowing and reverse repurchase agreements, as well as loans made to commercial banks. The data is not seasonally adjusted and forecasts are based on IBISWorld analysis.

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Recent Trends – Access to credit

Over the past decade, several factors have impacted access to credit. Economic conditions, including the recovery from the 2008 financial crisis, played a significant role in shaping credit availability. Technological advancements, particularly the rise of fintech companies, expanded credit access for underserved populations. Regulatory changes implemented after the crisis affected lending practices. Additionally, factors such as interest rates, collateral requirements, and repayment periods influenced credit access, especially for small businesses and youth-owned enterprises. Education levels, enterprise size, and group membership also affected individuals' ability to obtain credit.

More recently, the COVID-19 pandemic has had a substantial impact on credit markets. In response to economic uncertainty, many lenders initially tightened their criteria. However, as economies began to recover, credit applications and approval rates have increased. The growth of private credit markets has been particularly notable, expanding from $1 trillion in 2020 to approximately $1.5 trillion by early 2024. This growth has been driven by tighter bank lending practices and borrowers' preference for the speed and flexibility of private credit solutions. Additionally, the rise of buy-now-pay-later services has shifted how younger consumers view credit-based purchases.

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5-Year Outlook – Access to credit

Over the next five years, access to credit is expected to be influenced by several key factors. E...

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