Rural Small Business Finance - Evidence from the 1998 Survey of Small Business Finances
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The 1998 Survey of Small Business Finances provides robust information on the
financing of small businesses including an overview of their firm’s organization, financial
characteristics, and credit use. Information from the survey is used in this study to compare the
financial characteristics of metro and rural small businesses. While many financial
characteristics are similar, rural small businesses do own more land and depreciable assets, and
have lower inventory and other current assets when compared with urban firms. Rural firms
have relatively similar access to technology and financial services, although utilization varies.
Both metro and rural small businesses rely on a wide variety of sources for financing, although
rural small businesses have significantly more mortgages, loans from shareholders, and other
types of loans, but fewer credit cards. Nonparametric rank order statistical methods were
required because normality assumptions were violated due to asymmetric distribution of small
firms.