Report
Report
Published February 25, 2025
Commercial Commercial Insights Credit & Economic Trends Economic & Market InsightsThe U.S. small business landscape entered 2025, navigating short-term volatility as the new administration began implementing policy changes amid ongoing global uncertainties. Throughout the fourth quarter of 2024, the election cycle introduced expectations of tax policy adjustments, government efficiency initiatives, and regulatory reforms aimed at bolstering U.S. consumers and small businesses; however, uncertainty over the scope and timing of these policies led to cautious lending and business investment. Inflationary pressures persisted, keeping borrowing costs elevated, while global risks, ranging from energy price fluctuations to supply chain disruptions, added complexity to the operating environment.
Consumer resilience remained a key stabilizer, yet signs of spending fatigue emerged, raising concerns about demand sustainability. Despite these headwinds, strong cash flows and solid holiday spending encouraged lenders to signal a measured easing of underwriting standards. As 2025 progresses, small businesses must stay agile, adapting to evolving domestic policies and global market shifts to seize opportunities and sustain growth in a changing landscape.
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Experian’s Brodie Oldham, VP of Commercial Data Science, and Marsha Silverman, Strategic Analytic Consultant revealed several insights on how small businesses are performing during the Q2 Quarterly Business Credit Review.
During the webinar we asked the audience:
Outstanding student loan debt in the U.S. has reached an all-time high of $1.63 trillion, and the ripple effects are being felt far beyond the personal finance arena. This unprecedented debt burden is now shaping the way many small business owners borrow, manage credit, and maintain financial stability.
Check out the full report to see how these trends could impact your strategy!
The latest Jobs Report casts doubt on the Fed’s (and many economists’) narrative that the labor market is on solid footing. New data now show that job creation is near stall speed and other areas of the economy are slowing as well. This data, combined with a growing view that the impact of tariffs on inflation will neither be as significant as first anticipated (though still meaningful) nor as persistent, is likely to lead the Fed to cut rates at their September meeting. Get the latest on these trends, plus our new Fed rate cut forecast in Joseph Mayans' latest Macro Moment, "Rate Cuts Incoming."
Although the U.S. economy remains solid and has resisted a broader slowdown thus far in 2025, the outlook remains highly uncertain. In this environment, it is imperative for businesses to stay on top of the latest economic developments. Experian’s Chief Economist Joseph Mayans, Director of Fintech Gavin Harding and Head of Automotive Financial Insights Melinda Zabritski, will provide a look into: