SMALL BUSINESS FINANCE & CAPITAL SPENDING · SEPTEMBER 24, 2026
CFO Outlook Holds Steady, but Small Firms Report More Financing Pressure
The third-quarter CFO Survey found broad optimism among 517 financial executives, while 20% of small firms reported financial constraints that prevented them from covering costs or pursuing new opportunities.
What the September 23 survey release reports
Source publication date: September 23, 2026. The CFO Survey, produced by Duke University's Fuqua School of Business and the Federal Reserve Banks of Richmond and Atlanta, was fielded from August 17 through September 4 and reflects 517 financial executives. The release said CFOs remained generally optimistic about the economy and their own companies, but improving sentiment among large companies was partly offset by declining optimism among small and financially constrained firms.
- 01517 executives surveyed
- 02Small firms faced more pressure
- 03Capital plans need support
Financial constraints were more pronounced for small firms
Twenty percent of small firms said financial constraints prevented them from covering costs or pursuing new business opportunities, compared with about 10% of large firms. A smaller share of respondents planned capital investment over the next six months than two quarters earlier. Among firms without equipment, structure, or land investment plans, the most common reason was no need to expand capacity, while a growing share cited unfavorable financing and greater liquidity needs.
Rates, costs, and demand remain part of the planning backdrop
Twenty percent of financial decision-makers listed the current level of interest rates and possible future increases among their most pressing concerns. Inflation, demand, labor quality and availability, trade and tariffs, and uncertainty also appeared on the list. Even so, about 90% of companies expected demand over the next year to be the same as or stronger than the prior year. Survey responses describe sentiment and expectations; they do not measure a particular borrower's approval odds or quoted terms.
Practical borrower takeaway
Translate a financing request into a dated sources-and-uses schedule, monthly cash forecast, and measurable operating outcome. Show unrestricted liquidity, existing commitments, debt service, owner support, collateral, and a downside case for slower demand or delayed benefits. Prioritize capital projects by necessity, payback, useful life, and cash-generation timing, and preserve contingency for overruns. The survey is useful context, but current company records and lender policy determine structure, approval, and final terms.
Small-business borrowers should document liquidity, capital priorities, downside cash flow, and the operating benefit of each requested dollar before lender outreach.
Discuss a financing need →This independent summary is based on the cited source and is provided for general educational purposes only. Terms and program requirements may change.