Cook said nearly half of small employer firms reported using AI in the 2025 Small Business Credit Survey, and 71% of those firms said it increased productivity.
Federal Reserve Governor Lisa D. Cook used remarks prepared for the Federal Reserve Bank of Cleveland’s State of Small Business Symposium to highlight new survey evidence showing broad AI uptake among smaller firms. Citing the 2025 Small Business Credit Survey, Cook said nearly half of small employer firms reported using artificial intelligence in some capacity and 71% of those users said it had increased productivity. She framed the finding as evidence that small businesses are adaptable and willing to use new tools to manage and expand operations, challenging the conventional view that large companies hold the main advantage in deploying AI. Cook also emphasized the broader importance of small firms to the U.S. economy, noting that 99.9% of U.S. businesses have fewer than 500 employees and that, since 1995, those businesses have accounted for 61% of net new job creation. She said the survey has become an important source of near-real-time information on financing needs, credit access, operational pressures and emerging challenges facing firms with fewer than 500 employees.