Revenues and employment were up last year at the nation’s small businesses, but profits were flat, according to surveys by the 12 Federal Reserve Banks. 

Small businesses were defined as those with between one and 499 full- or part-time employees. Iowa’s small businesses were the most profitable among small businesses in the five-state area served by the Federal Reserve Bank of Chicago, according to a release.

In Iowa, 66 percent of small businesses reported operating at a profit, with 19 percent operating at a loss. The state was a bit of an outlier in terms of taking advantage of community banks. Of Iowa businesses seeking small-business loans, 81 percent sought bank financing. The national norm is 44 percent.

The Chicago Fed district is made up of northern Illinois and Indiana, southern Wisconsin, Michigan’s lower peninsula and all of Iowa. The full report is available at the Small Business Credit Survey: 2019 Report on Employer Firms. More research and analysis on small businesses is available at FedSmallBusiness.org.