Entrepreneurship may be steady, but trust is shifting.

Our Q3 2025 Index pairs formation data with 879,000 UCC filings to reveal where creation endures, where credit tightens, and how those fault lines will shape the year ahead.

What’s inside this edition

• A new plateau in business creation
  Q3 formations held firm at roughly 1.4 million, breaking the usual Q1-to-Q4 decline and signaling a new structural baseline for U.S. entrepreneurship.
• The states setting the pace
  Texas, Florida, California, Delaware, and Wyoming continue to anchor formation momentum — each for different structural reasons tied to infrastructure, policy, and trust.
• A first-ever credit layer
  Our analysis of 879,000 UCC filings exposes the tightening universe of “trusted borrowers,” where credit is flowing, and where it’s quietly pulling back.
• Where collateral concentrates
  Construction, transportation, and healthcare account for nearly two-thirds of all filings, with seasonal spikes revealing how capital moves beneath the surface.
• The widening trust gap
  Older businesses dominate secured lending access; new businesses form but remain largely invisible to credit systems. It’s a disconnect that’s growing, not shrinking.

Why this report matters

Formation tells you who is entering the market.
Credit tells you who is allowed to grow within it.

By integrating UCC lien data for the first time, this edition of the Index uncovers the trust dynamics shaping the next chapter of U.S. business activity.
It’s a view into how risk moves, how lenders decide, and where the next wave of opportunities—and vulnerabilities—will emerge.

See where trust, credit, and formation intersect.

Download the report and step into the 2025 landscape with clearer signals than anyone else has.

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