The Federal Reserve Bank of New York said tight credit restrained the growth plans of many small businesses in 2012, citing a survey of lending in its district conducted in March and April.

“The ability to access credit remains a widespread growth challenge for small businesses in the region, even among profitable firms,” the New York Fed said in its recently released Small Business Credit Survey.

The bi-annual survey found that 49% of small businesses identified the difficulty getting credit as “barrier to growth,” according to the survey of 812 small businesses in NY, NJ and CT. Among firms operating at a loss, 66% had difficulty getting credit, yet even 36% of profitable firms were concerned with obtaining credit, the survey found.

The New York Fed’s survey is part of central bank efforts to determine if record low interest rates are spurring credit to small firms that in recent years have lagged behind large firms in generating jobs.

To read the entire New York Fed report, click here.