Small businesses in the U.S. use different types of credit: bank credit, trade credit, or no credit at all. One in five small firms use no credit, one in five use trade credit only, one in five use bank credit only, and two in five use both bank credit and trade credit. Firms that use no credit are smaller, more profitable, and have better credit quality but fewer tangible assets. Firms that use trade credit are larger, less liquid, and of worse credit quality. Firms that use bank credit are larger, less profitable, and younger. The amount of credit used is related to firm liquidity and age. Overall, these findings support theories about how small businesses choose their sources of credit.