Tariff pressure and private-company performance: Insights for lenders

Tariff actions in 2025 and related fuel, freight, and energy costs created new pressure for many U.S. businesses. For lenders, sales growth alone may not tell the whole story: a business can bring in more revenue while rising costs put pressure on margins, cash flow, and debt service capacity.

In this whitepaper, Abrigo analyzes financial statements from U.S. private companies with less than $50 million in sales, comparing industry-level performance in 2024 and 2025. The findings offer context for borrower conversations and portfolio monitoring, while recognizing that industry trends do not prove tariffs caused the changes.

You’ll learn:

• Which groups of tariff-exposed industries showed the clearest signs of margin pressure
• Why lenders should review sales growth alongside gross margins, cash flow, and working capital
• Questions to ask borrowers about cost increases, pricing, suppliers, contracts, and liquidity needs
• How industry benchmarks can inform borrower reviews, credit analysis, and portfolio monitoring