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Journal Article
New technology makes small business credit more available
anonymous (2005-07-03)
Financial Update , Volume 18 , Issue Q 3

Working Paper
The impact of student loan debt on small business formation
Ma, Shuwei; Cordell, Lawrence R.; Ambrose, Brent W. (2015-07-01)
Small businesses are the backbone of the U.S. economy and account for approximately one-half of the private-sector economy and 99% of all businesses. To start a small business, individuals need access to capital. Given the importance of an entrepreneur?s personal debt capacity in financing a startup business, student loan debt, which is difficult to discharge via bankruptcy, can have lasting effects and may have an impact on the ability of future small business owners to raise capital. This study examines the impact of the growth in student debt on net small business formation. We find a ...
Working Papers , Paper 15-26

Working Paper
Verifying the state of financing constraints: evidence from U.S. business credit contracts
Meisenzahl, Ralf R. (2011)
Which of the strategies for financing constraints in economic models is the most empirically plausible? This paper tests two commonly used models of financing constraints, costly state verification (Townsend, 1979) and moral hazard (Holmstrom and Tirole, 1997), using a comprehensive data set of US small business credit contracts. The data include detailed information about the business, its owner, bank balance sheet information, and the terms of credit. In line with the predictions of models of financing constraints, I find that an additional dollar of net worth accounts for about 30 cents of ...
Finance and Economics Discussion Series , Paper 2011-04

Journal Article
The effect of falling home prices on small business borrowing
Schweitzer, Mark E.; Shane, Scott (2010-12)
Small businesses continue to report problems in obtaining the financing they need. Because small business owners may rely heavily on the value of their homes to finance their businesses (through mortgages or home equity lines), the fall in housing prices might be one of the causes of their difficulty. We analyze information from a variety of sources and find that homes do constitute an important source of capital for small business owners and that the impact of the recent decline in housing prices is significant enough to be a real constraint on small business finances.
Economic Commentary , Issue Dec

Discussion Paper
Getting down to business: Commercial cards in business-to-business payments
Herbst-Murphy, Susan (2011)
Providing efficiency and cost-savings over paper payments (cash and checks), commercial payment cards are among the fastest growing card segments in recent years. Today, they account for nearly one in every five dollars spent using general-purpose payment cards. And since business and government payments are three times larger than consumer transactions, there is ample room for future growth. Adoption by government and small business has been especially noteworthy. Adoption among large companies, which account for half of commercial expenditures, has been more modest. This paper provides an ...
Consumer Finance Institute discussion papers , Paper 11-01

Journal Article
Banking deregulation helps small business owners stabilize their income
Sorensen, Bent E.; Ostergaard, Charlotte; Demyanyk, Yuliya (2007-04)
Once banking markets were opened up to geographic diversity and competition, more banks were in a better position to lend money to small businesses-even in tough times.
The Regional Economist , Issue Apr , Pages 10-11

Speech
Small business lending: testimony before the Committee on Small Business and Entrepreneurship, U.S. Senate, April 16, 2008
Mishkin, Frederic S. (2008)
Speech , Paper 382

Journal Article
The demographics of decline in small-business lending
Bhaskar, Rajeev R.; Corner, Gary S. (2010-04)
Outstanding loan volume at commercial banks declined 2.2 percent between June 2008 and June 2009.
Central Banker , Issue Spring

Working Paper
Small firm credit market discrimination, SBA-guaranteed lending, and local market economic performance
Craig, Ben R.; Thomson, James B.; Jackson, William E. (2006)
We empirically test whether SBA-guaranteed lending has a greater impact on economic performance in markets with a high percentage of potential minority small businesses. This hypothesis is predicated on priors related to three overlapping assumptions. These three assumptions are: (1) The classic type of credit rationing developed in the seminal paper by Stiglitz and Weiss (1981) is more likely to occur in markets with a higher per capita percentage of minority small businesses because such markets are more likely to have more severe information asymmetry problems, (2) SBA-guaranteed lending ...
Working Papers (Old Series) , Paper 0613

Working Paper
The financial structure of startup firms: the role of assets, information, and entrepreneur characteristics
Sanyal, Paroma; Mann, Catherine L. (2010)
Using the Kauffman Firm Survey, we examine how characteristics of a startup's assets, information about the startup, and entrepreneur attributes relate to financial structure at inception. Startups with more physical assets or those where the entrepreneurs have other similar businesses are more likely to use external debt in the financial structure since these assets have a high liquidation value. Startups with human capital embodied in the entrepreneur or intellectual property assets have a lower probability of using debt, consistent with the higher asset specificity and lower collateral ...
Working Papers , Paper 10-17

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