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Working Paper
The economics of small business finance: the roles of private equity and debt markets in the financial growth cycle.
We examine the economics of financing small business in private equity and debt markets. Firms are viewed through a financial growth cycle paradigm in which different capital structures are optimal at different points in the cycle. We show the sources of small business finance,and how capital structure varies with firm size and age. The interconnectedness of small firm finance is discussed along with the impact of the macroeconomic environment. We also analyze a number of research and policy issues, review the literature, and suggest topics for future research.
AUTHORS: Berger, Allen N.; Gregory F. Udell
DATE: 1998

Working Paper
The ability of banks to lend to informationally opaque small businesses
We test hypotheses about the effects of bank size, foreign ownership, and distress on lending to informationally opaque small firms using a rich new data set on Argentinean banks, firms, and loans. We also test hypotheses about borrowing from a single bank versus multiple banks. Our results suggest that large and foreign-owned institutions may have difficulty extending relationship loans to opaque small firms. Bank distress appears to have no greater effect on small borrowers than on large borrowers, although even small firms may react to bank distress by borrowing from multiple banks, raising borrowing costs and destroying some relationship benefits.
AUTHORS: Berger, Allen N.; Klapper, Leora; Gregory F. Udell
DATE: 2001

Working Paper
Lines of credit, collateral, and relationship lending in small firm finance
AUTHORS: Berger, Allen N.; Gregory F. Udell
DATE: 1993

Working Paper
Small business credit availability: how important is size of lender?
The recent relaxation of restrictions on interstate banking and branching, as well as the likely relaxation of Glass-Steagall restrictions, should encourage significant consolidation in the banking industry. Larger lenders, diversified across regions and products, will undoubtedly be less susceptible to adverse economic shocks that have buffeted the banking industry over the past decade. However, as small banks with a small business loan emphasis are absorbed into larger, more diversified lenders, which tend to focus much less on small business lending, credit availability to bank-dependent small business borrowers should be a major public policy concern. In New England, the evidence indicates that many large acquirers have chosen not to maintain the small business loan portfolios of their smaller target banks. This reduction in small business lending as a result of acquisitions indicates that many banks have little interest in maintaining the historical lending relationships fostered by the small target banks. As consolidation reduces the number of small banks that focus on small business loans, some niches will be created that can be served by de novo entry, although the evidence suggests that de novo entry is unlikely to quickly fill any major voids in small business lending.
AUTHORS: Peek, Joe; Rosengren, Eric S.
DATE: 1995

Journal Article
The New Markets Tax Credit Program: will it live up to its potential?
Because many small businesses in isolated inner-city or rural locations are cut off from mainstream capital networks, a new conduit for channeling equity capital is needed?patient capital that can be used to grow a business and manage risks in less diversified economies. Many believe the New Markets Tax Credit Program, which aims to stimulate $15 billion in private equity investment in low-income communities, can provide such a conduit. While the program has many strengths, it is still too early to tell whether it will live up to its promise because the initial investments are just beginning to unfold. But the availability of another community development tool using private-market capital ensures that organizations will continue to seek creative solutions to the problems that distressed communities face.
AUTHORS: anonymous
DATE: 2003

Journal Article
Engines of growth: why low-income communities need small business
Small businesses and microenterprises have an important role to play in low- and moderate-income communities. Often they are the engines of growth in these neighborhoods.
AUTHORS: anonymous
DATE: 2004

Journal Article
Microenterprise: creating wealth for individuals and communities
This report provides a snapshot of microenterprise program providers in Ohio, focusing on the types of services offered, the locations and types of providing organizations, and the demographics of populations served.
AUTHORS: anonymous
DATE: 2006

Journal Article
Financial services and small businesses
A survey to determine the source of deposit and credit services to small commercial customers, using a sample of 368 Ohio firms with sales under $10 million.
AUTHORS: Watro, Paul R.
DATE: 1982

Journal Article
Economic policy uncertainty and small business expansion
Is uncertainty causing small business owners to behave in ways that are hindering the recovery? That question is at the center of an intense public debate. Though reasonable arguments have been presented on both sides, there is not much empirical evidence to draw on. To contribute some to the discussion, we investigated the statistical association between data on small business plans to hire and make capital expenditures and a measure of policy uncertainty. Our analysis suggests that uncertainty is adversely affecting small business owners? expansion plans.
AUTHORS: Schweitzer, Mark E.; Shane, Scott
DATE: 2011

Journal Article
Does small business need a financial fix?
An evaluation of several proposals that would promote additional lending to the small business sector, some through direct government intervention and others by changing existing regulations to promote the market's allocation of credit. The authors argue that market-oriented initiatives are the preferred approach for improving a small-business credit crunch.
AUTHORS: Humes, Rebecca Wetmore; Samolyk, Katherine A.
DATE: 1993

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