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Keywords:business loans 

Report
Credit, Income and Inequality

Analyzing unique data on loan applications by individuals who are majority owners of small firms, we detail how a bank’s credit decisions affect their future income. We use the bank’s cutoff rule, which is based on the applicants’ credit scores, as the discontinuous locus providing exogenous variation in the decision to grant loans. We show that application acceptance increases recipients’ income five years later by more than 10 percent compared to denied applicants. This effect is mostly driven by the use of borrowed funds to undertake investments, and is stronger when individuals ...
Staff Reports , Paper 929

Journal Article
Measuring Cov-Lite Right

More business loans today lack traditional covenants governing borrowers. Does that leave banks with fewer tools to ward off default?
Banking Trends , Issue 3 , Pages 1-8

Journal Article
Banking Trends: Measuring Cov-Lite Right

More business loans today lack traditional covenants governing borrowers. Does that leave banks with fewer tools to ward off default?
Economic Insights , Volume 3 , Issue 3 , Pages 1-8

Journal Article
Breakthroughs in CDFI Capital Access

For a long time, community development financial institutions (CDFIs) have wanted to raise larger amounts of capital in order to make more loans and have greater social impact. A significant step in that quest was two California CDFIs being issued Standard and Poor?s (S&P) ratings in April 2015. Two other important moves to raise capital are seven CDFI intermediaries raising $525 million through the CDFI Fund?s CDFI Bond Guarantee Program (BGP) and 35 nondepository CDFIs becoming members of the Federal Home Loan Bank (FHLB) system. This article explores each of these developments.
Cascade , Volume 4

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