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Keywords:small business finance 

Evidence of a credit crunch?: results from the 2010 survey of first district community banks

This policy brief summarizes the findings of the Survey of Community Banks conducted by the Federal Reserve Bank of Boston in May 2010. This survey seeks to understand how the supply of, and demand for, bank business loans changed in the period following the financial crisis. The survey design focuses on assessing how much community banks were willing and able to lend to local businesses that used to be customers of large banks but lost access to credit in the aftermath of the financial crisis. The survey responses provide some evidence that lending standards for commercial loans have ...
Public Policy Brief

Working Paper
Small-firm credit markets, SBA-guaranteed lending, and economic performance in low-income areas

SBA guaranteed-lending programs are one of many government-sponsored market interventions aimed at promoting small business. The rationale for providing SBA loan guarantees is often based on the argument that they reduce credit rationing in low-income markets for small business loans. In this paper we empirically test whether SBA-guaranteed lending has a greater impact on economic performance in low-income markets. Using local labor market employment rates as our measure of economic> performance, we find evidence consistent with this proposition. In particular, we find a positive and ...
Working Papers (Old Series) , Paper 0601

Journal Article
New technology makes small business credit more available

Financial Update , Volume 18 , Issue Q 3

Working Paper
Small firm credit market discrimination, SBA-guaranteed lending, and local market economic performance

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
Collaborators or competitors? Exploring the relationships between community development financial institutions and conventional lenders in small business finance

This study examines the nature of the interaction of banks and community development financial institutions (CDFIs) in small business lending. We examine the experience of six different CDFIs that vary by size, corporate structure, and market. We explore how they both collaborate and compete with regulated lenders, and how changes in local and national market dynamics affect their activities. Our case studies are not necessarily representative of the CDFI industry, but they offer insights on the factors that shape CDFIs? interactions with and responses to more mainstream institutions. Our ...
Community Development Working Paper , Paper 2009-02

Conference Paper
Bank lending, financing constraints, SME investment

Proceedings , Paper 1105

Journal Article
Developing small businesses and leveraging resources in Detroit: an informed discussion among financial institutions, policymakers and Other stakeholders in Detroit

In October 2012, the Federal Reserve Bank of Chicago, the Michigan Bankers Association and the New Economy Initiative for Southeast Michigan co-sponsored a symposium in Detroit that brought together business experts, business owners, policymakers, funders and bankers to explore issues around access to small business credit and financing in Detroit. As Alicia Williams, vice president of the Community Development and Policy Studies (CDPS) division, explained in her opening remarks, the symposium was a follow-up to meetings hosted around the country by the Federal Reserve System?s Community ...
Profitwise , Issue Apr , Pages 1-11

Working Paper
Verifying the state of financing constraints: evidence from U.S. business credit contracts

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
Microfinance in good times and bad: Yankee ingenuity keeps microfinance strong

With banks still facing challenges, alternative sources of credit are likely to play an increasingly important role in financing small businesses. The authors describe what ACCION USA has learned as its approach to microlending has evolved.
Communities and Banking , Issue Spr , Pages 12-14



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