to show that the disparity is not primarily explained by differences in pre-existing bank or credit relationships, firm … private lenders but federally guaranteed, largely eliminating unobservable credit risk as a factor in explaining differential … loan from a fintech lender than a traditional bank. Among conventional lenders, smaller banks were much less likely to lend …

How does uncertainty affect the costs of raising finance in the bond market and via bank loans? Empirically, this paper … finds that heightened uncertainty is accompanied by an increase in corporate bond yields and a decrease in bank lending …