to substitution of non-guaranteed with guaranteed credit rather than fully adding to the supply of lending. We study this …-existing non-guaranteed debt. For firms borrowing from multiple banks, the substitution mainly arises from the lending behavior of … the bank extending guaranteed loans. Substitution was highest for funding granted to riskier and smaller firms in sectors …

to substitution of non-guaranteed with guaranteed credit rather than fully adding to the supply of lending. We study this …-existing non-guaranteed debt. For firms borrowing from multiple banks, the substitution mainly arises from the lending behavior of … the bank extending guaranteed loans. Substitution was highest for funding granted to riskier and smaller firms in sectors …