bank credit conditions for issuer firms, both at the firm-bank and firm level. We compare new loans granted to issuer firms … bank loans of the same maturity than non-issuer firms, suggesting an improvement in their bargaining power with banks. In … addition, issuer firms reduce the amount of used bank credit but increase the overall amount of available external funds …

sales. So entrepreneurial firms might find it easier to borrow from banks, and rely more on bank lending than on supplier … they have sufficient funding from banks, possibly to avoid the burden from interest accumulations on bank credit …. Availability of trade credit does not help to obtain bank credit, and there is no substitution between supplier and bank lending …

leverage faced tighter constraints in accessing bank credit after the COVID-19 outbreak in spring 2020. Specifically, SMEs with … Paycheck Protection Program (PPP), mitigated the adverse real effect stemming from bank credit constraints. …