Business Access to Capital and Credit

The Community Affairs of the Federal Reserve System hosted an academic conference, Business Access to Capital and Credit, in Arlington, Virginia. The following documents from this conference are provided: 1) the complete conference proceedings, including an extensive summary; and 2) an extensive summary of the conference plus chairman Greenspan's keynote address at the conference.


 

This research represents the latest work in the field from academia, policy institutions and the Federal Reserve System. The papers and the reviews offer fresh insight into the small business lending relationship, access to credit for minority-owned businesses, microenterprise lending and credit scoring.


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12:00 AM
Proceedings
Richard W Lang, Senior Vice President and Director of Research, Federal Reserve Bank of Philadelphia
Alan Greenspan, Chairman, Board of Governors of the Federal Reserve System
Edward M Gramlich, Member, Board of Governors of the Federal Reserve System
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Chapter 1: CRA Data on Small Business Lending

Evaluation of CRA Data on Small Business Lending 53
Glenn B. Canner, Board of Governors
of the Federal Reserve System


Access to Capital: Milwaukee’s Small Business Lending Gaps 85
Gregory D. Squires and Sally O’Connor
University of Wisconsin-Milwaukee


Intraurban Patterns of Small Business Lending: 123
Findings From the New Community Reinvestment Act Data
Daniel Immergluck, The Woodstock Institute


Discussion Comments 139
Anthony M.J. Yezer, George Washington University

12:00 AM
Chapter 2: Access to Credit for Minority-owned Businesses

Racial Differences in Patterns of Small Business Finance: 149
The Importance of Local Geography
Raphael W. Bostic and K. Patrick Lampani
Board of Governors of the Federal Reserve System


Competition, Small Business Financing, and Discrimination: 180
Evidence From a New Survey
Ken Cavalluzzo, Georgetown University
Linda Cavalluzzo, Center for Naval Analyses
John Wolken, Board of Governors of the Federal Reserve System

Discussion Comments
Timothy Bates, Wayne State University 267

Robert B. Avery, Board of Governors of the Federal Reserve System 277


Note: The paper by David C. Blanchflower, Dartmouth College; Phillip B. Levine,
Wellesley College; and David Zimmerman, Williams College, “Discrimination in
the Small Business Credit Market” is a National Bureau of Economic Research
Working Paper, No.W6840, issued December 1998. It is downloadable from the
National Bureau of Economic Research website at www.nber.org.

12:00 AM
Chapter 3: The Small Business Lending Relationship — Session A

Small Business Borrowing from Large and Small Banks 287
George W. Haynes, Montana State University
Charles Ou and Robert Berney
Small Business Administration


Bank Consolidation and Small Business Lending: 328
A Small Firm Perspective
Jonathan A. Scott and William C. Dunkelberg
Temple University


Cookie-Cutter versus Character: The Micro Structure of 362
Small Business Lending by Large and Small Banks
Rebel A. Cole, Krahenbuhl Financial Consulting
Lawrence G. Goldberg, University of Miami
Lawrence J. White, New York University


Discussion Comments
Allen N. Berger, Board of Governors of the Federal Reserve System 390
Mitchell A. Petersen, Northwestern University 401 

12:00 AM
Chapter 4: The Small Business Lending Relationship — Session B

What Small Firms Get Capital and at What Cost: 413
Notes on the Role of Social Capital and Banking Networks
Brian Uzzi and James J. Gillespie
Northwestern University


The Effect of Personal Bankruptcy Law 445
on Small Firms’ Access to Credit
Jeremy Berkowitz, Board of Governors of the Federal Reserve System
Michelle J. White, University of Michigan


A Comparison of Small Business Finance in 467
Two Chicago Minority Neighborhoods
Paul Huck and Sherrie L.W. Rhine
Federal Reserve Bank of Chicago
Robert Townsend, University of Chicago
Philip Bond, London School of Economics


Discussion Comments
Gregory F. Udell, Indiana University 503
Philip E. Strahan, Federal Reserve Bank of New York 515 

12:00 AM
Chapter 5: Microenterprise Lending

From Public Assistance to Self-Sufficiency: 527
The Role for the Microenterprise Strategy
Lisa J. Servon, Rutgers University


The Importance of Trust in Micro-Credit Borrowing Groups 547
Denise L. Anthony, University of Michigan


Discussion Comments
William C. Hunter, Federal Reserve Bank of Chicago 579

12:00 AM
Chapter 6: Credit Scoring and Securitization of Small Business Loans

Credit Scoring and Small Business Lending in 587
Low- and Moderate-Income Communities
Michael S. Padhi, Lynn W. Woosley, and Aruna Srinivasan
Federal Reserve Bank of Atlanta


Development and Expansion of Secondary Markets 625
for Small Business Loans
Zoltan J. Acs, University of Baltimore


Discussion Comments
Gregory Elliehausen, Georgetown University 644
Loretta J. Mester, Federal Reserve Bank of Philadelphia 650

12:00 AM
Chapter 7: Community Affairs at the Federal Reserve System

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