This paper studies the rise of direct lending using a comprehensive dataset of investments by business development companies (BDC). We exploit three exogenous shocks to credit supply, including new banking regulations and a major finance company collapse, to establish that BDC capital acts as a substitute for traditional financing. Using firm-level data, we further document that firms’ access to BDC funding stimulates their employment growth and patenting activity. Beyond credit provision, BDCs contribute to firm growth through managerial assistance.

中文翻译：

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美国中间市场的直接贷款人


本文使用商业发展公司 （BDC） 的综合投资数据集研究了直接贷款的兴起。我们利用信贷供应的三个外生冲击，包括新的银行法规和一家大型金融公司的倒闭，来确定 BDC 资本可以替代传统融资。使用公司层面的数据，我们进一步证明，公司获得 BDC 资金的机会刺激了他们的就业增长和专利申请活动。除了信贷提供外，BDC 还通过管理援助为公司发展做出贡献。