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1、 BIS Working Papers No 1041 The impact of fintech lending on credit access for U.S.small businesses by Giulio Cornelli,Jon Frost,Leonardo Gambacorta and Julapa Jagtiani Monetary and Economic Department September 2022 JEL classification:G18,G21,G28,L21.Keywords:fintech credit,peer-to-peer(P2P)lending

2、,marketplace lending,small business lending(SBL),Funding Circle,LendingClub,alternative data,credit access,credit scoring.BIS Working Papers are written by members of the Monetary and Economic Department of the Bank for International Settlements,and from time to time by other economists,and are publ

3、ished by the Bank.The papers are on subjects of topical interest and are technical in character.The views expressed in them are those of their authors and not necessarily the views of the BIS.This publication is available on the BIS website(www.bis.org).Bank for International Settlements 2022.All ri

4、ghts reserved.Brief excerpts may be reproduced or translated provided the source is stated.ISSN 1020-0959(print)ISSN 1682-7678(online)1 The Impact of Fintech Lending on Credit Access for U.S.Small Businesses By Giulio Cornelli,Jon Frost,Leonardo Gambacorta and Julapa Jagtiani Abstract Small business

5、 lending(SBL)plays an important role in funding productive investment and fostering local economic growth.Recently,nonbank lenders have gained market share in the SBL market in the United States,especially relative to community banks.Among nonbanks,fintech lenders have become particularly active,lev

6、eraging alternative data for their own internal credit scoring.We use proprietary loan-level data from two fintech SBL platforms(Funding Circle and LendingClub)to explore the characteristics of loans originated pre-pandemic(20162019).Our results show that fintech SBL platforms lent more in zip codes