We document that finance companies and FinTech lenders increased lending to small businesses after the 2008 financial crisis. We show that most of the increase substituted for a reduction in bank lending. In counties in which banks had a larger market share before the crisis, finance companies and FinTech lenders increased their lending more. We find no effect of reduced bank lending on employment, wages, and new business creation by 2016. Our results suggest that finance companies and FinTech lenders are major suppliers of credit to small businesses and played an important role in the recovery from the 2008 financial crisis.

中文翻译：

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金融公司和金融科技贷款人在小企业贷款中的崛起

我们记录了金融公司和金融科技贷款机构在 2008 年金融危机后增加了对小企业的贷款。我们表明，大部分增长取代了银行贷款的减少。在危机前银行拥有较大市场份额的县，金融公司和金融科技贷方增加了更多贷款。我们发现，到 2016 年，银行贷款减少对就业、工资和新业务创造没有影响。我们的结果表明，金融公司和金融科技贷款机构是小企业的主要信贷供应商，并在 2008 年金融危机的复苏中发挥了重要作用.