The value of social capital in small business lending: Evidence from the Small Business Administration program
研究发现，在小企业管理局贷款项目中，位于高社会资本县的银行会降低贷款利差，且这些县的贷款违约率更低，表明社会资本作为软信息在小企业贷款定价和绩效中发挥重要作用。
Abstract We explore how social capital influences small business lending under the Small Business Administration (SBA) program. We find that banks reduce loan spreads for SBA borrowers located in counties with high social capital. This effect is stronger among SBA Express lenders or when lenders face higher information asymmetry, but weaker during periods of more government assistance and SBA guarantee. Firms located in higher social capital counties are also less likely to default on their loans. Overall, our findings highlight the role of social capital—as an important source of soft information— in the pricing and performance of small business loans.