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Community-Based Factoring Companies and Small Business Lending

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Author Info
Dimitri B. Papadimitriou (The Jerome Levy Economics Institute)
Ronnie J. Phillips (The Jerome Levy Economics Institute)
L. Randall Wray (The Jerome Levy Economics Institute)

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Abstract

At a time when small businesses are suffering from a credit crunch, "niche" financial institutions increasingly are filling the void left by more traditional sources of financing, such as commercial banks. In this working paper, authors Dimitri B. Papadimitriou, Ronnie J. Phillips, and L. Randall Wray argue that among the most important of these niche players are community-based factor companies, which are rapidly expanding beyond their traditional customer base in the apparel and textile industry to finance a broad range of firms in everything from electronics to health care. Moreover, because factors are becoming an increasingly important source of financing for small and start-up businesses, the authors propose that factors be encouraged to play a broader role in financing firms in distressed communities. In some cases community-based factors should be eligible for funding and assistance under the administration's new community development financial institutions legislation. In addition, investment by banks in these factors should count toward compliance with the proposed new regulations for the Community Reinvestment Act.

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File URL: http://129.3.20.41/eps/mac/papers/9906/9906013.pdf
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Publisher Info
Paper provided by EconWPA in its series Macroeconomics with number 9906013.

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Length: 35 pages
Date of creation: 24 Jun 1999
Date of revision:
Handle: RePEc:wpa:wuwpma:9906013

Note: Type of Document - Acrobat PDF; prepared on IBM PC; to print on PostScript; pages: 35; figures: included
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Web page: http://129.3.20.41

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E - Macroeconomics and Monetary Economics

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  1. Eli M. Remolona & Kurt C. Wulfekuhler, 1992. "Finance companies, bank competition, and niche markets," Quarterly Review, Federal Reserve Bank of New York, issue Sum, pages 25-38.
  2. Davis, Steven J & Haltiwanger, John & Schuh, Scott, 1996. " Small Business and Job Creation: Dissecting the Myth and Reassessing the Facts," Small Business Economics, Springer, vol. 8(4), pages 297-315, August.
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  3. Mian, Shehzad L & Smith, Clifford W, Jr, 1992. " Accounts Receivable Management Policy: Theory and Evidence," Journal of Finance, American Finance Association, vol. 47(1), pages 169-200, March. [Downloadable!] (restricted)
  4. David C. Wheelock, 1993. "Is the banking industry in decline? Recent trends and future prospects from a historical perspective," Review, Federal Reserve Bank of St. Louis, issue Sep, pages 3-22. [Downloadable!]
  5. Jerry L. Jordan, 1993. "Community lending and economic development," Economic Commentary, Federal Reserve Bank of Cleveland, issue Nov 15. [Downloadable!]
  6. Hyman P. Minsky & Dimitri B. Papadimitriou & Ronnie J. Phillips & L. Randall Wray, . "Community Development Banking, A Proposal to Establish a Nationwide System of Community Development Banks," Economics Public Policy Brief Archive 3, Levy Economics Institute, The. [Downloadable!]
  7. Dimitri B. Papadimitriou & Ronnie J. Phillips & L. Randall Wray, . "A Path to Community Development, The Community Reinvestment Act, Lending Discrimination, and the Role of Community Development Banks," Economics Public Policy Brief Archive 6, Levy Economics Institute, The. [Downloadable!]
  8. Katherine A. Samolyk & Rebecca Wetmore Humes, 1993. "Does small business need a financial fix?," Economic Commentary, Federal Reserve Bank of Cleveland, issue May 15. [Downloadable!]
  9. Hyman P. Minsky & Dimitri B. Papadimitriou & Ronnie J. Phillips & L. Randall Wray, 1992. "Community Development Banks," Economics Working Paper Archive 83, Levy Economics Institute, The. [Downloadable!]
  10. Dimitri B. Papadimitriou & Ronnie J. Phillips & L. Randall Wray, 1993. "The Community Reinvestment Act, Lending Discrimination, and the Role of Community Development Banks," Economics Working Paper Archive 95, Levy Economics Institute, The. [Downloadable!]
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