KBRA releases research on the small business loan asset-backed security (ABS) sector, with a special focus on online small business loan ABS, which KBRA defines as deals where the collateral pool consists of assets with an initial receivable balance of $1 million or less.
Small businesses saw their revenues drastically curtailed or even ceased permanently due to the COVID-19 pandemic. To alleviate some of the fallout, the U.S. government provided stimulus money through Paycheck Protection Program (PPP) loans. While the PPP program has expired and business activity has increased, issuance of small business ABS has not bounced back to its pre-pandemic levels.
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KBRA is a full-service credit rating agency registered in the U.S., the EU, and the UK, and is designated to provide structured finance ratings in Canada. KBRA's ratings can be used by investors for regulatory capital purposes in multiple jurisdictions.
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