Most countries introduced loan guarantee schemes in the Covid-19 pandemic, and the UK offered two schemes. The BBL scheme had a cap of £50,000, a 100 % guarantee, and a fixed interest rate of 2.5 %. The CBILS scheme had a cap of £5 m, an 80 % guarantee and lenders set interest rates. We exploit a behavioural anomaly that led to 9,989 firms taking a CBILS loan for a cash amount below the BBL loan cap. Larger and older firms were more likely to be in this loan class and this is caused by lender sorting of firms by risk.

中文翻译：

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当提供更便宜和更安全的贷款担保时，一家小公司如何最终获得更昂贵的贷款担保？英国两项 Covid-19 担保计划的有趣案例


大多数国家在 Covid-19 大流行期间引入了贷款担保计划，英国提供了两种计划。 BBL 计划的上限为 50,000 英镑，担保率为 100%，固定利率为 2.5%。 CBILS 计划的上限为 500 万英镑，提供 80% 的担保，贷款人设定利率。我们利用了一种行为异常现象，该异常现象导致 9,989 家公司以低于 BBL 贷款上限的现金金额获得 CBILS 贷款。规模较大、历史较悠久的公司更有可能属于此类贷款，这是由贷方按风险对公司进行分类造成的。