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Prepared by Francesco Columba with research assistance by Madelyn Estrada. We thank the Kauffman Foundation for granting access to the restricted-access data from the Kauffman Firm Survey, Roberto Cardarelli and Gian Maria Milesi-Ferretti for useful comments.
In the rest of the chapter SMEs are firms with less than 500 employees, in line with the United States Small Business Administration (USSBA) definition USSBA, 2010.
Data on loan applications are available from 2007.
In the first quarter of 2012 more than two thirds of total small business debt was represented by mortgages.