混合融资与女性创业

摘要

We study the real and allocative consequences of relaxing gender-specific credit constraints by analyzing a blended finance program designed to expand bank lending to female entrepreneurs in Turkey. Merging credit registry, tax, and matched employer-employee data, we find participating banks raised their credit share to women by over 18%, spanning repeat, poached, and first-time borrowers. Beneficiary firms invest more, grow employment, sales, and profits, diversify their networks, and exit less. Treated banks also expand lending to male entrepreneurs, though the increase is smaller and disproportionately directed toward higher-productivity firms, suggesting reallocation rather than crowding out. District-level effects are absent, reecting the program’s modest scale.