Welcome to the Enterprise Research Centre




Stuart Fraser

Discouraged Borrowers (DBs) are businesses which would like to borrow but which do not apply for bank finance (loans or overdrafts) because they either felt they would be turned down (‘indirectly discouraged’), or they made informal enquiries but did not proceed with their application because the bank seemed reluctant to lend (‘directly discouraged’).  This new paper looks at businesses reporting any discouragement whilst noting differences between types of discouragement where apparent.  


About Us

The Enterprise Research Centre (ERC) is an independent research centre which conducts policy relevant research on SME growth and development.

The ERC’s research activity is divided into six themes and reflects the fact that despite considerable research attention over the last 30 years the evidence base for SME policy and strategy formulation remains incomplete.


Research Papers

Three new ERC Research Papers have been published. These are available here. 
We welcome feedback or comments on these papers.  Let us know what you think.


White Papers

All ERC White Papers are available hereWe welcome feedback or comments on these papers. What other themes should we be covering in our White Paper series? Let us know what you think.



The Enterprise Research Centre have two main publication series: policy oriented White Papers and Research Papers.  ERC Insights offer commentary on research and policy issues. See more here.