It is a common gripe among businessmen that although central banks in the rich world have done their damnedest to bring down interest rates, many firms still struggle to borrow, as battered banks curb lending in an effort to shore up their capital. In America, one beneficiary of this unfortunate squeeze on credit is a form of mu-. tual fund that lends to businesses, known as a business-development company (bdc). bdcs have been around since the 1980s but have recently multiplied. More than 50 of them are now listed, with a combined market capitalisation in excess of $35 billion (see chart).
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