Securitization of loans has been a key element dictating the business structure of mortgage lending, credit card issuance, and auto financing in recent years.

Small-business loans are one asset category that has not been securitized to a great extent, but I believe this will change in the coming years. As a result, the economics and strategies of small-business lending will be altered dramatically. To benefit from this expansion, bankers must understand the economic variables that will drive it, and the broader implications for their business.

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