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Character-based lending (CBL) is a model that considers the applicant’s character over one’s financial conditions to increase the borrowing opportunities for populations with low asset and low credit. The study aims to enrich our understanding of CBL in the context of high-income nations by analyzing the loan application outcomes of one CBL program in the United States that targets those who aspire to be microbusiness owners and yet do not have access to traditional funding. Using t-tests and correlation analysis, this study found that character-related applicant characteristics (e.g., personal impression) were positively associated with lending outcomes. Credit-related characteristics (e.g., financial condition) also mattered for the CBL outcomes, which prompts further research on dissecting the meaning of “character,” particularly the degree to which “character” overlaps with “credit.” The findings also showed that racial background, but neither gender nor entrepreneurial potential, of applicants was significantly associated with lending outcomes, which demands more qualitative insights from lenders into how they define and assess character and how that may lead to lending outcomes. These results help shape a conceptual framework that can guide the further development of CBL and its important mission in equitable community development.

Character-based lending for micro business development: empirical insights into conceptualizing character