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Peer-to-Business (P2B) crowdlending, as an alternative financing for SME’s, has been gaining importance in recent years due to the development of new technologies together with credit constraints. To cover that demand, funding platforms have started to offer differentiated products such as the guaranteed loans. These especial loans are backed by a reciprocal guarantee society and the interest rate paid is constant for all of them.  So, potential investors should choose which projects to finance based on other characteristics than interest rate or credit scoring, factors traditionally identified as key to the success of the projects.  (Yum et al. 2012) The aim of this paper is, for guaranteed crowdlending loans, to identify which factors drive investors to choose the project they will support. To do so, we propose a model based on characteristics such as: the investors’ professionalism, the loan’s amount and size and the SME’s expertise as crowdlending borrowers. We measure crowdlending success with the average investment and the funding days. To apply this model, we have compiled a sample of 196 SME’s financed with guaranteed loans. The data has been obtained from MytripleA, which is the only crowdlending platform that offers that product in Spain since 2015. To perform the analysis we use Partial Least Squares (PLS), a technique of structural equation models based on variance (Roldán & Sánchez-Franco, 2012). Results indicate that the characteristics with greater influence in crowdlending success are those of the investor’s and the loan’s, while SME’s factors seem not to have any impact. We consider that our results are interesting for both, the funding platforms and the SME’s seeking for funds. The identification of key factor for crowdlending success would help them design their projects to attract a greater number of investor in the shortest possible time.

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Carlos Sanchís-Pedregosa 581
Scientific production

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Emma Berenguer (Spain) 9948
Scientific production
Jorge Antón-Sanz (Spain) 9950
Scientific production