The Credit Management Research Centre (CMRC) conducts research on credit, lending, debt management and financial risk
CMRC’s work spans credit risk, business finance, equity finance, lending markets, and policy-relevant applied research. The centre’s research is designed to combine academic rigour with practical relevance for policymakers, lenders, businesses, and the wider research community.
Research Themes
Credit risk and scoring
Credit modelling, default analysis, and borrower and firm-level risk.
Business and SME finance
Lending markets, access to finance, firm performance, and SME funding.
Equity finance and policy
Venture capital, regional finance, and policy-relevant market design.
Latest Posts
- Default and Fraud in Guaranteed LoansBased on econometric analysis of more than 1.1 million limited-company loans issued under BBLS and CBILS, this paper shows that the central issue was not simply borrower fraud, but how scheme design, portfolio risk, and lender classification behaviour combined to shape what was ultimately recorded as fraud. The results are striking. The decision to prioritise
- Equity Finance and the UK RegionsThe UK equity finance market has grown significantly, with £145.3bn invested across 25,002 companies from 2011 to 2025. However, regional disparities persist, with London dominating 47% of deals and 57% of investment value, while regions like the Midlands and Northern Ireland remain underrepresented. Post-2022, the market has shifted to fewer but larger deals, with average