The finding that both smaller and younger firms have their loan applications denied more frequently is consistent with the  2  BIS Review 129/2007  conventional view that these firms are riskier, have shorter credit histories or less collateral to pledge as security, and are generally harder for lenders to evaluate because they are less transparent.
While the pandemic has been devastating, it has also accelerated digitalization that should stand us in good stead as we transition to the post COVID-19 recovery. Digital platforms have been the lifelines in accessing essential financial, health, education, medical, entertainment and other services. We must embed these gains and leverage them as we pursue global resilience and growth post COVID-19.