The effect of these other  8  National Small Business Association (2011), 2010 Year-End Economic Report (1.7 MB PDF) (Washington: NSBA). BIS central bankers’ speeches  5  sources of funding on businesses’ finances is even more difficult to determine from available data. Changes in personal wealth during the downturn were not uniform across households, and there were some big winners and losers.
While the households that disproportionately increased their wealth are more likely to start businesses, those that disproportionately lost wealth are less likely to do so. In particular, the recent housing downturn has made it more difficult to use cash-out refinancing or home equity lending as a funding vehicle for small business formation.