ContractMay 5th, 2020
FiledMay 5th, 2020<TEXT N="b1377206"> <BODY> <DIV1> <P><PB REF="00000001.tif" SEQ="00000001" RES="600dpi" FMT="TIFF6.0" FTR="TPG" CNF="898" N=""> Division of Research January, 1981 Graduate School of Business Administration The University of Michigan EQUITY PARTICIPATION AGREEMENTS AND COMMERCIAL BANK LOANS TO SMALL BUSINESS FIRMS Working Paper No. 246 David J. Brophy The University of Michigan FOR DISCUSSION PURPOSES ONLY None of this material is to be quoted or reproduced without the express permission of the Division of Research. </P> <P><PB REF="00000002.tif" SEQ="00000002" RES="600dpi" FMT="TIFF6.0" FTR="UNSPEC" CNF="890" N="1"> I. Introduction The purpose of this paper is to analyze the feasibility and potential usefulness of equity participation agreements (EPA) on commercial bank loans in the financing of small business firms, A variety of EPA will be considered. In some instances, stock purchase warrants may be used as a participation vehicle or "equity kicker." In other circumstances, incremen