Mid-cap companies and small and medium-sized enterprises (SMEs) are increasingly tapping alternative funding sources to complement bank loans as they look to finance new investments, restructure existing obligations and fund start-up ventures. This trend fits within the broader disintermediation of corporate funding, spurred in large part by tighter capital regulations that have led to deleveraging at large banks in many countries. As a result, firms in this market segment have sought out a wide variety of alternative sources of funding, ranging from P2P lending to securitizations and other types of structured finance products. This shift brings with it new opportunities and challenges, as mid-caps and SMEs benefit from increased funding flexibility, but also must adapt to new demands associated with the development of alternative market infrastructures. This page provides a centralized source for Moody's research related to key SME and mid-cap credit trends.