Development credit corporations: Not-for-profit development finance institutions in the postwar United States.

Development credit corporations (DCCs) were innovative not-for-profit organisations first set up in the United States in the years after World War II. DCCs borrowed from financial institutions and lent on a long-term basis to small companies that needed funds to expand or maintain their operations but did not qualify for long-term credit from conventional lenders. DCCs were private-sector bodies created at the state level under charters issued by state governments. The organisations were established in more than half the American states. DCCs continue to function in the contemporary era, and have thus proved to be a permanent fixture in the landscape of development entities and not-for-profit financial institutions. [ABSTRACT FROM AUTHOR]