In this work, the Brazilian credit market for small and medium-sized enterprises is analyzed from a perspective in which business activities are driven by the utility of market players. From a sample of credit proposals submitted to a large Brazilian bank, the lenders utility is studied. In addition, credit transactions in the small business segment are investigated in terms of the relations between interest rates and collateral. Results reveal the existence of an environment in which small business borrowers are credit rationed and accept to pay high interest rates when purchasing credit...