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This study examines descriptively and empirically the information content of the Bulgarian National Bank's quarterly bank lending survey for credit developments, focusing on lending to non-financial corporations. Carrying out an assessment on a macro and micro level we find that changes in demand estimated by survey data have statistically significant effect on corporate loan dynamics. The empirical research also reveals that other important factors are real GDP growth, the business climate, the share of bad and restructured loans, and bank-specific factors such as the capital to assets ratio and the interest spread between corporate loans and deposits. [ABSTRACT FROM AUTHOR]