both small and large firms around the world. The financial crisis, however, brought about significant firm and market-level disruptions, which were likely to impact the decision to offer inter-firm financing. This note uses data from the World Bank’s Financial Crisis Survey (FCS), which extends the Enterprise Survey (ES) database to create a panel of 1,686 firms in Bulgaria, Hungary, Latvia, Lithuania, Romania, and Turkey1 in 2007 and 2009. The data provide novel evidence that the degree to which market competition and liquidity affected a firm’s decision to extend trade credit in 2009 varied with the country-level severity of the crisis. We focus on two key measures of supply-chain financing: first, whether the firm extended trade credit to its customers, and second, a unique and timely variable of whether the firm increased, maintained, or decreased the volume of goods sold on trade credit during the crisis.