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We examine the relation between the quality, quantity, completeness, and timeliness of the information loan managers obtain from small and medium‐sized enterprises (SMEs) and the amount of short‐term credit provided to them by looking at 828 loan–manager–SME relationships in Italy. The result suggests that a reduction in information asymmetry is associated with a greater amount of credit. Moreover, the reduction in information asymmetry has a relevant economic impact on the amount of short‐term credit obtained: the amount of credit provided increases by 12% when asymmetry reduces by one notch. Our results are robust to alternative specifications and to endogeneity.