Firstly, I don't see why Treasury credits should not be avalable to any and all business, at a price reflecting their specific risk as assessed by the bank-as-service-provider.

Any "OTC" bank credit creation outside the system would necessarily be more expensive than comparable bank-serviced loans.

So why would anyone wish to enter into such "OTC" loans?

They would both be more expensive (having additional bank profit built in, or why would they do it?), and without the Treasury guarantee....

"The future is already here -- it's just not very evenly distributed" William Gibson