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SBA guaranteed lending and local economic growth

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  • Ben R. Craig
  • William E. Jackson, III
  • James B. Thomson

Abstract

Increasingly, policymakers look to the small business sector as a potential engine of economic growth. Policies to promote small businesses include tax relief, direct subsidies, and indirect subsidies through government lending programs. Encouraging lending to small business is the primary policy objective of the Small Business Administration's (SBA) loan-guarantee program. Using a panel data set of SBA guaranteed loans, we assess whether SBA guaranteed lending has an observable impact on local economic performance. We find a positive and significant (although economically small) relationship between the relative levels of SBA guaranteed lending in a local market and the future per capita income growth in that market.

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Bibliographic Info

Paper provided by Federal Reserve Bank of Atlanta in its series Working Paper with number 2005-28.

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Date of creation: 2005
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Handle: RePEc:fip:fedawp:2005-28

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Cited by:
  1. Ben Craig & William Jackson & James Thomson, 2008. "Credit market failure intervention: Do government sponsored small business credit programs enrich poorer areas?," Small Business Economics, Springer, vol. 30(4), pages 345-360, April.
  2. Ben R. Craig & William E. Jackson, III & James B. Thomson, 2006. "Small firm credit market discrimination, SBA-guaranteed lending, and local market economic performance," Working Paper 0613, Federal Reserve Bank of Cleveland.
  3. Francesco Columba & Leonardo Gambacorta & Paolo Emilio Mistrulli, 2009. "Mutual guarantee institutions and small business finance," Temi di discussione (Economic working papers) 735, Bank of Italy, Economic Research and International Relations Area.
  4. Ben R. Craig & William E. Jackson, III & James B. Thomson, 2006. "Small-firm credit markets, SBA-guaranteed lending, and economic performance in low-income areas," Working Paper 0601, Federal Reserve Bank of Cleveland.
  5. Craig E. Armstrong & Ben R. Craig & William E. Jackson, III & James B. Thomson, 2010. "The importance of financial market development on the relationship between loan guarantees for SMEs and local market employment rates," Working Paper 1020, Federal Reserve Bank of Cleveland.

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