SBA guaranteed lending and local economic growth
AbstractIncreasingly, 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 InfoPaper provided by Federal Reserve Bank of Atlanta in its series Working Paper with number 2005-28.
Date of creation: 2005
Date of revision:
This paper has been announced in the following NEP Reports:
- NEP-ALL-2006-01-02 (All new papers)
- NEP-ENT-2006-01-06 (Entrepreneurship)
- NEP-GEO-2006-02-10 (Economic Geography)
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- Francesco Columba & Leonardo Gambacorta & Paolo Emilio Mistrulli, 2009.
"Mutual guarantee institutions and small business finance,"
BIS Working Papers
290, Bank for International Settlements.
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- 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.
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