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The Impact of the Seed Capital Program of SERCOTEC in Chile

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  • Claudio A. Bonilla
  • Christian A. Cancino

Abstract

This paper seeks to measure the impact on small businesses in Chile of the Seed Capital Program implemented by Chile's Technical Cooperation Services (Servicio de Cooperación Técnica SERCOTEC). The results are mixed. On the one hand, the impact of sales is positive but its statistical significance depends on the model used. With regard to the number of employees, however, the results are positive and statistically significant regardless of the model used. The results also show that participating in the program has no incidence on the probability of later obtaining financing. This study highlights the importance of differentiating between productive development programs and social programs. It also suggests improvements in public policy to develop entrepreneurship in small businesses in Chile. These suggestions may also be interesting for other countries in the region facing similar challenges in terms of developing private entrepreneurship as a vehicle to generate economic development.

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Bibliographic Info

Paper provided by Inter-American Development Bank in its series IDB Publications with number 61258.

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Date of creation: Dec 2011
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Handle: RePEc:idb:brikps:61258

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Keywords: Financial Services; SME; Microbusinesses & Microfinance; Small and medium enterprise; entrepreneurship; productive development; SMEs;

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  1. Stiglitz, Joseph E & Weiss, Andrew, 1981. "Credit Rationing in Markets with Imperfect Information," American Economic Review, American Economic Association, vol. 71(3), pages 393-410, June.
  2. Zoltan J. Acs & José Ernesto Amorós, 2008. "Introduction: The startup process," Estudios de Economia, University of Chile, Department of Economics, vol. 35(2 Year 20), pages 121-132, December.
  3. Roberto Álvarez E. & Gustavo Crespi T., 2000. "Exporter performance and promotion instruments: Chilean empirical evidence," Estudios de Economia, University of Chile, Department of Economics, vol. 27(2 Year 20), pages 225-241, December.
  4. Jose Miguel Benavente & Gustavo Crespi, 2003. "The Impact of an Associative Strategy (the PROFO Program) on Small and Medium Enterprises in Chile," SPRU Working Paper Series 88, SPRU - Science and Technology Policy Research, University of Sussex.
  5. Blanchflower, David G & Oswald, Andrew J, 1998. "What Makes an Entrepreneur?," Journal of Labor Economics, University of Chicago Press, vol. 16(1), pages 26-60, January.
  6. Carol Graham, 2005. "Insights on Development from the Economics of Happiness," World Bank Research Observer, World Bank Group, vol. 20(2), pages 201-231.
  7. Tan, Hong & Lopez Acevedo, Gladys, 2005. "Evaluating training programs for small and medium enterprises : lessons from Mexico," Policy Research Working Paper Series 3760, The World Bank.
  8. de Bettignies, Jean-Etienne & Brander, James A., 2007. "Financing entrepreneurship: Bank finance versus venture capital," Journal of Business Venturing, Elsevier, vol. 22(6), pages 808-832, November.
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