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Small credit, real impact: Lessons on Lazio’s Small Credit Fund

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Abstract

This paper evaluates the Small Credit Fund (Fondo Piccolo Credito), a regional financial instrument introduced by the Lazio Region (Italy) to address credit market gaps faced by micro and small enterprises. Using administrative data for 2017–2023 and a difference in differences approach, the evaluation finds strong financial additionality: subsidised loans increased long term debt without crowding out other financing. The programme improved firm survival and supported higher investment, particularly among smaller and more financially constrained firms. Short term declines in profitability and credit ratings highlight temporary trade offs during the investment and repayment phase. The paper concludes with recommendations to refine programme design, targeting and monitoring, with lessons for similar instruments across OECD countries.

Suggested Citation

  • Oecd, 2026. "Small credit, real impact: Lessons on Lazio’s Small Credit Fund," OECD Local Economic and Employment Development (LEED) Papers 2026/08, OECD Publishing.
    • Handle: RePEc:oec:cfeaaa:2026/08-en
    DOI: 10.1787/a37305fa-en
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    Keywords

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    JEL classification:

    • G21 - Financial Economics - - Financial Institutions and Services - - - Banks; Other Depository Institutions; Micro Finance Institutions; Mortgages
    • G28 - Financial Economics - - Financial Institutions and Services - - - Government Policy and Regulation
    • H81 - Public Economics - - Miscellaneous Issues - - - Governmental Loans; Loan Guarantees; Credits; Grants; Bailouts
    • L26 - Industrial Organization - - Firm Objectives, Organization, and Behavior - - - Entrepreneurship
    • O16 - Economic Development, Innovation, Technological Change, and Growth - - Economic Development - - - Financial Markets; Saving and Capital Investment; Corporate Finance and Governance

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