SBA-Loan Guarantees and Local Economic Growth
Ben R. Craig
Federal Reserve Bank of Cleveland
William E. Jackson III
Culverhouse College of Commerce, University of Alabama; Federal Reserve Bank of Atlanta
James B. Thomson
University of Akron
FRB of Cleveland Working Paper No. 0503
Increasingly policymakers are looking 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 (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 and regional economic performance.
Number of Pages in PDF File: 29
Keywords: small business, economic growth, loan guarantees, credit rationing, relationship lending
JEL Classification: G38, H81, O16
Date posted: May 3, 2005
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