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SBA-Loan Guarantees and Local Economic GrowthBen R. CraigFederal Reserve Bank of Cleveland William E. Jackson IIICulverhouse College of Commerce, University of Alabama; Federal Reserve Bank of Atlanta James B. ThomsonUniversity of Akron April 2005 FRB of Cleveland Working Paper No. 0503 Abstract: 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 working papers seriesDate posted: May 3, 2005Suggested CitationContact Information
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