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Keywords:Small Business Administration 

Journal Article
The granddaddy of VC

Fedgazette , Volume 13 , Issue Sep , Pages 13-14

Working Paper
Small-firm credit markets, SBA-guaranteed lending, and economic performance in low-income areas

SBA guaranteed-lending programs are one of many government-sponsored market interventions aimed at promoting small business. The rationale for providing SBA loan guarantees is often based on the argument that they reduce credit rationing in low-income markets for small business loans. In this paper we empirically test whether SBA-guaranteed lending has a greater impact on economic performance in low-income markets. Using local labor market employment rates as our measure of economic> performance, we find evidence consistent with this proposition. In particular, we find a positive and ...
Working Papers (Old Series) , Paper 0601

Journal Article
CRA and the SBA: helping to meet community credit needs

Cross Sections , Volume 7 , Issue fall , Pages 12-13

Working Paper
SBA-loan guarantees and local economic growth

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.
Working Papers (Old Series) , Paper 0503

Working Paper
On government intervention in the small-firm credit market and its effect on economic performance

In this paper we empirically test whether the Small Business Administration?s main guaranteed lending program?the 7(a) program?has a greater impact on economic performance in low-income markets than in others. This hypothesis is predicated on our previous research (Craig, Jackson, and Thomson 2007b), where we investigate aggregate SBA guaranteed lending. In that research we found that the overall impact of SBA guaranteed lending on economic performance is significant and positive in low-income markets.
Working Papers (Old Series) , Paper 0702

Working Paper
Public policy in support of small business: the American experience

Information problems in small enterprise credit markets can result in a market equilibrium characterized by credit rationing. These information problems are potentially more severe during sharp economic downturns such as the recent Great Recession. Government interventions to alleviate credit constraints on small firms need to be designed to correct the specific market failure resulting in socially suboptimal credit flows. We argue that Small Business Administration loan guarantees are a potentially appropriate intervention and provide a review of empirical research that supports our ...
Working Papers (Old Series) , Paper 1116

Journal Article
Entrepreneurship in the changing economy: from survival to sustainability

This issue of Banking and Community Perspectives offers an overview of the ideas presented at "Entrepreneurship in the Changing Economy: From Survival to Sustainability." This forum took place on Oct. 14, 2009, in Dallas, Houston and San Antonio. Speakers from the Ewing Marion Kauffman Foundation, Small Business Administration and Aspen Institute gave national perspectives on entrepreneurship in the changing economy.
Banking and Community Perspectives , Issue 1 , Pages 3-7

Journal Article
The SBA at 50: Q&A with Hector V. Barreto

Banking and Community Perspectives , Issue 1 , Pages 2-4

Working Paper
Small firm credit market discrimination, SBA-guaranteed lending, and local market economic performance

We empirically test whether SBA-guaranteed lending has a greater impact on economic performance in markets with a high percentage of potential minority small businesses. This hypothesis is predicated on priors related to three overlapping assumptions. These three assumptions are: (1) The classic type of credit rationing developed in the seminal paper by Stiglitz and Weiss (1981) is more likely to occur in markets with a higher per capita percentage of minority small businesses because such markets are more likely to have more severe information asymmetry problems, (2) SBA-guaranteed lending ...
Working Papers (Old Series) , Paper 0613

Working Paper
The importance of financial market development on the relationship between loan guarantees for SMEs and local market employment rates

We empirically examine whether a major government intervention in the small-firm credit market yields significantly better results in markets that are less financially developed. The government intervention that we investigate is SBA-guaranteed lending. The literature on financing small and medium size enterprises (SMEs) suggests that small firms may be exposed to a particular type of market failure associated with credit rationing. And SMEs in markets that are less financially developed will likely face a greater degree of this market failure. To test our hypothesis, we use the level of bank ...
Working Papers (Old Series) , Paper 1020

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