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Keywords:Small Business Administration 

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.
AUTHORS: Thomson, James B.; Craig, Ben R.; Jackson, William E.
DATE: 2005

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.
AUTHORS: Thomson, James B.; Jackson, William E.; Craig, Ben R.
DATE: 2007

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 is likely to reduce these credit rationing problems?thus improving the level of development of the local financial market, and (3) increased local financial market development helps to lubricate the wheels of economic performance (Rajan and Zingales, 1998). 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 significant impact on the average annual level of employment in a local market of SBA-guaranteed lending in that local market. This impact is 200 percent larger in markets with a high percentage of potential minority small businesses. This result has important implications for public policy in general and SBA-guaranteed lending in particular.
AUTHORS: Thomson, James B.; Jackson, William E.; Craig, Ben R.
DATE: 2006

Working Paper
On SBA-guaranteed lending and 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.
AUTHORS: Thomson, James B.; Jackson, William E.; Craig, Ben R.
DATE: 2004

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 significant correlation between the average annual level of employment in a local market and the level of SBA-guaranteed lending in that local market. And the intensity of this correlation is relatively larger in low-income markets. Indeed, one interpretation of our results is that this correlation is positive and significant only in low-income markets. This result has important implications for public policy in general and SBA-guaranteed lending in particular.
AUTHORS: Thomson, James B.; Jackson, William E.; Craig, Ben R.
DATE: 2006

Journal Article
Are SBA loan guarantees desirable?
Over the last 10 years, the Small Business Administration has been responsible for well over $100 billion in small business credit extensions, more than any single private lender. This Commentary explores the motivations for such a large investment of taxpayer dollars.
AUTHORS: Thomson, James B.; Craig, Ben R.; Jackson, William E.
DATE: 2004

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.
AUTHORS: Office, Community Affairs
DATE: 2010

Journal Article
SBA serves up backing for restaurant owner
AUTHORS: Hoyer, Jackie
DATE: 2003

Journal Article
The SBA at 50: Q&A with Hector V. Barreto
AUTHORS: anonymous
DATE: 2003

Journal Article
Microloans and moral support
AUTHORS: Mendoza, Diana
DATE: 2003

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