Small Firm Finance, Credit Rationing, and the Impact of SBA‐Guaranteed Lending on Local Economic Growth
研究利用美国小企业管理局（SBA）担保贷款的面板数据，发现SBA担保贷款相对规模与地方未来人均收入增长之间存在显著但经济上较小的正相关关系。
Increasingly, policymakers look 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 or not SBA‐guaranteed lending has an observable impact on local economic performance. We find a positive and significant (although economically small) relationship between the relative levels of SBA‐guaranteed lending in a local market and the future per capita income growth in that market.