Small Firm Credit Market Discrimination, SBA-Guaranteed Lending, and Local Market Economic Performance

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ISBN 13 :
Total Pages : 40 pages
Book Rating : 4.:/5 (129 download)

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Book Synopsis Small Firm Credit Market Discrimination, SBA-Guaranteed Lending, and Local Market Economic Performance by : Ben R. Craig

Download or read book Small Firm Credit Market Discrimination, SBA-Guaranteed Lending, and Local Market Economic Performance written by Ben R. Craig and published by . This book was released on 2007 with total page 40 pages. Available in PDF, EPUB and Kindle. Book excerpt: 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.

On Government Intervention in the Small-Firm Credit Market and its Effect on Economic Performance

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ISBN 13 :
Total Pages : 38 pages
Book Rating : 4.:/5 (129 download)

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Book Synopsis On Government Intervention in the Small-Firm Credit Market and its Effect on Economic Performance by : Ben R. Craig

Download or read book On Government Intervention in the Small-Firm Credit Market and its Effect on Economic Performance written by Ben R. Craig and published by . This book was released on 2007 with total page 38 pages. Available in PDF, EPUB and Kindle. Book excerpt: 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. Using local labor market employment rates as our measure of economic performance, we find a quantitatively similar positive impact of SBA 7(a) guaranteed lending. This impact on economic performance is also significantly larger in low-income areas than in other areas. This result suggests that the 7(a) program, which is the largest SBA guaranteed lending program, is also the main contributor to the positive impact of SBA guaranteed lending on local market economic performance.

Does SBA Guaranteed Lending Improve Economic Performance in Low-Income Areas?

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ISBN 13 :
Total Pages : 38 pages
Book Rating : 4.:/5 (129 download)

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Book Synopsis Does SBA Guaranteed Lending Improve Economic Performance in Low-Income Areas? by : William E. Jackson

Download or read book Does SBA Guaranteed Lending Improve Economic Performance in Low-Income Areas? written by William E. Jackson and published by . This book was released on 2008 with total page 38 pages. Available in PDF, EPUB and Kindle. Book excerpt: Recent studies have provided evidence that financial market development leads to higher rates of economic growth. This is further investigated by focusing on the rationale that financial market development may increase the amount of external finance available to small firms. In particular, a test of whether Small Business Administration (SBA) guaranteed lending positively impacts economic performance in low-income markets is conducted. It is hypothesized that credit market frictions, that is, costly information-gathering and verification of a small firm's project, lead to socially suboptimal credit allocation that negatively impacts the labor employment rate in the local market. If SBA guaranteed lending mitigates credit market frictions, a positive relationship should be seen between SBA guaranteed lending and level of employment, particularly in low-income financial markets. Loan-specific data on the borrower and lender was obtained from 1991 through 2002, including 360,000 loans. Economic data were also obtained for that time period. Results show a positive and significant correlation between the average annual level of employment in a local market and the level of SBA guaranteed lending that market. The intensity of the correlation increases for low-income markets.

SBA Guaranteed Lending and Local Economic Growth

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ISBN 13 :
Total Pages : pages
Book Rating : 4.:/5 (2 download)

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Book Synopsis SBA Guaranteed Lending and Local Economic Growth by :

Download or read book SBA Guaranteed Lending and Local Economic Growth written by and published by . This book was released on 2005 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt: "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's (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 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"--Federal Reserve Bank of Atlanta web site.

Does Government Intervention in the Small-firm Credit Market Help Economic Performance?

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ISBN 13 :
Total Pages : 12 pages
Book Rating : 4.:/5 (172 download)

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Book Synopsis Does Government Intervention in the Small-firm Credit Market Help Economic Performance? by : Ben R. Craig

Download or read book Does Government Intervention in the Small-firm Credit Market Help Economic Performance? written by Ben R. Craig and published by . This book was released on 2007 with total page 12 pages. Available in PDF, EPUB and Kindle. Book excerpt: The guaranteed lending programs of the Small Business Administration (SBA) are large and growing rapidly. The SBA's fiscal year 2008 performance budget calls for $25 billion in guaranteed loans for small businesse--a new record for the agency. Some critics of SBA programs suggest they do not help small businesses or overall economic performance. Other critics suggest that these programs unfairly benefit the financial institutions that participate in SBA's guaranteed lending programs. While very little serious empirical evidence exists on whether the net economic impact of the SBA's guaranteed lending programs is positive or negative, a few recent studies provide some insight into the question. In general, they suggest a small positive impact of the SBA's programs on economic performance. However, the results are very tentative and further research is needed to declare a more definitive position. We provide a general overview of the SBA's guaranteed lending programs and summarize the results of these studies.

A Qualitative Assessment of the Small Business Administration Loan Guarantee Program's Influence on the Effects of Financial Market Concnetration

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ISBN 13 :
Total Pages : 456 pages
Book Rating : 4.E/5 ( download)

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Book Synopsis A Qualitative Assessment of the Small Business Administration Loan Guarantee Program's Influence on the Effects of Financial Market Concnetration by : George Walser Haynes

Download or read book A Qualitative Assessment of the Small Business Administration Loan Guarantee Program's Influence on the Effects of Financial Market Concnetration written by George Walser Haynes and published by . This book was released on 1993 with total page 456 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Sba-Loan Guarantees and Local Economic Growth

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ISBN 13 :
Total Pages : 29 pages
Book Rating : 4.:/5 (129 download)

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Book Synopsis Sba-Loan Guarantees and Local Economic Growth by : Ben R. Craig

Download or read book Sba-Loan Guarantees and Local Economic Growth written by Ben R. Craig and published by . This book was released on 2014 with total page 29 pages. Available in PDF, EPUB and Kindle. Book excerpt: 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.

On SBA-guaranteed Lending and Economic Growth

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ISBN 13 :
Total Pages : 33 pages
Book Rating : 4.:/5 (556 download)

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Book Synopsis On SBA-guaranteed Lending and Economic Growth by : Ben Craig

Download or read book On SBA-guaranteed Lending and Economic Growth written by Ben Craig and published by . This book was released on 2004 with total page 33 pages. Available in PDF, EPUB and Kindle. Book excerpt:

The Impact of SBA Lending Activity on Micropolitan Statistical Areas in the U.S. Southeast

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ISBN 13 :
Total Pages : 8 pages
Book Rating : 4.:/5 (13 download)

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Book Synopsis The Impact of SBA Lending Activity on Micropolitan Statistical Areas in the U.S. Southeast by : Bienvenido S. Cortes

Download or read book The Impact of SBA Lending Activity on Micropolitan Statistical Areas in the U.S. Southeast written by Bienvenido S. Cortes and published by . This book was released on 2017 with total page 8 pages. Available in PDF, EPUB and Kindle. Book excerpt: This study examines the economic impact of Small Business Administration (SBA) guaranteed lending activity on the 12 states comprising the Southeast region (Alabama, Arkansas, Florida, Georgia, Kentucky, Louisiana, Mississippi, North Carolina, South Carolina, Tennessee, Virginia, and West Virginia) for the 1990-2015 period. Past studies find that the effect of Small Business Administration loans on regional economic performance, particularly in low-income areas, is positive but negligible. The study adds to the literature by focusing on a government-defined geographic unit called the micropolitan statistical area (which consists of at least one county with an urban core population of 10,000-50,000). The objective is to measure and evaluate the effect of Small Business Administration loans on various indicators of micropolitan area economic activity (gross regional product, employment, and income growth), while also controlling for other determinants of local economic growth. The study applies fixed effects regression model on a cross-section of 153 micropolitan areas for three subperiods in 1990-2015. It finds that micropolitan area economic growth in the Southeast region is dependent on Small Business Administration -guaranteed lending, industrial composition, human capital, and demographic factors.

The Direct and Indirect Effects of Small Business Administration Lending on Growth

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ISBN 13 :
Total Pages : 46 pages
Book Rating : 4.:/5 (892 download)

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Book Synopsis The Direct and Indirect Effects of Small Business Administration Lending on Growth by : Andrew T. Young

Download or read book The Direct and Indirect Effects of Small Business Administration Lending on Growth written by Andrew T. Young and published by . This book was released on 2014 with total page 46 pages. Available in PDF, EPUB and Kindle. Book excerpt: Conventional wisdom suggests that small businesses are innovative engines of Schumpetarian growth. However, as small businesses, they are likely to face credit rationing in financial markets. If true then policies that promote lending to small businesses may yield substantial economy-wide returns. We examine the relationship between Small Business Administration (SBA) lending and local economic growth using a spatial econometric framework across a sample of 3,035 U.S. counties for the years 1980 to 2009. We find evidence that a county's SBA lending per capita is associated with direct negative effects on its income growth. We also find evidence of indirect negative effects on the growth rates of neighboring counties. Overall, a 10% increase in SBA loans per capita is associated with a cumulative decrease in income growth rates of about 2%.

The Economics of Entrepreneurship

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Publisher : Cambridge University Press
ISBN 13 : 1316762203
Total Pages : 919 pages
Book Rating : 4.3/5 (167 download)

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Book Synopsis The Economics of Entrepreneurship by : Simon C. Parker

Download or read book The Economics of Entrepreneurship written by Simon C. Parker and published by Cambridge University Press. This book was released on 2018-04-03 with total page 919 pages. Available in PDF, EPUB and Kindle. Book excerpt: This second edition of The Economics of Entrepreneurship is an essential resource for scholars following the current state of this fast-moving field, covering a broad range of topics in unparalleled depth. Designed to be used both as a textbook for specialist degree courses on the economics of entrepreneurship, and as a reference text for academic research in the field, the book draws on theoretical insights and recent empirical findings to show how economics can contribute to our understanding of entrepreneurship. New topics, such as crowdfunding, entrepreneurship education and microenterprise field experiments, appear for the first time, while existing treatments of topics like regional entrepreneurship, innovation and public policy are considerably deepened. Parker also discusses new empirical methods, including quasi-experimental methods and field experiments. Every section - indeed every page - of the new edition has been updated, resulting in a rigorous scientific account of entrepreneurship today.

The State Small Business Credit Initiative (SSBCI)

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Publisher : Nova Science Publishers
ISBN 13 : 9781624174827
Total Pages : 0 pages
Book Rating : 4.1/5 (748 download)

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Book Synopsis The State Small Business Credit Initiative (SSBCI) by : Marcus Powell

Download or read book The State Small Business Credit Initiative (SSBCI) written by Marcus Powell and published by Nova Science Publishers. This book was released on 2013 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: The SSBCI provides funding to states, territories, and eligible municipalities to expand existing or to create new state small business investment programs, including state capital access programs, collateral support programs, loan participation programs, loan guarantee programs, and venture capital programs. This book examines the SSBCI and its implementation, including Treasury's response to initial program audits conducted by the U.S. Government Accountability Office and Treasury's Office of Inspector General. These audits suggested that SSBCI participants were generally complying with the statute's requirements, but that some compliance problems existed, in that, the Treasury's oversight of the program could be improved; and performance measures were needed to assess the program's efficacy.

Reengineering Community Development for the 21st Century

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Publisher : Routledge
ISBN 13 : 1317461266
Total Pages : 398 pages
Book Rating : 4.3/5 (174 download)

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Book Synopsis Reengineering Community Development for the 21st Century by : Donna Fabiani

Download or read book Reengineering Community Development for the 21st Century written by Donna Fabiani and published by Routledge. This book was released on 2015-07-17 with total page 398 pages. Available in PDF, EPUB and Kindle. Book excerpt: This timely book takes a wide-angled look at how the field of community development is evolving in an era of reduced resources, changing priorities, privatization, competition, and performance management at the federal, state, and local government levels, as well as for non-profits and private sector entities. It shows how community development organizations and programs are offering many new services, entering into new partnerships, developing extensive networks, and attracting new and alternative sources of funding - and how, in the process, these organizations are becoming more innovative, leaner in their operations, more competitive, and much more effective than ever before.Students, researchers, and policy-makers will all appreciate the numerous policy examples from the local, state, and federal levels, including a wide range of developments in housing, transportation, smart growth, education, and crime prevention. "Reengineering Community Development for the 21st Century" is an invaluable source for insights into the latest developments in community development financing and performance management.

Access to Financial Services in Brazil

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Publisher : World Bank Publications
ISBN 13 : 9780821357163
Total Pages : 698 pages
Book Rating : 4.3/5 (571 download)

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Book Synopsis Access to Financial Services in Brazil by : Anjali Kumar

Download or read book Access to Financial Services in Brazil written by Anjali Kumar and published by World Bank Publications. This book was released on 2005 with total page 698 pages. Available in PDF, EPUB and Kindle. Book excerpt: There is an increasing awareness that access to financial services can contribute to economic growth and poverty reduction. This study focuses on the delivery of financial services in Brazil, one of the world's most important emerging financial markets. It examines different aspects of financial service provision, and explores approaches to address problems of financial exclusion. Topics discussed include: microfinance schemes; private banking; rural finance systems; institutional infrastructure; and the role of government policy.

Advancing Research on Minority Entrepreneurship

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Publisher : SAGE Publications, Incorporated
ISBN 13 :
Total Pages : 212 pages
Book Rating : 4.X/5 (3 download)

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Book Synopsis Advancing Research on Minority Entrepreneurship by : Timothy Bates

Download or read book Advancing Research on Minority Entrepreneurship written by Timothy Bates and published by SAGE Publications, Incorporated. This book was released on 2007-09-13 with total page 212 pages. Available in PDF, EPUB and Kindle. Book excerpt: The papers in this volume of The ANNALS review the three ingredients to creating a successful business: o Skill level and capability of the entrepreneur or the management team o Access to financial resources and venture capital o Market accessibility for the products or services provided by the enterprise Those involved in the disciplines of business, organization studies, small business/entrepreneurship, strategic management and business policy, economic and development studies, and ethnic studies will find this volume of The ANNALS to be an important and fitting collection of substantial and relevant research as well as a springboard for future research in this growing area of study.

Race and Entrepreneurial Success

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Publisher : MIT Press
ISBN 13 : 0262260670
Total Pages : 253 pages
Book Rating : 4.2/5 (622 download)

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Book Synopsis Race and Entrepreneurial Success by : Robert W. Fairlie

Download or read book Race and Entrepreneurial Success written by Robert W. Fairlie and published by MIT Press. This book was released on 2010-08-13 with total page 253 pages. Available in PDF, EPUB and Kindle. Book excerpt: A comprehensive analysis of racial disparities and the determinants of entrepreneurial performance—in particular, why Asian-owned businesses on average perform relatively well and why black-owned businesses typically do not. Thirteen million people in the United States—roughly one in ten workers—own a business. And yet rates of business ownership among African Americans are much lower and have been so throughout the twentieth century. In addition, and perhaps more importantly, businesses owned by African Americans tend to have lower sales, fewer employees and smaller payrolls, lower profits, and higher closure rates. In contrast, Asian American-owned businesses tend to be more successful. In Race and Entrepreneurial Success, minority entrepreneurship authorities Robert Fairlie and Alicia Robb examine racial disparities in business performance. Drawing on the rarely used, restricted-access Characteristics of Business Owners (CBO) dataset compiled by the U.S. Census Bureau, Fairlie and Robb examine in particular why Asian-owned firms perform well in comparison to white-owned businesses and black-owned firms typically do not. They also explore the broader question of why some entrepreneurs are successful and others are not. After providing new comprehensive estimates of recent trends in minority business ownership and performance, the authors examine the importance of human capital, financial capital, and family business background in successful business ownership. They find that a high level of startup capital is the most important factor contributing to the success of Asian-owned businesses, and that the lack of startup money for black businesses (attributable to the fact that nearly half of all black families have less than $6,000 in total wealth) contributes to their relative lack of success. In addition, higher education levels among Asian business owners explain much of their success relative to both white- and African American-owned businesses. Finally, Fairlie and Robb find that black entrepreneurs have fewer opportunities than white entrepreneurs to acquire valuable pre-business work experience through working in family businesses.

Annals of the American Academy of Political and Social Science

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ISBN 13 :
Total Pages : 216 pages
Book Rating : 4.:/5 (9 download)

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Book Synopsis Annals of the American Academy of Political and Social Science by : American Academy of Political and Social Science

Download or read book Annals of the American Academy of Political and Social Science written by American Academy of Political and Social Science and published by . This book was released on 2007 with total page 216 pages. Available in PDF, EPUB and Kindle. Book excerpt: