Finance and Growth at the Firm Level: Evidence from SBA Loans
Jason BrownJohn S. EarleBrown is with the Center for Economic Studies–U.S. Census Bureau. Earle is with the Schar School of Policy and Government at George Mason University and IZA. An earlier version of this paper circulated as “Do SBA Loans Create Jobs?” We thank the National Science Foundation for support (Grant 1262269 to George Mason University) and participants in presentations at the International Monetary Fund, Southern Economic Association Annual Meetings, SGE-ASSA Annual Meetings, Comparative Analysis of Enterprise Data conferences in Nuremberg and Istanbul, George Mason University, Oberlin College, Central European University, the U.S. Census Bureau, the Hungarian National Bank, the Small Business Administration, the Kauffman-Brandeis Entrepreneurial Finance and Innovation Conference, Wesleyan University, the Consumer Financial Protection Bureau, and the Comptroller of the Currency as well as Zoltan Acs, Emek Basker, David Hart, Deborah Lucas, Traci Mach, Javier Miranda, E.J. Reedy, Alicia Robb, Rebecca Zarutskie, two anonymous referees, and Editor Michael Roberts for helpful discussions and comments. We thank Mee Jung Kim and Yana Morgulis for excellent assistance, and the SBA for providing the list of loans we use in the analysis. We have read the Journal of Finance’s disclosure policy and have no conflicts of interest to disclose. Any opinions and conclusions expressed herein are ours only and do not necessarily reflect the views of the U.S. Census Bureau. All results have been reviewed to ensure that no confidential information on individual firms is disclosed
2017en
ABI
Аннотация
ABSTRACT We analyze linked databases on all SBA loans and lenders and on all U.S. employers to estimate the effects of financial access on employment growth. Estimation exploits the long panels and variation in local availability of SBA‐intensive lenders. The results imply an increase of 3–3.5 jobs for each million dollars of loans, suggesting real effects of credit constraints. Estimated impacts are stronger for younger and larger firms and when local credit conditions are weak, but we find no clear evidence of cyclical variation. We estimate taxpayer costs per job created in the range of $21,000–$25,000.
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