The Effect of Subsidized Lending Programs on the Economic Performance of Small and Medium-Sized Enterprises: Evidence from Russia

Evguenia Bessonova (), Svetlana Popova () and Konstantin Styrin ()
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Evguenia Bessonova: Bank of Russia, HSE University, Russian Federation
Svetlana Popova: Bank of Russia, Russian Federation
Konstantin Styrin: Bank of Russia, NES, Russian Federation

No wps140, Bank of Russia Working Paper Series from Bank of Russia

Abstract: We study the effect of the participation in a subsidized lending program on economic outcomes of small and medium-sized enterprises (SMEs) in Russia. The estimated effect on sales and employment is statistically and economically significant and robust. The annual growth of sales increases by 10.7-11.4 p.p. and of employment by 4-7 p.p. The effect on profits is sizeable but not robust, being very sensitive to the way the control sub-sample is constructed.

Keywords: Firm dynamics; Small and medium-sized enterprises; Subsidized lending; Loan guarantee programs (search for similar items in EconPapers)
JEL-codes: D22 G38 L25 (search for similar items in EconPapers)
Pages: 30 pages
Date: 2024-12
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