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| Tekijä: | Riding, A. Madill, J. Haines Jr., G. |
| Otsikko: | Incrementality of SME loan guarantees |
| Lehti: | Small business economics
2007 : JUN/AUG, VOL. 29:1-2, p. 47-61 |
| Asiasana: | guarantees loans small and medium-sized enterprises (SMEs) |
| Vapaa asiasana: | incrementality |
| Kieli: | eng |
| Tiivistelmä: | Loan guarantee programs are often a relevant part of governments policy in regard to small- and medium-sized enterprises (SMEs). Incrementality or additionality is used to describe a property according to which an effective loan guarantee scheme can be only obtained, if majority of companies receiving assistance are not able to secure financing from existing sources. This article introduces a new approach to estimating incrementality, and then employs this two-stage process to measure the incrementality of loans made under the terms of the Canada Small Business Financing (CSBF) program. The stages consist of estimating a logistic regression-based model of loan outcomes, and then using this model to classify a sample of companies that have obtained loans through loan guarantee scheme. The model classifies incremental loans as "turndowns", and consequently, a direct measure of incrementality is obtained with the proportion of turndowns. |
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