Template-Type: ReDIF-Paper 1.0

Author-Name: Evguenia Bessonova
Author-Email: BessonovaEV@cbr.ru
Author-Workplace-Name: Bank of Russia and HSE University, Russian Federation

Author-Name: Svetlana Popova
Author-Email: PopovaSV@cbr.ru
Author-Workplace-Name: Bank of Russia, Russian Federation

Author-Name: Konstantin Styrin
Author-Email: StyrinKA@nes.ru
Author-Workplace-Name: Bank of Russia and NES, Russian Federation

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

Length: 30 pages
Creation-Date: 2024-12
Revision-Date:
Publication-Status:
File-URL: https://www.cbr.ru/StaticHtml/File/170478/wp_140.pdf
File-Format: Application/pdf
File-Function:
Number: wps140
Classification-JEL: D22, G38, L25
Keywords: Firm dynamics; Small and medium-sized enterprises; Subsidized lending; Loan guarantee programs
Handle:RePEc:bkr:wpaper: wps140