Do SBA loans create jobs? Estimates from Universal panel data and longitudinal matching methods

This paper reports estimates of the effects of the 7(a) and 504 loan programs on employment. The database links a complete list of all SBA loans in these programs to universal data on all employers in the U.S. economy from 1976 to 2010 and then estimates firm fixed effect regressions using matched control groups for the SBA loan recipients constructed by matching exactly on firm age, industry, year, and pre-loan size, plus kernel-based matching on propensity scores estimated as a function of four years of employment history and other variables.