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Economic Commentary

Are SBA Loan Guarantees Desirable?

Over the last 10 years, the Small Business Administration has been responsible for well over $100 billion in small business credit extensions, more than any single private lender. This Commentary explores the motivations for such a large investment of taxpayer dollars.

The views authors express in Economic Commentary are theirs and not necessarily those of the Federal Reserve Bank of Cleveland or the Board of Governors of the Federal Reserve System. The series editor is Tasia Hane. This work is licensed under a Creative Commons Attribution-NonCommercial 4.0 International License. This paper and its data are subject to revision; please visit for updates.

Suggested Citation

Craig, Ben R., William E. Jackson III, and James B. Thomson. 2004. “Are SBA Loan Guarantees Desirable?” Federal Reserve Bank of Cleveland, Economic Commentary 9/15/2004.