Societal Impact of the Tennessee Small Business Administration: Lowered Barriers to Entry, State Growth, and Economic Freedom
DOI:
https://doi.org/10.33423/jabe.v26i5.7297Keywords:
business, economics, barriers to entry, economic growth, economic freedom, entrepreneurship, SBA lending, United Nations Sustainable Development GoalsAbstract
This paper focuses on the effects of SBA lending and its possible effects on the economic growth in Tennessee. After all, claims about the belief that small business is the driving force behind job creation and economic growth are found throughout political speeches, newspaper columns, and public policy forums. These claims are frequently presented as justification for tax incentives, regulatory policies, and other government programs that favor small business by removing barriers to entry. Access to capital is often the biggest obstacle for an entrepreneur. This research focused on the relationship between guaranteed loans from the SBA and the economic growth of Tennessee. This research found a positive relationship between the SBA 7A lending and state growth in Tennessee. Thus, providing policymakers evidence that pursuing policies which support economic freedom will continue to support Tennessee’s state growth.
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