AN ANALYSIS OF SMALL BUSINESS LOAN GUARANTEE FUNDS

Small businesses are considered important engines for job growth and economic development by policy makers worldwide. One of the most commonly cited constraints of small businesses is a lack of access to capital. To address this constraint, small business loan guarantee programs have been established in over 100 countries. There are a variety of types of guarantee funds, with the most significant differences being which borrowers are eligible for guarantees, and how borrowers are approved for guarantees. There is currently no clear delineation between types of programs and the economic conditions they operate in, though some trends are becoming apparent. However, these trends may not be leading to the best economic outcomes possible. By better matching the structure of the guarantee fund to the economic conditions it operates in, the program’s success in meeting economic development goals may be greatly improved. Many programs in developing countries may not be taking advantage of bank expertise and may be limiting the scope of their effectiveness. At the same time, programs in developed countries may be wasting resources by scattering their efforts too thinly and subsidizing less competitive firms to the detriment of local economic development.

Omtvedt Innovation Award Presented to Allen G. Blezek

It is such a pleasure to honor innovation and accomplishment in the Institute of Agriculture and Natural Resources today through this 2007 Omtvedt Innovation Award. This award is made possible because of the generosity of Leone and the late Neal Harlan, great friends of the Institute of Agriculture and Natural Resources. The Harlans had the vision and the foresight to realize the importance of recognizing and supporting outstanding and innovative work in the Institute. They honored Irv Omtvedt on his retirement as Vice Chancellor of the Institute with a generous gift of funds to support the Omtvedt Innovation Awards. These awards recognize areas of strength and promise within the Institute, as well as innovative research and programming by our faculty, staff, and students.

Omtvedt Innovation Award Presented to Marilyn Fox

It is such a pleasure to honor innovation and strength in the Institute of Agriculture and Natural Resources today through this 2006 Omtvedt Innovation Award. This award is made possible because of the generosity of Leone and the late Neal Harlan, great friends of the Institute of Agriculture and Natural Resources. The Harlans had the vision and the foresight to realize the importance of recognizing and supporting outstanding and innovative work in the Institute, and honored Irv Omtvedt on his retirement as Vice Chancellor of the Institute with a generous gift of funds to support the Omtvedt Innovation Awards. These awards recognize areas of strength and promise within the Institute, as well as innovative research and programming by our faculty, staff, and students.