We use variation in the access to a government credit certification program to estimate the financial and real effects of supporting small firms. This program was first implemented during the global financial crisis, but has remained active ever since, allowing us to analyze its effects both during recessions and recoveries. Eligible firms have access to government loan guarantees and a credit quality certification. We estimate real effects using a multidimensional regression discontinuity design. We find that eligible firms borrow more and at lower rates than non-eligible firms, allowing them to increase investment and employment during crises. Industry-level analysis shows reduced productivity heterogeneity in more exposed industries, which is consistent with improved credit allocation. However, when the economy is recovering the effects of the program are less pronounced and centered on the certification component. The cost-per-job in the recovery period is half of the one estimated for the crisis period (5784€ and 11,788€, respectively).

我们使用获得政府信用认证计划的差异来估计支持小企业的财务和实际影响。该计划最初是在全球金融危机期间实施的，但此后一直保持活跃，使我们能够分析其在衰退和复苏期间的影响。符合条件的公司可以获得政府贷款担保和信用质量认证。我们使用多维回归不连续设计来估计实际效果。我们发现，符合条件的公司比不符合条件的公司借款更多且利率更低，这使它们能够在危机期间增加投资和就业。行业层面的分析表明，暴露程度更高的行业的生产率异质性降低，这与信贷分配的改善是一致的。然而，当经济正在复苏时，该方案的影响不太明显，并集中在认证部分。恢复期的每份工作成本是危机期间估计值的一半（分别为 5784 欧元和 11,788 欧元）。