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Contact: María Carmen Fernández Díez, carmenfe@iadb.org.Inter-American Development Bank. This work is licensed under a Creative Commons IGO 3.0 Attribution-NonCommercial-NoDerivatives (CC-IGO BY-NC-ND 3.0 IGO) license (http://creativecommons.org/ licenses/by-nc-nd/3.0/igo/legalcode) and may be reproduced with attribution to the IDB and for any noncommercial purpose. No derivative work is allowed.Any dispute related to the use of the works of the IDB that cannot be settled amicably shall be submitted to arbitration pursuant to the UNCITRAL rules. The use of the IDB's name for any purpose other than for attribution, and the use of IDB's logo shall be subject to a separate written license agreement between the IDB and the user and is not authorized as part of this CC-IGO license.Note that link provided above includes additional terms and conditions of the license.The opinions expressed in this publication are those of the authors and do not necessarily reflect the views of the Inter-American Development Bank, its Board of Directors, or the countries they represent.http://www.iadb.org Copyright © 2016Abstract * A shortcoming of the current empirical impact evaluation literature is the lack of studies that measure the effect of access to credit in the medium and long term, as well as the impact on interventions targeted at micro-, small-, and medium-sized enterprises (MSMEs). This study addresses both aspects by analyzing the average impact that the Lending Program for the Productive Development and Employment Generation of the San Juan Province has had on sales, employment, investment, and productivity of beneficiary MSMEs. The authors measured the abovementioned impacts using a lagged dependent variable (LDV) model that, beyond controlling for selection bias, also controls for the sequential entry of companies into the program. To conduct this analysis, the authors used a survey implemented by the National University of San Juan to 664 companies. The results of the study indicate a positive and statistically significant impact of 6.9 percent on the likelihood to invest, 9.7 percent on sales, 4.3 percent on employment, and 6.4 percent on labor productivity. The analysis allows for the identification of differentiated impacts by type of company, as classified by size and sector or type of economic activity. JEL Codes: C23, D24, G20, G21, H43, L25, O12, O16

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