“Third-wave†state economic development strategies have been widely acknowledged to reduce high-stakes incentives and promotions and have shifted emphasis from firm-based programs to broader regional programs. Although the change is well documented, less consensus has emerged about...

Analysis of the outcome of economic development programs is essential for improved public policy. This study reports on the California State Loan Guarantee Program, which guaranteed small business bank loans to carefully selected firms that could not otherwise obtain credit. The study tracked...