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Milken Institute | Research | The Center for Capital Access and Job Formation
Job creation has always been a central focus of the Milken Institute. In fact, when it was founded in the early 1990s, the organization was called the Milken Institute for Job & Capital Formation.

Since those early days, our researchers have never stopped delving into the dynamics of job creation - and today the question of how to best promote job growth has taken on new urgency.

Whether in the United States or abroad, small and medium-size businesses are the best engines of job creation. Here in the U.S., the SBA has found that these firms generate 64 percent of net new jobs, accounting for more than half of nonfarm private GDP.

The United States needs to focus on the small-business sector in order to achieve a broad-based and sustainable recovery. Because most of these firms are judged to be non-investment-grade, it's crucial to find the right formula for financing their growth. Business owners will only undertake expansion and hiring if they can access capital - and feel confident that credit will remain available.

The Milken Institute's Center for Capital Access and Job Formation is dedicated to identifying the financial instruments and structures that work best for financing small and mid-market businesses. It analyzes the intricacies of the debt and credit markets, including the role of non-bank lenders and vehicles such as business development corporations and loan funds. Our research emphasizes the importance of accurately evaluating the credit quality of the underlying assets that make up these structures.

The center also studies how accounting and regulatory rules affect the capital access equation, the role major institutional investors can play and how individual companies can determine the right capital structure to match their goals and circumstances. The mission of the Center for Capital Access and Job Formation is to ensure a robust economic recovery and broadly shared prosperity. The best way to accomplish that goal is by nurturing the entrepreneurial spirit, ensuring that financing is always available for the great ideas and breakthrough technologies that drive progress

Within the Center for Capital Access and Job Formation is the Center for Emerging Domestic Markets (EDM), an information source about the EDM sector, defined as the people, places or enterprises facing capitalization constraints and undervaluation due to imperfect market information and access to resources. This division specializes in:

  • Collecting and analyzing EDM-related data
  • Generating new financial instruments and services
  • Creating new entities to provide services in the capital supply chain
  • Fostering new and stronger EDM businesses that can increase returns to investors and lenders

Ross DeVol
Chief Research Officer
The Milken Institute has done a very good job of establishing itself as a place that does first-class research...It's information and data that I don't see anywhere else"

-- David Rubenstein
Co-Founder, The
Carlyle Group
The Milken Institute produces research of very high quality, research around issues that are topical, relevant and insightful. Most importantly, the research is objective. It's fair. It's nonpartisan....The Milken Institute's ideas are so powerful because they're based on the idea of free markets and the free flow of capital. That human capital, ideas and innovation combined with financial capital can change the lives of every person on this planet."

-- Kenneth Griffin
Founder and CEO, Citadel
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