We study the effect of the participation in a subsidized lending program on economic outcomes of small and medium-sized enterprises (SMEs) in Russia. The estimated effect on sales and employment is statistically and economically significant and robust. The annual growth of sales increases by 10.7-11.4 p.p. and of employment by 4-7 p.p. The effect on profits is sizeable but not robust, being very sensitive to the way the control sub-sample is constructed.