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Small business loans (1 - 10 of 22 items)
Small Business Administration: Additional Steps Needed to Help Ensure More Timely Disaster Assistance
GAO-14-760: Published: Sep 29, 2014. Publicly Released: Oct 23, 2014.
Following Hurricane Sandy, the Small Business Administration (SBA) did not meet its timeliness goal for processing business loan applications. From application receipt to loan decision, SBA took an average of 45 days to process physical business disaster loans and 38 days for economic injury loans, both of which exceed SBA's 21-day application processing goal. SBA said it was challenged by an unex...
Small Business Administration: Review of 7(a) Guaranteed Loans to Select Franchisees
GAO-13-759: Published: Sep 10, 2013. Publicly Released: Nov 13, 2013.
Analysis of guaranteed loans to franchisees of a select franchise organization reviewed by GAO, approved from January 1, 2000, to December 31, 2011, showed the Small Business Administration (SBA) approved a total of about $38.4 million for 170 loans made by 54 lenders. SBA's guaranteed portion on these loans was approximately $28.8 million. Of the total population of 170 loans, 74 loans defaulted,...
Status of the Small Business Administration's Implementation of Administrative Provisions in the American Recovery and Reinvestment Act of 2009
GAO-10-298R: Published: Jan 19, 2010. Publicly Released: Jan 19, 2010.
Due to recent turmoil in U.S. credit markets, many lenders have been reluctant to offer conventional loans--that is, loans not guaranteed by the federal government--to small businesses so that they can finance their operations and capital needs. While the Small Business Administration's (SBA) principal loan guarantee programs, the 7(a) and 504 programs, are intended to help small businesses raise...
Small Business Administration's Implementation of Administrative Provisions in the American Recovery and Reinvesment Act
GAO-09-507R: Published: Apr 16, 2009. Publicly Released: Apr 16, 2009.
Under the American Recovery and Reinvestment Act of 2009 (ARRA), Congress required the Small Business Administration (SBA) to implement a total of eight administrative provisions to help facilitate small business lending and enhance liquidity in the secondary markets. These administrative provisions include (1) temporarily requiring SBA to reduce or eliminate certain fees on 7(a) and 504 loans; (2...
Small Business Administration: Additional Guidance on Documenting Credit Elsewhere Decisions Could Improve 7(a) Program Oversight
GAO-09-228: Published: Feb 12, 2009. Publicly Released: Mar 16, 2009.
The Small Business Administration's (SBA) 7(a) program is intended to provide loan guarantees to small business borrowers who cannot obtain conventional credit at reasonable terms and do not have the personal resources to provide financing themselves. In fiscal year 2008, SBA guaranteed over 69,000 loans valued at about $13 billion. To assist in oversight of the 7(a) program, GAO was asked to (1)...
Rural Economic Development: Collaboration between SBA and USDA Could Be Improved
GAO-08-1123: Published: Sep 18, 2008. Publicly Released: Sep 18, 2008.
The Small Business Administration (SBA) and the Rural Development offices of the U.S. Department of Agriculture both work in rural areas to foster economic development by promoting entrepreneurship and community development. This report discusses (1) the complementary nature of some SBA and Rural Development programs and the extent to which it provides a rationale for the agencies to collaborate,...
Small Business Administration: 7(a) Loan Program Needs Additional Performance Measures
GAO-08-226T: Published: Nov 1, 2007. Publicly Released: Nov 1, 2007.
The Small Business Administration's (SBA) 7(a) program, initially established in 1953, provides loan guarantees to small businesses that cannot obtain credit in the conventional lending market. In fiscal year 2006, the program assisted more than 80,000 businesses with loan guarantees of nearly $14 billion. This testimony, based on a 2007 report, discusses (1) the 7(a) program's purpose and the per...
Small Business Administration: Improvements Made, but Loan Programs Face Ongoing Management Challenges
GAO-06-605T: Published: Apr 6, 2006. Publicly Released: Apr 6, 2006.
The Small Business Administration's (SBA) purpose is to promote small business development and entrepreneurship through business financing, government contracting, and technical assistance programs. SBA's largest business financing program is its 7(a) program, which provides guarantees on loans made by private-sector lenders to small businesses that cannot obtain financing under reasonable terms a...
Small Business Administration: Progress Made but Improvements Needed in Lender Oversight
GAO-03-720T: Published: Apr 30, 2003. Publicly Released: Apr 30, 2003.
The Small Business Administration (SBA) is responsible for oversight of its 7(a) loan program lenders, including those who participate in the Preferred Lenders Program or PLP. SBA delegates full authority to preferred lenders to make loans without prior SBA approval. In fiscal year 2002, preferred lenders approved 55 percent of the dollar value of all 7(a) loans--about $7 billion. Small businesses...
Small Business Administration: Planning for Loan Monitoring System Has Many Positive Features But Still Carries Implementation Challenges
T-AIMD-98-233: Published: Jul 16, 1998. Publicly Released: Jul 16, 1998.
GAO discussed the Small Business Administration's (SBA) activities to complete planning for its loan monitoring system, as required by the Small Business Reauthorization Act of 1997, focusing on SBA's project plan for completing the mandated actions.GAO noted that: (1) SBA's project plan provides information in many key areas to explain how it intends to complete the mandated actions; (2) the plan...