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Additional Efforts Are Needed To Minimize Lease Guarantee Losses

CED-82-57 Published: Apr 06, 1982. Publicly Released: Apr 06, 1982.
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Highlights

GAO evaluated the Small Business Administration's (SBA) efforts to minimize losses of lease guarantee defaults.

Recommendations

Recommendations for Executive Action

Agency Affected Recommendation Status
Small Business Administration The Administrator, SBA, should require field offices to give more attention to servicing lease guarantee defaults and direct them to: (1) require lessors to submit specific information each month on their re-rental efforts, such as the names of realtors and prospective tenants, the lease terms offered by the lessor, and documentation of advertisements; (2) follow up on lessor re-rental activities to determine whether additional efforts are needed; and (3) collect all rents due SBA.
Closed – Implemented
When we confirm what actions the agency has taken in response to this recommendation, we will provide updated information.

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Topics

Cost controlGovernment liability (legal)LeasesLoan defaultsRental housingSmall business assistanceSmall businessWarrantiesTenantsReal property