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 |
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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