COMPETES Reauthorization Act:
Federal Loan Guarantees for Innovative Technologies in Manufacturing
GAO-13-717R: Published: Jul 24, 2013. Publicly Released: Jul 24, 2013.
What GAO Found
Officials with the Department of Commerce's Economic Development Administration (EDA) said that the agency has taken preliminary steps to execute the Federal Loan Guarantees for Innovative Technologies in Manufacturing program but, as of June 2013, had not issued any loan guarantees under this program. According to officials, EDA has taken some steps to execute the program, such as establishing a staffing budget and creating a timeline for executing the program. According to the timeline, initial awards could be finalized in mid- to late 2015. The program received $10 million in appropriations--$5 million in fiscal year 2012 and $5 million in fiscal year 2013--which by law are to remain available until expended. No funds have been obligated by the program as of June 2013.
Why GAO Did This Study
The America COMPETES Reauthorization Act of 2010 directed the Secretary of the Department of Commerce to establish the Federal Loan Guarantees for Innovative Technologies in Manufacturing program. This program is to provide loan guarantees for small- or medium-sized manufacturers for the use or production of innovative technologies. The act also mandated that GAO conduct a biennial review of the execution of the program and submit a report on the review conducted to Congress. GAO examined the status of Commerces efforts to execute the program.
What GAO Recommends
This report contains no recommendations.
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