Economic development: SBA's Microloan Program (2020-03)

SBA partially agreed with GAO's November 2019 recommendation. SBA stated that collaborative efforts are most successful when there is synergy and commitment on both sides. As of February 2022, SBA stated it continues to face delays in implementing this recommendation. However, SBA planned to schedule meetings with Treasury and USDA in FY 2022 to strategize on data sharing and development of interagency initiatives focused on increasing awareness of resources available to underserved markets. SBA also wanted to explore how the interagency initiatives could identify competing rules across the microlending programs that may limit program participation. Moreover, SBA wanted these efforts to help determine how multi-agency programs may complement each other in efforts to serve small businesses in target areas. To fully implement this recommendation, SBA needs to follow through on this effort to explore opportunities for additional interagency collaboration and information sharing to better manage fragmentation in microlending activities.