GAO’s reports and testimonies give Congress, federal agencies, and the public timely, fact-based, non-partisan information that can improve government operations and save taxpayers billions of dollars.
In response to COVID-19, Congress created the Paycheck Protection Program to help small businesses get low-interest loans. The Small Business Administration guarantees the loans—so if a borrower defaults, SBA will buy the loan from the lender.
More than 80% of the land held in trust for Indian tribes and their members is used for farming, ranching, or other agricultural purposes.
But the extent to which Indian tribes and their members receive agricultural credit, such as loans to buy farm equipment, is unclear.
What GAO Found Collateral requirements rather than membership requirements discouraged some nondepository community development financial institutions (CDFI)—loan or venture capital funds—from seeking membership in the Federal Home Loan Bank (FHLBank) System.
What GAO Found As of March 31, 2015, 64 of the 84 participating banks and credit unions remained in the Community Development Capital Initiative (CDCI), and 80 percent of the Department of the Treasury's (Treasury) $570 million total investment remained outstanding.
What GAO Found As of April 30, 2014, 82 percent of the Department of the Treasury's (Treasury) $570 million total investment in eligible banks and credit unions through the Community Development Capital Initiative (CDCI) was still outstanding.
What GAO Found The Small Business Administration (SBA) has established lending standards to protect against default and has measured program performance, but lacks guidance on determining the number of jobs supported by 504 program-funded projects.
What GAO FoundAccording to stakeholders with whom GAO spoke, several conditions must be present to increase private sector involvement in the sale of flood insurance. First, insurers need to be able to accurately assess risk to determine premium rates.