Patriot Express: SBA Should Measure The scheduled program and Enhance Eligibility Controls

Patriot Express: SBA Should Measure The scheduled program and Enhance Eligibility Controls

Exactly Exactly What GAO Found

Patriot Express loans respected at about $703 million have actually defaulted at an increased rate than loans underneath the Small Business Administration’s (SBA) other associated loan guarantee programs, and losings for Patriot Express have actually exceeded its earnings. Apart from loans authorized in 2007, Patriot Express loans have defaulted at a greater price than loans made under SBA’s primary 7(a program that is loans made under SBA’s structured loan guarantee system (SBA Express). The Patriot Express system’s general standard price ended up being considerably greater for smaller loans, particularly for loans below $25,000 (20 %). Additionally, one loan provider accounted for significantly more than 64 % among these smaller loans and experienced higher standard prices compared to the lenders that are remaining. Continuer la lecture de « Patriot Express: SBA Should Measure The scheduled program and Enhance Eligibility Controls »