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GAO-13-717R 1 (2013-07-24)

handle is hein.gao/gaobaahdw0001 and id is 1 raw text is: GAO U.S. GOVERNMENT ACCOUNTABILITY OFFICE 441 G St. N.W. Washington, DC 20548 July 24, 2013 The Honorable John D. Rockefeller Chairman The Honorable John Thune Ranking Member Committee on Commerce, Science, and Transportation United States Senate The Honorable Lamar Smith Chairman The Honorable Eddie Bernice Johnson Ranking Member Committee on Science, Space, and Technology House of Representatives COMPETES Reauthorization Act: Federal Loan Guarantees for Innovative Technologies in Manufacturing 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.1 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. This report addresses the status of Commerce's efforts to execute the Federal Loan Guarantees for Innovative Technologies in Manufacturing program. To determine the status of Commerce's efforts to execute the program, we reviewed relevant laws and documentation from Commerce's Economic Development Administration (EDA). We also interviewed officials overseeing the execution of the program. Officials with 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. The steps EDA officials stated that they have taken to execute the program include (1) establishing a staffing budget and initiating a search for key staff members such as an attorney and a program director, (2) obtaining technical assistance from the Small Business Administration on how to develop a loan guarantee program, (3) creating a timeline for executing the program, and (4) publishing in the Federal Register a request for comments from manufacturers and potential lenders on the level of demand and ideal structure for such a program. According to the timeline, initial awards could be finalized in mid- to late-2015. Officials told us they received four responses to the request for comments, which suggested to them that interest in such a program is limited. The program 1 Pub. L. No. 111-358, 124 Stat. 3982 (Jan. 4,2011). This law reauthorized the America Creating Opportunities to Meaningfully Promote Excellence in Technology, Education, and Science (COMPETES) Act. GAO-1 3-717R COMPETES Reauthorization Act

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