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RCED-85-142 1 (1985-08-26)

handle is hein.gao/gaobabntg0001 and id is 1 raw text is: SD 4S UNITED STATES GENERAL ACCOUNTING OFFICE WASHINGTON, D.C. 20648 RESOURCES, COMMUNITY, AND ECONOMIC DEVELOPMENT DIVISION August 26, 1985 B-219568 The Honorable Douglas K. Bereuter House of Representatives ~lU Dear Mr. Bereuter: 127850 Subject: Processing Time for Farmers Home Administration's Operating Loans in Minnesota During Fiscal Year 1984 (GAO/RCED-85-142) As requested in your May 30, 1984, letter and modified in subsequent discussions with your office, this report provides information on the processing time for the Farmers Home Adminis- tration's (FmHA) fiscal year 1984 operating loans in Minnesota. FmHA operating loans provide short-to-intermediate term (up to 7 years to repay) credit for operating expenses--such as seed, fer- tilizer, equipment, and livestock--to operators of family-size farms who cannot obtain credit elsewhere. The operating loan pro- gram is the largest FmHA farmer loan program providing about 60,000 operating loans nationwide for approximately $2.1 billion in fiscal year 1984. FmHA made about 59,000 of these operating loans for about $2 billion (over 98 percent) as insured (direct) loans. Private lenders made the remainder under FmHA guarantees. This report discusses the results of our work in Minnesota. In summary, we found the following: --FmHA does not have formal criteria for timely loan processing, although FmHA officials said that about 60 days was a reasonable processing time for typical operating loans. Loans having unusual processing problems would take longer. --The average (mean) processing time for operating loans in Minnesota was about 72 days and the median processing time for our sample was 57 days. --FmHA officials attribute the length of time taken to process loans to such reasons as incomplete documentation by the farmer, heavy workload in the county offices during the peak operating loan season early in the year, time and effort required to assess financial viabiility of (028003)

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