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RCED-96-171R 1 (1996-06-28)

handle is hein.gao/gaobaclfk0001 and id is 1 raw text is: GAO United States General Accounting Office Washington, D.C. 20548 Resources, Community, and Economic Development Division B-271949 June 28, 1996 The Honorable Christopher S. Bond Chairman The Honorable Dale Bumpers Ranking Minority Member Committee on Small Business United States Senate The Honorable Jan Meyers Chair The Honorable John J. LaFalce Ranking Minority Member Committee on Small Business House of Representatives The 1992 amendments to the Small Business Investment Act of 1958, as amended (P.L. 102-366), required us to issue a report to your committees that reviewed the Small Business Investment Company (SBIC) program for the period from September 1992 through September 1995. Specifically, the act required that we report on (1) the number of SBICs licensed and the number transferred to liquidation; (2) the amount of government funding received by each licensee and the types of funding instruments used; (3) the sizes, geographic locations, and other characteristics of SBICs; (4) the extent to which SBICs have used funding from each instrument to make small business loans and/or equity investments; and (5) the trends in the use of each type of investment instrument. We have already completed an extensive body of work on the SBIC program that reviewed the issues specified in the legislation as well as other issues. Our reviews have resulted in recommendations to the Small Business Administration (SBA) for improving its oversight of the program and reducing federal losses. As agreed with your offices, we believe that our recent reports and testimonies on the SBIC program, taken as a whole, have fulfilled the reporting requirement. We have issued the following products: - Small Business Administration: Status of Small Business Investment Companies (GAO/T-RCED-95-145, Mar. 28, 1995) provided the House GAO/HCED-96-171R Small Business Investment Companies 15270

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