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092667 1 (1969-07-31)

handle is hein.gao/gaobacwnf0001 and id is 1 raw text is: UNITED STATES GENERAL ACCOUNTING OFFICE ' C'UN, WASHINGTON, D C 20548 CIVIL DIVISION JUL 11969 D~ec t . Sandovala 9.0 We have surveyed the efforts of the &nall Business Administration (SBA) to increase participation by private lending institutions in SBA's business loan program. Our survey was conducted at the Washington, D.C., headquarters and the Seattle regional office of SBA. The survey included also correspondence and discussions with various lending institutions in the State of Washington, The results of our survey relate to activities of Washington headquarters and the Seattle regional office end are not intended to represent an evaluation of the business loan program, or the efforts of SBA regional offices, other than Seattle, to obtain participation by private lending institutions4 BACKGROUND In implementing the lending authority granted by the Small Business Act (15 U.SC. 631), SBA regulations provide that financial assistance is deemed to be available elsewhere on reasonable terms unless specific condiO tions are satisfied. Included among these conditions are requirements that the applicant's bank of account has declined to approve a loan and that other sources of funds such as equity financing and personal resources have been considered and are not obtainable under reasonable circumstances. Consistent with these regulations, SBA encourages participation by pri. vate landers in its business lonn program, In an immediate participation loan, either the participating institution or SBA makes the loan and the other par.. ticipant purchases imediately upon disbursement its agreed percentage of the loan. For guaranteed loans, the participating institution makes end disburses the entire loan. S8A executes an agreement that, upon default by the borrower, it will purchase an agreed percentage of the unpaid balance of the loan within a stated period. Business loans of about 94.3 billion have been approved by SBA since the Inception of the business loan program in fiscal year 1954 thtough April 1969. Since the inception of SBA, the annual amount of funds provided by private leanders has increased fro $15.4 million in fiscal year 1954, to $346.9 M1l- lion through the first 10 months of fiscal year 1969 of which $11,2 million and $249.1 million have been guaranteed by SEA respectively. The extent to BES rCkoijN NoBE 7$&; fOE A~ J

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