Menu Search Account

LegiStorm

Get LegiStorm App Visit Product Demo Website
» Get LegiStorm App
» Get LegiStorm Pro Free Demo

Rural Development: Rural Business-Cooperative Service Business Loan Losses

  Premium   Download PDF Now (29 pages)
Report Type Reports and Testimonies
Report Date Aug. 25, 1999
Report No. RCED-99-249
Subject
Summary:

The Guaranteed Business and Industry Loan Program guarantees the repayment of bank loans for almost any business project that creates or retains jobs in a rural area. As of June 1999, the program had more than 1,980 borrowers and $2.6 billion in outstanding loan principal and 130 delinquent borrowers who owed $167 million. GAO examined the Service's experience with business and industry guaranteed loans made during fiscal years 1994 through 1998 on which the Service paid losses. GAO found that the level of losses associated with the loan program has been relatively low in recent years, compared with the size of the entire loan portfolio.

« Return to search Government Accountability Office reports