The SBA originally planned to evaluate its Patriot Express loan-guarantee program by the end of 2010, but instead extended it through December 2013, a Sept. 12 report from the Government Accountability Office says. With the extension now near its end, the SBA has still yet to evaluate it or make a plan to do so.
In recent years, Patriot Express loans — for businesses majority-owned by veterans and other members of the military community — defaulted at more than three times the rate of other SBA loans.
The GAO report says SBA has not established any measurable goals for the program.
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Download the GAO report at: http://www.gao.gov/assets/660/657793.pdf