Exactly Just What GAO Found
Patriot Express loans respected at about $703 million have actually defaulted at an increased price than loans beneath the Small Business Administration's (SBA) other related loan guarantee programs, and losings for Patriot Express have actually surpassed its earnings. Except for loans authorized in 2007, Patriot Express loans have actually defaulted at an increased price than loans made under SBA's primary 7(a program that is loans made under SBA's structured loan guarantee system (SBA Express). The Patriot Express system's general standard price ended up being notably greater for smaller loans, particularly for loans below $25,000 (20 %). ...