United States Government Publishing Office publisher pbl distributor dst United States Government Accountability Office Resources, Community, and Economic Development Division author aut Government Organization text government publication eng GAOREPORTS Legislative Agency Publications gao legislative 2010-08-12 U.S. Government Printing Office 1995-05-12 monographic deposited born digital 44 p. GA 1.13:RCED-95-146FS https://www.govinfo.gov/app/details/GAOREPORTS-RCED-95-146FS P0b002ee180377715 f:rc95146f DGPO 2010-08-12 2011-03-24 GAOREPORTS-RCED-95-146FS machine generated eng fdlp REPORT GAOREPORTS-RCED-95-146FS RCED-95-146FS Capital Small business investment companies Minority business assistance Small business assistance Small business loans Federal employees Federal funds Disadvantaged persons Investments SBA Small Business Investment Companies Program SBA Specialized Small Business Investment Companies Program SBA Three Percent Preferred Stock Repurchase Program Fact Sheet RCED Pursuant to a congressional request, GAO provided information on small business investment companies (SBIC) and specialized small business investment companies (SSBIC), focusing on: (1) trends in the number, funding, losses, capitalization, size, and liquidation of SBIC and SSBIC between 1990 and 1994; (2) SBIC and SSBIC investment activities between 1990 and 1994; and (3) the educational background and work experience of personnel in the Small Business Administration's (SBA) Investment Division, which manages the SBIC program.<p/>GAO found that: (1) in general, between fiscal years (FY) 1990 and 1994, the number of SBIC and SSBIC participating in the program declined and federal funding decreased, while SBIC net losses increased; (2) SBIC and SSBIC brought more private capital into the programs, while the total amount of leverage provided to SBIC and SSBIC declined; (3) as of December 1994, 192 SBIC and SSBIC were in liquidation, with SBA expecting to recover $443 million of the $790 million of funds owed; (4) 17 SSBIC paid SBA $15.3 million to repurchase preferred stock with a par value of $43.4 million under the Three Percent Preferred Stock Repurchase Program; and (5) SBIC and SSBIC provided between $490 million and $806 million in funding for small businesses between FY 1990 and 1993 and provided $1 billion in funding in FY 1994. GAO also found that: (1) SBIC have made a greater proportion of equity investments while SSBIC have primarily provided loans; (2) more than 90 percent of SBA Investment Division employees have at least a bachelor's degree, most of which are in the accounting, finance, or business administration fields; and (3) most Investment Division employees have an average of 11 years of SBA work experience, and 7.7 years work experience primarily in the accounting, auditing, banking, and investment fields. https://www.govinfo.gov/content/pkg/GAOREPORTS-RCED-95-146FS/html/GAOREPORTS-RCED-95-146FS.htm https://www.govinfo.gov/content/pkg/GAOREPORTS-RCED-95-146FS/pdf/GAOREPORTS-RCED-95-146FS.pdf GAO/RCED-95-146FS https://www.govinfo.gov/app/details/GAOREPORTS-RCED-95-146FS Fact Sheet GAO/RCED-95-146FS; Small Business: Information on SBA's Small Business Investment Company Programs; Capital Small business investment companies Minority business assistance Small business assistance Small business loans Federal employees Federal funds Disadvantaged persons Investments SBA Small Business Investment Companies Program SBA Specialized Small Business Investment Companies Program SBA Three Percent Preferred Stock Repurchase Program