State Small Business Credit Initiative: North Carolina's Use of Federal Funds for Capital Access and Other Credit Support Programs

ISBN-13: 9781505264784 / Angielski / Miękka / 2015 / 36 str.

Office of the Inspector General Departme

Opis

We determined that North Carolina appropriately used most of the $4.9 million in SSBCI funds obligated or expended that we tested, but contributed $6,690 to a reserve fund under the Capital Access Program for a loan that refinanced one previously made to the borrower by the same lender. Such refinancings are prohibited by the Act and constitute a misuse of funds. Prior to the transfer of SSBCI funds, North Carolina collected two separate documents from the lender attesting that the loan being enrolled was not made for a prohibited purpose.