INNOVATIVE 

MANUFACTURING

Commerce Should 

Target Program 

Outreach to Address 

Capital Access Gaps

Report to Congressional Committees

February 2016

GAO-16-271

United States Government Accountability Office
United States Government Accountability Office

Highlights of GAO-16-271, a report to 

congressional committees

February 2016

INNOVATIVE MANUFACTURING

Commerce Should Target Program Outreach to 

Address Capital Access Gaps

Why GAO Did This Study

To help small and medium-sized 

manufacturers obtain the capital they 

need to develop innovative 

technologies and remain competitive,

COMPETES 2010 directed the 

Secretary of Commerce to establish 

the ITM program. When implemented, 

the program is to provide loan 

guarantees to small and medium-sized 

manufacturers for the use or 

production of innovative technologies.

Under COMPETES 2010, Commerce 

must ensure that activities carried out 

under the ITM program do not 

duplicate the efforts of other federal 

loan guarantee programs. Commerce’s 

EDA is responsible for implementing 

the program.

COMPETES 2010 also included a 

provision for GAO to biennially review 

the program. This report assesses (1) 

the status of EDA’s implementation of 

the ITM program and (2) the extent to 

which EDA has coordinated with other 

agencies to ensure that ITM program 

activities do not duplicate the efforts of 

other federal loan guarantee programs. 

GAO analyzed applicable laws and 

program documents, interviewed EDA 

officials and contractor staff, and 

interviewed officials from agencies with 

comparable loan guarantee programs 

or with other expertise about the needs 

of small and medium-sized 

manufacturers.

What GAO Recommends

GAO recommends that EDA work with 

SBA and NIST to further identify any 

gaps in capital access that the program 

could fill, and conduct outreach to help 

target those gaps. Commerce agreed 

with GAO’s recommendation.

What GAO Found

The Department of Commerce’s Economic Development Administration (EDA)

has taken a number of steps to implement the Federal Loan Guarantees for 

Innovative Technologies in Manufacturing (ITM) program, but several key tasks 

remain before EDA can issue loan guarantees. EDA hired a contractor to assist 

with developing the program, drafted program documents and published them in 

the Federal Register for comment, and submitted documents to the Office of 

Management and Budget for review, as required when creating new federal 

credit programs. EDA officials said the most significant of the remaining key 

tasks are finalizing the ITM program regulations, manuals, and forms. Other key 

tasks remaining include hiring additional staff, finalizing the requirements for the 

program’s information technology systems, developing marketing materials, and 

conducting outreach. As of November 2015, EDA officials expected they could

begin issuing ITM program loan guarantees as early as July 2016. 

EDA has coordinated with other federal agencies to learn from their experiences 

with loan guarantee programs, but EDA has not clearly differentiated ITM from 

other programs, which may result in duplication.

• Coordination. EDA officials said they reached out to officials from the 

Departments of Energy and Agriculture, and the Small Business 

Administration (SBA)—agencies that have loan guarantee programs 

comparable to the ITM program—to learn from their experiences. EDA

officials decided to largely model the ITM program after an SBA program that 

provides loan guarantees to small businesses, and they adapted or plan to 

adapt the SBA program’s application forms, and regulations, among other 

things. EDA’s coordination has helped avoid duplication of the effort those 

agencies have already expended in designing loan guarantee programs.

• Potential duplication. As currently designed, the ITM program is not clearly 

differentiated from SBA’s program or from other programs that already 

provide loan guarantees to a similar pool of borrowers. EDA officials 

acknowledged that the ITM program is potentially duplicative with other 

programs in a number of respects. However, the America COMPETES 

Reauthorization Act of 2010 (COMPETES 2010) directs the Secretary of 

Commerce to ensure that the activities carried out under the ITM program

are coordinated with, and do not duplicate the efforts of other federal loan 

guarantee programs. GAO’s fragmentation, overlap, and duplication analysis 

guide states that one way to help minimize duplication among government 

programs is to identify and target service gaps that the programs could fill. In 

2011, the National Institute of Standards and Technology (NIST) identified 

several gaps in capital access for small and medium-sized manufacturers, 

including gaps companies face in early stages of growth. However, in 

coordinating with SBA and NIST, EDA did not seek information on how the 

ITM program could target these capital access gaps to minimize duplication 

with other programs. Coordinating more extensively with SBA and NIST on 

targeting the ITM program could provide EDA with greater assurance that 

ITM loan guarantees will not duplicate the efforts of other federal loan 

guarantee programs.

View GAO-16-271. For more information, 

contact John Neumann at (202) 512-3841 or 

neumannj@gao.gov.
Page i GAO-16-271 Manufacturing Loan Guarantees

Letter 1

Background 6

EDA Has Taken A Number of Steps to Implement the ITM 

Program, but Key Tasks Remain Before Loan Guarantees Can 

Be Issued 8

EDA Has Coordinated with Other Agencies on Some Issues, but 

Has Not Clearly Differentiated ITM from Other Programs 10

Conclusions 16

Recommendation for Executive Action 16

Agency Comments and Our Evaluation 17

Appendix I Comparison of Economic Development Administration (EDA) 

Prospective Innovative Technologies in Manufacturing (ITM) 

Program and Four Comparable Programs 19

Appendix II Comments from the Department of Commerce 22

Appendix III GAO Contact and Staff Acknowledgments 24

Tables

Table 1: Status of Key Tasks for the Economic Development 

Administration (EDA) Prospective Innovative 

Technologies in Manufacturing (ITM) Loan Guarantee 

Program 9

Table 2: Practices Suggested by Other Agencies with Loan 

Guarantee Programs 10

Table 3: Comparison of Economic Development Administration 

(EDA) Prospective Innovative Technologies in 

Manufacturing (ITM) Program and Small Business 

Administration (SBA) 7(a) Loan Guarantee Program 13

Table 4: Comparison of Economic Development Administration 

(EDA) Prospective Innovative Technologies in 

Manufacturing (ITM) Program and Four Comparable 

Programs 19

Contents
Page ii GAO-16-271 Manufacturing Loan Guarantees

Abbreviations

CFDA Catalog of Federal Domestic Assistance

COMPETES 2010 America COMPETES Reauthorization Act of 2010

DOE Department of Energy

EDA Economic Development Administration

ITM Innovative Technologies in Manufacturing

MEP Hollings Manufacturing Extension Partnership

NIST National Institute of Standards and Technology

OMB Office of Management and Budget

SBA Small Business Administration

USDA U.S. Department of Agriculture

This is a work of the U.S. government and is not subject to copyright protection in the 

United States. The published product may be reproduced and distributed in its entirety 

without further permission from GAO. However, because this work may contain 

copyrighted images or other material, permission from the copyright holder may be 

necessary if you wish to reproduce this material separately.
Page 1 GAO-16-271 Manufacturing Loan Guarantees

441 G St. N.W.

Washington, DC 20548

February 4, 2016

The Honorable John Thune

Chairman

The Honorable Bill Nelson

Ranking Member

Committee on Commerce, Science, and Transportation

United States Senate

The Honorable Lamar Smith

Chairman

The Honorable Eddie Bernice Johnson

Ranking Member

Committee on Science, Space, and Technology

House of Representatives

Manufacturing plays a key role in the U.S. economy as a source of 

economic growth, high-paying jobs, and innovation. According to data 

from the Bureau of Economic Analysis and the Bureau of Labor Statistics, 

in 2014, the manufacturing sector accounted for about $2 trillion—or 12 

percent of the U.S. economy—and employed approximately 12 million 

workers—or about 9 percent of the U.S. workforce.1 U.S. manufacturers 

continue to be the most productive in an increasingly global marketplace, 

according to the President’s Council of Advisors on Science and 

Technology, and the development of innovative products and processes 

serves as an important driver of U.S. competitiveness.2 Small and 

medium-sized manufacturers are particularly important to U.S. 

competitiveness because they represent a majority of manufacturers in 

the country.

 1

The number and percentage of workers is based on Bureau of Labor Statistics data on 

nonfarm employment estimates.

2

Executive Office of the President, President’s Council of Advisors on Science and 

Technology, Report to the President: Accelerating U.S. Advanced Manufacturing

(Washington, D.C.: October 2014).

Letter
Page 2 GAO-16-271 Manufacturing Loan Guarantees

However, small and medium-sized manufacturers often lag behind large 

firms in innovation and adopting new technologies.3 In comparison to 

other sectors, manufacturing has a greater need for capital because of 

the heavier use of machinery and equipment. The sector also requires 

more working capital because of the longer periods of time needed to 

convert materials into finished commercial products and sell them.4 Many 

small and medium- sized manufacturers have reported difficulty gaining 

access to the capital they need.5 If capital access is limited, small and 

medium-sized manufacturers may face greater difficulty developing and 

commercializing innovative technologies in order to remain competitive.

To invest in innovation, improve U.S. competitiveness, and help address 

the capital needs of small and medium-sized manufacturers, the America 

COMPETES Reauthorization Act of 2010 (COMPETES 2010), among 

other things, directed the Secretary of Commerce to establish the Federal 

Loan Guarantees for Innovative Technologies in Manufacturing (ITM) 

program.6 The ITM program is intended to support loan guarantees for 

small and medium-sized manufacturers for the use or production of 

innovative technologies. A key issue debated during consideration of 

COMPETES 2010 was whether the ITM program would duplicate existing 

loan guarantee programs at other federal agencies, including programs at 

the U.S. Department of Agriculture (USDA) and the Small Business 

Administration (SBA). COMPETES 2010 directs the Secretary of 

Commerce to ensure, to the maximum extent practicable, that the 

activities carried out under the ITM program are coordinated with, and do 

not duplicate, the efforts of other federal loan guarantee programs. 

Ultimately, the Economic Development Administration (EDA) within the 

Department of Commerce (Commerce) was assigned the task of 

implementing the ITM program.

 3

Executive Office of the President, Making in America: U.S. Manufacturing 

Entrepreneurship and Innovation (Washington, D.C.: June 2014).

4

The National Institute of Standards and Technology (NIST) Hollings Manufacturing 

Extension Partnership (MEP), Connecting Small Manufacturers with the Capital Needed to 

Grow, Compete, and Succeed: Small Manufacturers Capital Access Inventory and Needs 

Assessment Report (Gaithersburg, MD: November 2011).

5

NIST MEP, Connecting Small Manufacturers with the Capital Needed to Grow, Compete, 

and Succeed.

6

Pub. L. No. 111-358, § 602, 124 Stat. 3982, 4026, 4027 (2011). This law reauthorized the 

America Creating Opportunities to Meaningfully Promote Excellence in Technology, 

Education, and Science (COMPETES) Act. 
Page 3 GAO-16-271 Manufacturing Loan Guarantees

COMPETES 2010 also included a provision that GAO conduct biennial 

reviews of the Secretary of Commerce’s execution of the program. In our 

first report on the program, published in July 2013, we found that EDA 

had taken preliminary steps to execute the program, but it had not yet 

issued any loan guarantees.7 We found that EDA officials had (1) 

established a staffing budget and initiated a search for key staff members 

including an attorney and a program director, (2) obtained technical 

assistance from SBA on how to develop a loan guarantee program, (3) 

created a timeline for executing the program, and (4) published a request 

in the Federal Register for comments from manufacturers and potential 

lenders to help determine the level of demand and ideal structure for the 

program. According to EDA officials, at that time, they expected to issue 

the first loan guarantees in December 2015. This second report assesses 

(1) the status of EDA’s implementation of the ITM program and (2) the 

extent to which EDA has coordinated with other agencies to ensure that 

ITM program activities do not duplicate the efforts of other federal loan 

guarantee programs.

To assess the status of EDA’s implementation of the ITM program, we 

analyzed applicable laws and reviewed program documents, as well as 

documents published in the Federal Register related to the program. We 

also reviewed the contract and statement of work for a contractor EDA 

hired to assist in developing the program. To identify completed and 

pending key tasks, we reviewed EDA’s project plan, which included 

information on tasks required to implement the ITM program from 

program development to issuance of the first loan guarantee, and each 

task’s level of completion. We also interviewed EDA officials and 

contractor staff about the program’s development, among other topics.

To assess the extent to which Commerce has coordinated with other 

agencies to ensure that ITM program activities do not duplicate the efforts 

of other federal loan guarantee programs, we reviewed the 2014 Catalog 

of Federal Domestic Assistance (CFDA) to identify examples of 

comparable loan guarantee programs at other federal agencies.8 We 

 7

GAO, COMPETES Reauthorization Act: Federal Loan Guarantees for Innovative 

Technologies in Manufacturing, GAO-13-717R (Washington, D.C.: July 24, 2013). 

8

The Catalog of Federal Domestic Assistance (CFDA) is a government-wide compendium 

of federal programs, projects, services, and activities that provide assistance or benefits to 

the American public.
Page 4 GAO-16-271 Manufacturing Loan Guarantees

verified program information and parameters listed in the CFDA against 

the Electronic Code of Federal Regulations and agency websites, and 

then asked agency officials to confirm this information during interviews. 

To mitigate the possibility that the CFDA information excluded relevant 

programs, we asked officials from agencies with comparable programs 

whether there were any other potentially comparable programs at their 

agencies. Using this methodology, we identified four examples of 

programs that are comparable to the ITM program because they provide 

loan guarantees for domestic manufacturers and allow or specifically 

target businesses producing, using, or commercializing innovative 

technologies, among other criteria.9 These four programs are as follows:

• SBA’s 7(a) Loan Guarantee program, which provides loan guarantees 

to small businesses for a variety of purposes;10

• USDA’s Business and Industry Loans program, which provides loan 

guarantees to rural businesses and cooperatives for a variety of 

purposes;

• USDA’s Biorefinery, Renewable Chemical, and Biobased Product 

Manufacturing Assistance program, which provides loan guarantees 

for the development, construction, and retrofitting of commercial-scale 

biorefineries; and

• Department of Energy’s (DOE) Federal Loan Guarantees for 

Innovative Energy Technologies program, which provides loan 

guarantees for the use of new or significantly improved technologies 

in energy projects that avoid, reduce, or sequester air pollutants or 

greenhouse gases. See appendix I for additional information on these 

four programs.

We interviewed EDA officials and officials associated with the comparable 

programs at SBA, USDA, and DOE to assess the extent to which EDA 

has coordinated with those agencies to minimize duplication with their 

federal loan guarantee programs. Specifically, we asked SBA, USDA, and 

DOE officials about the interactions and discussions they had with EDA 

 9

We relied on the CFDA as an initial source for information and did not verify that the 

CFDA includes all potentially comparable loan guarantee programs. 

10The SBA 7(a) program is authorized by Section 7(a) of the Small Business Act codified 

at 7 U.S.C. § 636(a).
Page 5 GAO-16-271 Manufacturing Loan Guarantees

regarding the development of the ITM program and their experiences with 

implementing loan guarantee programs at their own agencies. We also 

interviewed EDA officials to identify how they coordinated with other 

agencies and incorporated information gathered from those agencies as 

they developed the ITM program. For each of the programs, we reviewed 

regulations and budgetary information. Using information from these 

documents we compared programs based on program features such as 

program purpose, allowable loan amounts, and recipient population. 

Furthermore, we interviewed a National Institute of Standards and 

Technology (NIST) Hollings Manufacturing Extension Partnership (MEP) 

program official with experience related to the financial resources and 

strategies MEP centers can use to help manufacturers develop innovative 

products or expand markets and sales. We discussed NIST’s interactions 

with EDA officials about the ITM program, the needs of small and 

medium-sized manufacturers, and marketing and outreach. We obtained 

a NIST MEP report on the capital needs of small and medium-sized 

manufacturers, which we reviewed and determined to be sufficiently 

reliable for the purposes of this report.11 We also interviewed Office of 

Management and Budget (OMB) staff about their progress on the review 

of the ITM program. In addition, we reviewed GAO’s recent guidance on 

evaluating fragmentation, overlap, and duplication.12

We conducted this performance audit from April 2015 to February 2016 in 

accordance with generally accepted government auditing standards.

Those standards require that we plan and perform the audit to obtain 

sufficient, appropriate evidence to provide a reasonable basis for our 

findings and conclusions based on our audit objectives. We believe that 

the evidence obtained provides a reasonable basis for our findings and 

conclusions based on our audit objectives.

 11NIST MEP, Connecting Small Manufacturers with the Capital Needed to Grow, 

Compete, and Succeed.

12GAO, Fragmentation, Overlap and Duplication: An Evaluation and Management Guide,

GAO-15-49SP (Washington, D.C.: Apr. 14, 2015). To develop the guide, we reviewed 

GAO reports and literature related to fragmentation, overlap, duplication, and related 

topics; interviewed experts from outside of GAO (based on previous related publications 

and work experience, and suggestions from other experts); spoke with officials from the 

Congressional Budget Office and the Congressional Research Service, as well as OMB

staff; and consulted with specialists within GAO. 
Page 6 GAO-16-271 Manufacturing Loan Guarantees

A federal loan guarantee is a binding agreement between an agency and 

a lender. If a borrower defaults on a guaranteed loan, the lender is to be 

reimbursed by the agency for the balance of the guaranteed portion of the 

loan. The guaranteed portion of a loan may vary across federal loan 

guarantee programs. A loan guarantee gives lenders an incentive to 

make loans that, due to the perceived risk of default, they otherwise might 

not make without requiring, for example, higher interest rates or additional 

collateral. For each of their loan guarantee portfolios, agencies are 

required to estimate the long-term cost to the government, which is 

referred to as the credit subsidy cost. The credit subsidy cost for each 

loan guarantee is equal to the amount of the estimated losses or gains to 

the federal government over the life of the loan.13 As part of the 

agreement, lenders may be required to pay fees to the agency to offset 

administrative expenses and credit subsidy costs.

Part of EDA’s mission is to support economic development by promoting 

innovation, global competitiveness, and regional collaboration. In addition 

to developing the ITM program, EDA’s activities include providing funding 

through a number of investment programs, as well as offering a variety of 

services that include technical assistance, postdisaster recovery 

assistance, trade adjustment support, strategic planning, and research 

and evaluation. EDA does not currently administer any loan guarantee 

programs besides the pending ITM program.

In directing the establishment of the ITM program, COMPETES 2010 

provided for three types of eligible projects—ones that reequip, expand, 

or establish a manufacturing facility in the United States to

• use an innovative technology or an innovative process in 

manufacturing;

• manufacture an innovative technology product or an integral 

component of such a product; or

• commercialize an innovative product, process, or idea that was 

developed by research funded in whole or in part by a grant from the 

federal government.

 13The credit subsidy cost is the estimated long-term cost to the government of a direct 

loan or loan guarantee calculated on a net present value basis and excluding 

administrative costs. 

Background
Page 7 GAO-16-271 Manufacturing Loan Guarantees

As it has designed the ITM program, EDA has drafted the following 

definitions to help determine project eligibility:

• innovative—defined as representing a significant improvement in 

function, performance, reliability, or quality of a product or service in 

comparison to commercial technologies currently in use, and

• technological—defined as relying on the principles of one of the 

following sciences: engineering, physical sciences, computer 

sciences, or biological sciences.

The ITM program will provide a guarantee for up to 80 percent of a loan, 

with a maximum loan size of $10 million, or up to $15 million in certain 

circumstances, according to EDA officials. Through fiscal year 2015, 

Congress has appropriated $19 million for the ITM program. Credit 

subsidy costs are based on the assumption that the government will only 

need to reimburse lenders for a percentage of the loan guarantees made. 

In this case, according to EDA estimates, the agency will need to reserve 

about 7 percent of the value of loans guaranteed to cover the cost of 

future defaults. The program may support a total of up to $70 million in 

guaranteed loans for each $5 million in appropriations. This $5 million can 

be used to support $70 million in guaranteed loans because costs to the 

government are only incurred when a borrower defaults on a loan.

Although Commerce’s EDA was given the task of implementing the ITM 

program, COMPETES 2010 stated that Commerce may use its NIST 

MEP centers to provide information about the ITM program and conduct 

outreach to potential borrowers. NIST MEP’s goals are to enhance U.S. 

productivity and technological performance, as well as to strengthen the 

global competitiveness of manufacturing firms. Under the program, NIST 

partners with 60 nonfederal organizations called MEP centers, which are 

located in each of the 50 states and Puerto Rico. MEP centers provide 

services aimed at helping small and medium-sized U.S.-based firms grow 

and enhance their competitiveness.
Page 8 GAO-16-271 Manufacturing Loan Guarantees

Since our 2013 report on the ITM program, EDA has made progress on 

implementing the program, but several key tasks remain to be completed 

before EDA can issue loan guarantees.

EDA has made progress on a number of tasks. For example, to help 

develop the program, EDA hired a contractor—FI Consulting.14 With FI 

Consulting’s assistance, EDA developed a credit subsidy model and 

drafted program regulations and forms, among other efforts.

As of November 2015, key tasks remain in developing the program, and 

EDA officials expect they could begin issuing loan guarantees for the ITM 

program as early as July 2016. This was delayed from December 2015, 

EDA officials said, because of the complexity of building a loan guarantee 

program and promulgating regulations. EDA officials stated that the most 

significant of the remaining key tasks are finalizing the ITM program 

regulations, manuals, and forms. According to EDA’s project plan, they 

expect to have program manuals and draft program regulations 

completed in March 2016; the regulations are to be sent to OMB for 

review and revised by EDA in June 2016. Other remaining key tasks 

include finalizing the requirements for the ITM program information 

technology support systems, which will be used for functions such as 

accounting and credit subsidy cost estimation, as well as developing 

marketing materials and conducting outreach.

Table 1 shows the status of key tasks for the ITM program.

 14According to the company’s website, FI Consulting advises commercial and government 

financial institutions on data, analytics, modeling, and technology.

EDA Has Taken A 

Number of Steps to 

Implement the ITM 

Program, but Key 

Tasks Remain Before 

Loan Guarantees 

Can Be Issued
Page 9 GAO-16-271 Manufacturing Loan Guarantees

Table 1: Status of Key Tasks for the Economic Development Administration (EDA) Prospective Innovative Technologies in 

Manufacturing (ITM) Loan Guarantee Program

Key task Completed Pending 

Plan the project Created a project plan with estimated and actual 

completion dates for each stage of program 

development and implementation. 

None.

Hire and train additional 

staff

Hired contractor, FI Consulting, to assist in program 

design tasks such as developing the program’s 

manuals, credit subsidy model, forms, internal 

controls, and policies. Assigned three to four EDA 

staff to work part-time on developing the ITM 

program.

Hire and train additional staff to operate the ITM 

program, including a loan program manager, a 

financial analyst, and a risk analyst. EDA officials 

stated that FI Consulting may assist in training the 

new ITM program staff.

Develop credit subsidy 

modela Developed a credit subsidy model and cost estimate analysis, which were submitted to the Office of 

Management and Budget (OMB).

Adjust credit subsidy model if needed to incorporate 

changes to the final regulations.

Submit documentation to 

OMB for A-129 program 

reviewb

Developed and submitted an A-129 document to 

OMB for review.

Obtain OMB approval of the program’s A-129. As of 

November 2015, EDA was awaiting approval. 

Develop program 

regulations

Developed draft regulations for the ITM program and 

submitted them to OMB for review, according to 

EDA officials.

Revise regulations based on OMB review, then 

publish them in the Federal Register for public 

comment. After the comment period closes, EDA will 

send the revised final regulations back to OMB for 

review, and then publish the final version in the 

Federal Register.

Develop program 

manuals

None. Draft program manuals, which EDA plans to use to 

provide guidance to lenders on how to conduct loan 

qualification reviews and determine borrower 

eligibility. 

Develop program forms Developed draft program forms and published them 

in the Federal Register for comment.

Finalize and publish program forms once program 

regulations and manuals are finished. 

Establish information 

technology support 

systems

Began developing requirements for information 

technology systems to operate the ITM program. 

EDA officials said they would prefer to use other 

agencies’ existing systems, but new systems may 

be required.

Finish developing systems requirements, investigate 

using existing systems, or enter into a contract to 

develop new systems if necessary. 

Develop marketing 

materials and conduct 

outreach

None. Develop and distribute marketing materials to trade 

associations, lenders, and borrowers to increase 

awareness and understanding of the ITM program. 

EDA officials stated that they plan to coordinate with 

National Institute of Standards and Technology 

Hollings Manufacturing Extension Partnership 

centers on outreach and education efforts.

Sources: GAO analysis of ITM program project plan and information gathered in interviews with EDA officials. | GAO-16-271

a

The credit subsidy model is used to estimate the long-term cost to the government of its loan 

guarantee portfolio.

b

For new federal credit programs, OMB directs agencies to submit an A-129 program review 

document, which describes the program, including the program’s scope, justification for use of a 

credit subsidy, estimated economic benefits and administrative resource requirements; the federal 

objectives to be achieved; and why those objectives cannot be achieved without federal assistance.
Page 10 GAO-16-271 Manufacturing Loan Guarantees

EDA has coordinated with other federal agencies to learn from their 

experiences with loan guarantee programs, but as currently designed, 

EDA has not clearly differentiated the ITM program from other 

comparable programs that we identified.

EDA officials said they reached out to officials from SBA, USDA, and 

DOE—agencies that have loan guarantee programs comparable to the 

ITM program—to learn from their experiences and identify practices that 

could be incorporated into the ITM program. In particular, EDA officials 

highlighted the information they learned about SBA’s loan guarantee 

programs. Based on what they learned, EDA officials said they decided to 

largely model the ITM program after the 7(a) program. Specifically, EDA 

has adapted or plans to adapt SBA’s application forms, loan performance 

data, staff position descriptions, regulations, and manuals to fit ITM 

program parameters and statutory requirements. EDA also hired 

contractor FI Consulting, which told us its consultants previously worked 

on the 7(a) program. In addition, EDA officials said they coordinated with 

USDA and DOE officials to gather information to help design the ITM 

program.15 Table 2 provides examples of practices suggested by other 

agencies with loan guarantee programs and how EDA plans to use those 

practices.

Table 2: Practices Suggested by Other Agencies with Loan Guarantee Programs 

Suggested practice Agency EDA planned action or response

Use third-party experts to address gaps in technical 

expertise.

DOE, USDA EDA plans to use third-party experts in general, including 

contractors and other agencies.

Provide a flexible work environment in order to 

compete with the private sector and attract and retain 

skilled staff.

DOE, SBA EDA officials said that EDA already provides a flexible work 

environment and will continue to do so.

Align and adjust processes to meet the needs of 

borrowers and lenders and minimize delays.

SBA, USDA The Innovative Technologies in Manufacturing (ITM) program 

was modeled on SBA’s 7(a) program, which has already been 

adjusted over time to meet the needs of borrowers and 

lenders. EDA officials said they plan to adjust regulations and 

processes over time to address issues and meet users’ needs.

 15EDA also solicited information from potential applicants by publishing a Federal Register

notice in April 2013 to collect information from lenders and manufacturers on their needs 

and how to design and structure a loan guarantee program to meet those needs. 

However, according to EDA officials, they received few responses to this notice, and it did 

not play an important role in developing the program.

EDA Has Coordinated 

with Other Agencies 

on Some Issues, but 

Has Not Clearly 

Differentiated ITM 

from Other Programs
Page 11 GAO-16-271 Manufacturing Loan Guarantees

Suggested practice Agency EDA planned action or response

Use a standardized agreement to ease challenges of 

working with multiple lenders.

DOE EDA plans to use a standardized agreement.

Leverage technology, including using electronic 

applications.

SBA EDA plans to allow lenders to submit electronic applications.

Use centralized loan processing centers to minimize 

costs.

SBA EDA officials were unsure whether the ITM program would 

have a high enough loan volume to justify centralized 

processing. 

Provide in-person support to borrowers and lenders 

through field offices.

USDA EDA’s current staffing levels do not allow for in-person 

support. However, EDA plans to coordinate with National 

Institute of Standards and Technology Hollings Manufacturing 

Extension Partnership program centers, Department of 

Commerce regional offices, and economic development 

districts to provide borrower and lender outreach.

Legend: Economic Development Administration (EDA); Department of Energy (DOE); U.S. Department of Agriculture (USDA); Small Business 

Administration (SBA)

Sources: GAO analysis of information gathered in interviews with agency officials. | GAO-16-271

EDA’s coordination with other agencies has helped avoid duplication of 

the effort those agencies have already expended in designing loan 

guarantee programs. However, as currently designed, the ITM program 

does not clearly differentiate its potential applicants from those of the 

comparable federal loan guarantee programs we identified. SBA’s 7(a) 

program, USDA’s Business and Industry Loans program, USDA’s 

Biorefinery, Renewable Chemical, and Biobased Product Manufacturing 

Assistance program, and DOE’s Federal Loan Guarantees for Innovative 

Energy Technologies program already provide loan guarantees to a 

similar pool of borrowers as those eligible for the ITM program, with 

roughly equivalent limitations. Areas of overlap between these four 

programs and the ITM program include the following:

• Business size. As required by COMPETES 2010, small and mediumsized manufacturers are to be eligible for the ITM program. Those 

businesses are also eligible for three of the four comparable 

programs. One program, SBA 7(a), is available only to small 

businesses.16

 16SBA defines small businesses based on either the number of employees or the amount 

of annual receipts. Within the manufacturing sector, SBA defines a small business by the 

number of employees. Using SBA definitions, a manufacturer may have up to 500, 750, 

1,000, 1,250, or 1,500 employees and qualify as a small business depending on the 

specific manufacturing industry. According to EDA officials, as defined in the draft 

regulations for the ITM program, a medium-sized business may have up to twice the 

maximum number of employees allowed in the SBA definitions for a small business.
Page 12 GAO-16-271 Manufacturing Loan Guarantees

• Business type. EDA officials expect that the ITM program will be 

open to only manufacturers producing, using, or commercializing 

innovative technologies. All four comparable programs allow such 

manufacturers to participate, and two of the programs—the USDA 

Biorefinery, Renewable Chemical, and Biobased Product 

Manufacturing Assistance program and the DOE Loan Guarantees for 

Innovative Energy Technologies program—are intended to support 

specific types of innovative technologies. According to an EDA 

analysis of SBA 7(a) loan data, roughly 11 percent of the loans made 

under SBA’s 7(a) program from October 1991 through March 2014 

were to manufacturers in subsectors identified as innovative. USDA 

officials estimated that about 25 percent of the agency’s Business and 

Industry program loan guarantees are issued to manufacturers.

• Maximum allowable loan amount. According to EDA officials, the 

ITM program will guarantee loans of up to $15 million.17 Three of the 

four comparable programs are able to guarantee loans of at least $15 

million.

• Maximum guaranteed portion of loan. The maximum loan 

guarantee percentage allowed under the ITM program is 80 percent. 

Each of the four comparable programs also allows for a loan 

guarantee percentage of 80 percent, but the percentages can vary 

depending on loan amounts or total project costs.

• Permitted uses of funds. The ITM program, according to EDA 

officials and program documents, will allow funds to be used to 

purchase land, buildings, and equipment, just like the four comparable 

programs we examined, but permissible uses of funds vary somewhat 

across programs. All four of the other programs also allow funds to be 

used for working capital or startup costs, though the ITM program will 

not, according to EDA officials and program documents.18

 17According to EDA officials, in general the maximum allowable loan amount under the 

ITM program will be $10 million, but can be expanded up to $15 million with permission of 

the Assistant Secretary of Commerce for Economic Development. 

18According to an EDA program document, the ITM program will require that business be 

for-profit, already be generating a product or service for sale in the U.S. marketplace, and 

pass a credit and cash flow analysis by the lender. In other words, the ITM program does

not plan to provide loan guarantees for proof-of-concept or startup funding.
Page 13 GAO-16-271 Manufacturing Loan Guarantees

Table 3 provides a more detailed comparison of the ITM program, as 

currently designed, and the SBA 7(a) program on which the ITM program 

is largely modelled. Appendix I provides a comparison of the ITM program 

to all four comparable programs we examined.

Table 3: Comparison of Economic Development Administration (EDA) Prospective Innovative Technologies in Manufacturing 

(ITM) Program and Small Business Administration (SBA) 7(a) Loan Guarantee Program

Program features EDA ITM SBA 7(a) 

Purpose Provide loan guarantees to small and mediumsized manufacturers for the use or production of 

innovative technologies

Provide loan guarantees to small 

businesses, including manufacturers, for a 

variety of purposes

Estimated credit subsidy budget 

authority for 2016

$5 million $0

Estimated guaranteed loan levels for 

2016

$70 million $21,000 million

Eligible business sizesa Small or medium Small

Allows or targets manufacturers Yes Yes

Allows or targets businesses 

producing, using, or commercializing

innovative technologies

Yes Yes

Maximum allowable loan amount Up to $15 millionb Up to $5 million

Maximum guaranteed portion of loan 80% 75 or 85%c

Maximum loan maturity Up to 10 years for machinery or equipment, and 

25 years for real estate, depending on the life of 

the asset

Up to 10 years, and up to 25 years for real 

estate or long lasting equipment

Examples of permitted uses of funds • Acquire land and buildings

• Construct buildings or renovate land and 

buildings

• Acquire machinery and equipment

• Acquire furniture and fixtures

• Acquire an existing business

• Refinance existing debt incurred for 

permitted uses

• Acquire land and buildings

• Construct buildings or renovate land 

and buildings

• Acquire fixed assets

• Acquire an existing business

• Purchase inventory, supplies, and raw 

materials

• Provide working capital

• Refinance existing debt incurred for 

permitted usesd

Sources: ITM program review document submitted by EDA to the Office of Management and Budget; and GAO analysis of program regulations and budget documents associated with each of the 

programs listed. | GAO-16-271

a

SBA defines small businesses based on either the number of employees or the amount of annual 

receipts. Within the manufacturing sector, SBA defines a small business by the number of 

employees. Using SBA definitions, a manufacturer may have up to 500, 750, 1,000, 1,250, or 1,500 

employees and qualify as a small business depending on the specific manufacturing industry.

According to EDA officials, as defined in the draft regulations for the ITM program, a medium-sized 

business may have up to twice the maximum number of employees allowed in the SBA definitions for 

a small business.
Page 14 GAO-16-271 Manufacturing Loan Guarantees

b

According to EDA officials, in general the maximum allowable loan amount under the ITM program 

will be $10 million, but can be expanded up to $15 million with permission of the Assistant Secretary 

of Commerce for Economic Development.

c

For the SBA 7(a) program, loans of $150,000 or less may receive a guarantee of up to 85% of the 

loan amount. Loans of more than $150,000 may receive a guarantee of up to 75% of the loan 

amount.

d

In addition, SBA officials stated that financing a start-up business as well as acquiring furniture, 

fixtures, machinery, and equipment are permitted uses of guaranteed loans.

EDA officials acknowledged that the ITM program is potentially 

duplicative with other federal loan guarantee programs in a number of 

respects. In addition, EDA officials said that it is possible that loan 

guarantees ultimately issued under the ITM program could be similar to 

those issued by another agency, such as SBA or USDA. However, as 

discussed, COMPETES 2010 directs the Secretary of Commerce to 

ensure, to the maximum extent practicable, that the activities carried out 

under the ITM program are coordinated with, and do not duplicate, the 

efforts of other federal loan guarantee programs. GAO’s fragmentation, 

overlap, and duplication analysis guide states that one way to help 

minimize duplication among government programs is to identify and 

target service gaps that the programs could fill.19 Targeting can be 

accomplished by using program eligibility parameters and marketing and 

outreach to aim the program at more specific segments of a potentially 

eligible population in need of access to capital that might not be served or 

are underserved by other federal programs.

While EDA officials coordinated with other agencies to design the ITM 

program, they did not work with agencies specifically to target service 

gaps—in this case, capital access gaps—because they have not yet 

developed a marketing and outreach strategy for the program. A 2011 

study commissioned by MEP about the capital access needs of small and 

medium-sized manufacturers identified several capital access gaps 

resulting in potentially underserved populations for federal loan 

guarantees. Specifically, the report, which NIST provided to EDA, 

identified gaps in capital access based on several characteristics, for 

example, as follows:

• Size: The report specifically identifies gaps in the availability of capital 

for manufacturers with less than 200 employees, restricting their 

ability to grow and compete. In addition, MEP reported that there are 

 19GAO-15-49SP.
Page 15 GAO-16-271 Manufacturing Loan Guarantees

38 federal government programs that specifically target 

manufacturing, but many are not fully accessible to small 

manufacturers or do not target funds directly for small and mediumsized companies. The MEP report further identified a gap in small 

manufacturers’ awareness of sources of capital.

• Growth stage: According to the MEP report, early-stage companies 

may experience larger gaps in capital access than businesses in 

advanced stages of growth, hindering their ability to fund activities 

such as product design and improvement. One reason early-stage 

companies may have a harder time obtaining funding is that lenders 

and investors see them as more risky. For example, early-stage 

companies may not be able to demonstrate financial strength by 

providing a consistent history of profitability.

SBA officials stated that EDA did not specifically seek information from 

them on how to target the ITM program so as not to duplicate the efforts 

of SBA’s loan guarantee programs. As a result, EDA has not taken full 

advantage of SBA officials’ expertise regarding the types of small 

manufacturers that receive support through the 7(a) program and those 

that do not, to help identify potential capital access gaps. SBA officials 

said that they spend a significant amount of time trying to determine 

potential applicants not being served by their loan guarantee programs. 

Officials said they use internal SBA data and information gathered from 

industry representatives to inform discussions on the topic. SBA officials 

said that new and early-stage businesses are the most challenged in 

terms of capital access.

EDA also coordinated with NIST on some aspects of the ITM program, 

but its coordination was not focused on targeting capital access gaps. 

According to a NIST official, EDA officials coordinated with NIST about 

relevant topics such as the optimal loan sizes and loan guarantee 

percentages to support small and medium-sized manufacturers. In 

addition, a NIST official said that he discussed how to define innovative 

technologies with EDA officials. EDA officials said they reviewed the MEP 

report in order to determine demand for the ITM program and inform its 

design.20 However, EDA did not specifically coordinate with NIST about 

how to help address the capital access gaps identified in the report, 

 20NIST MEP, Connecting Small Manufacturers with the Capital Needed to Grow, 

Compete, and Succeed.
Page 16 GAO-16-271 Manufacturing Loan Guarantees

according to a NIST MEP official. EDA officials stated that they intend to 

work with NIST by using its MEP centers to conduct ITM program 

marketing and outreach to borrowers and manufacturers. However, 

according to a NIST MEP program official, as of November 2015, EDA 

had not worked with NIST to develop marketing materials or an outreach 

strategy, or discussed other ways to ensure that the ITM program 

addresses capital access gaps. As a result, EDA has not taken full 

advantage of NIST’s and its MEP centers’ expertise regarding the capital 

needs of small and medium-sized manufacturers. Coordinating more 

extensively on targeting marketing materials and outreach efforts to 

potential applicants in need of access to capital could give EDA greater 

assurance that ITM program loan guarantees will not duplicate the efforts 

of other federal loan guarantee programs.

Technological innovation drives the development of new products and 

improved processes, allows the U.S. manufacturing sector to remain 

competitive in the global marketplace, and stimulates economic growth. 

COMPETES 2010 directed the establishment of the ITM program to help 

small and medium-sized manufacturers gain access to the capital they 

need for the use or production of innovative technologies. While EDA has 

taken a number of steps to implement the program, key tasks remain 

before loan guarantees can be issued, such as finalizing program 

regulations and developing marketing materials and outreach plans. EDA 

has coordinated with several agencies on program design, but 

coordination on targeting the program through, for example, developing 

marketing materials and a strategy to conduct outreach to potential 

applicants in need of access to capital has been limited. The result is that, 

as currently designed, the ITM program does not clearly differentiate its 

potential applicants from those already served by other federal loan 

guarantee programs. Working with SBA and NIST to examine how the 

ITM program could fill capital access gaps not filled by other federal 

programs, and then marketing the program to target those gaps could 

help EDA ensure, as COMPETES 2010 directs, that ITM program 

activities do not duplicate the efforts of other federal loan guarantee 

programs.

To better ensure that the activities carried out under the ITM program do 

not duplicate the efforts of other federal loan guarantee programs, such 

as SBA’s 7(a) program, the Secretary of Commerce should direct EDA to 

work with SBA and NIST to further identify any gaps in capital access that 

Conclusions

Recommendation for 

Executive Action
Page 17 GAO-16-271 Manufacturing Loan Guarantees

may be present that the program could fill, and then develop marketing 

materials and conduct outreach to help target those gaps.

We provided a draft of this report for review and comment to the 

Secretaries of Agriculture, Commerce, and Energy; Director of the Office 

of Management and Budget; and Administrator of the Small Business 

Administration. In its written comments, reproduced in appendix II, 

Commerce concurred with our recommendation and said that EDA will 

work with SBA and NIST to further identify capital access gaps that can 

be filled by the ITM program. Commerce also noted that there can be no 

assurance that loan guarantees provided by the ITM program will never 

duplicate the efforts of other agencies’ programs. However, our 

recommendation to work with SBA and NIST to identify capital access 

gaps and then target those gaps in marketing the program would better 

ensure that the activities carried out under the ITM program do not 

duplicate the efforts of other federal loan guarantee programs, not 

eliminate the possibility of duplication completely. In addition to 

Commerce’s written comments, EDA provided technical comments, which 

we incorporated as appropriate. EDA also included a more general 

comment suggesting that GAO emphasize that EDA has taken significant 

steps to implement the program. In our report, we note that EDA has 

taken a number of steps to implement the program. However, as outlined 

in table 1, several key steps remain before EDA can provide loan 

guarantees. DOE and SBA also provided technical comments that we 

incorporated, as appropriate. USDA and OMB indicated they had no 

comments on the report. 

We are sending copies of this report to the appropriate congressional 

committees; the Secretaries of Agriculture, Commerce, and Energy; the 

Director of the Office of Management and Budget; and the Administrator 

of the Small Business Administration. In addition, the report is available at 

no charge on the GAO website at http://www.gao.gov.

If you or your staff members have any questions about this report, please 

contact me at (202) 512-3841 or neumannj@gao.gov. Contact points for 

our Offices of Congressional Relations and Public Affairs may be found 

Agency Comments 

and Our Evaluation
Page 18 GAO-16-271 Manufacturing Loan Guarantees

on the last page of this report. GAO staff who made key contributions to 

the report are listed in appendix III.

John Neumann

Director, Natural Resources and Environment
Appendix I: Comparison of Economic 

Development Administration (EDA) 

Prospective Innovative Technologies in 

Manufacturing (ITM) Program and Four 

Comparable Programs

Page 19 GAO-16-271 Manufacturing Loan Guarantees

Table 4 below shows how the Economic Development Administration’s 

Innovative Technologies in Manufacturing loan guarantee program 

compares to the four comparable programs we examined.

Table 4: Comparison of Economic Development Administration (EDA) Prospective Innovative Technologies in Manufacturing 

(ITM) Program and Four Comparable Programs

Program features EDA ITM SBA 7(a) 

USDA Business 

and Industry

USDA Biorefinery, 

Renewable Chemical, 

and Biobased 

Product 

Manufacturing 

Assistance 

DOE Innovative 

Energy Technologies

Purpose Provide loan 

guarantees to 

small and 

medium-sized 

manufacturers for 

the use or 

production of 

innovative 

technologies

Provide loan 

guarantees to 

small businesses, 

including 

manufacturers, for 

a variety of 

purposes

Provide loan 

guarantees to 

improve, develop, or 

finance business, 

industry, and 

employment and 

improve the 

economic and 

environmental 

climate in rural 

communities

Provide loan 

guarantees to assist 

the development of

advanced biofuels, 

renewable chemicals 

and biobased products 

manufacturing facilities

Provide loan 

guarantees for projects 

that employ new or 

significantly improved 

technologies in energy 

projects that avoid, 

reduce, or sequester 

air pollutants or 

greenhouse gases

Estimated credit 

subsidy budget 

authority for 2016

$5 million $0 $43 million $50 million $28 milliona

Estimated 

guaranteed loan 

levels for 2016

$70 million $21,000 million $1,106 million $225 million $198 million

Eligible business 

sizesb Small or medium Small Any size Any size Any size

Allows or targets 

manufacturers

Yes Yes Yes Yes Yes

Allows or targets 

businesses 

producing, using, 

or commercializing 

innovative 

technologies

Yes Yes Yes Yes Yes

Maximum 

allowable loan 

amount

Up to$15 millionc Up to $5 million Up to $25 million, or 

$40 million for 

cooperatives 

Up to $250 million, or 

80% of project costs

No maximum allowable 

loan amount, but 

amount must not 

exceed 80% of eligible 

project costs

Appendix I: Comparison of Economic 

Development Administration (EDA) 

Prospective Innovative Technologies in 

Manufacturing (ITM) Program and Four 

Comparable Programs
Appendix I: Comparison of Economic 

Development Administration (EDA) 

Prospective Innovative Technologies in 

Manufacturing (ITM) Program and Four 

Comparable Programs

Page 20 GAO-16-271 Manufacturing Loan Guarantees

Program features EDA ITM SBA 7(a) 

USDA Business 

and Industry

USDA Biorefinery, 

Renewable Chemical, 

and Biobased 

Product 

Manufacturing 

Assistance 

DOE Innovative 

Energy Technologies

Maximum 

guaranteed portion 

of loan 

80% 75 or 85%d 60 to 90% 60 to 90%e No maximum allowable 

guarantee portion

Maximum loan 

maturity

Up to 10 years for 

machinery or 

equipment, and 

25 years for real 

estate, depending 

on the life of the 

asset

Up to 10 years, 

and up to 25 years 

for real estate or 

long lasting 

equipment

Up to 7 years for 

working capital, 15 

years for machinery 

and equipment, and 

30 years for real 

estate

Up to 20 years or the 

useful life of the project

Up to 30 years or 90% 

of the useful life of 

major physical assets

Examples of 

permitted uses of 

funds

• Acquire land 

and buildings

• Construct 

buildings or 

renovate 

land and 

buildings

• Acquire 

machinery 

and 

equipment

• Acquire 

furniture and 

fixtures

• Acquire an 

existing 

business

• Refinance 

existing debt 

incurred for 

permitted 

uses

• Acquire land 

and buildings

• Construct 

buildings or 

renovate land 

and buildings

• Acquire fixed 

assets

• Acquire an 

existing 

business

• Purchase 

inventory, 

supplies, and 

raw materials

• Provide 

working 

capital

• Refinance 

existing debt 

incurred for 

permitted 

usesf

• Acquire land

and buildings

• Construct 

buildings or 

renovate land 

and buildings

• Acquire 

machinery and 

equipment

• Acquire an 

existing 

business

• Purchase 

inventory and 

supplies

• Provide working 

capital and 

startup costs

• Provide 

pollution control 

and abatement

• Refinance 

existing debt to 

support viable 

projects 

• Acquire land and 

buildings

• Construct 

buildings or 

renovate land and 

buildings

• Acquire equipment

• Acquire permits 

and licenses

• Acquire 

professional 

services

• Acquire insurance 

and bonds

• Pay for financing 

costs

• Provide working 

capital

•

• Acquire land and 

buildings

• Construct 

buildings or 

renovate land and 

buildings

• Acquire equipment

• Provide safety and 

environmental 

protection

• Acquire 

professional 

services

• Acquire insurance 

and bonds

• Acquire licenses

• Maintain a 

contingency 

reserve for 

construction

• Pay for design, 

engineering, and 

startup costs

Legend: Small Business Administration (SBA); U.S. Department of Agriculture (USDA); Department of Energy (DOE)

Sources: ITM program review document submitted by EDA to the Office of Management and Budget, and GAO analysis of program regulations and budget documents associated with each of the 

programs listed. | GAO-16-271

a

Under the Innovative Energy Technologies program, some loan guarantee borrowers are required to 

pay the credit subsidy cost of their loan. For the purposes of this report we are not including budget 

authority or estimated guaranteed loan levels for this type of loan guarantee. This type of loan 

guarantee is not comparable to ITM program loan guarantees because the ITM program covers credit 

subsidy costs.

b

SBA defines small businesses based on either the number of employees or the amount of annual 

receipts. Within the manufacturing sector, SBA defines a small business by the number of 

employees. Using SBA definitions, a manufacturer may have up to 500, 750, 1,000, 1,250, or 1,500 
Appendix I: Comparison of Economic 

Development Administration (EDA) 

Prospective Innovative Technologies in 

Manufacturing (ITM) Program and Four 

Comparable Programs

Page 21 GAO-16-271 Manufacturing Loan Guarantees

employees and qualify as a small business depending on the specific manufacturing industry.

According to EDA officials, as defined in the draft regulations for the ITM program, a medium-sized 

business may have up to twice the maximum number of employees allowed in the SBA definitions for 

a small business.

c

According to EDA officials, in general the maximum allowable loan amount under the ITM program 

will be $10 million, but can be expanded up to $15 million with permission of the Assistant Secretary 

of Commerce for Economic Development.

d

For the SBA 7(a) program, loans of $150,000 or less may receive a guarantee of up to 85% of the 

loan amount. Loans of more than $150,000 may receive a guarantee of up to 75% of the loan 

amount.

e

For the USDA Biorefinery, Renewable Chemical, and Biobased Product Manufacturing Assistance 

program, loans of$150 million or less may receive a guarantee of up to 80% of the loan amount. If 

certain conditions are met, loans of $125 million or less may receive a guarantee of up to 90% of the 

loan amount.

f

In addition, SBA officials stated that financing a start-up business as well as acquiring furniture,

fixtures, machinery, and equipment are permitted uses of guaranteed loans.
Appendix II: Comments from the Department 

of Commerce

Page 22 GAO-16-271 Manufacturing Loan Guarantees

Appendix II: Comments from the Department 

of Commerce
Appendix II: Comments from the Department 

of Commerce

Page 23 GAO-16-271 Manufacturing Loan Guarantees
Appendix III: GAO Contact and Staff 

Acknowledgments

Page 24 GAO-16-271 Manufacturing Loan Guarantees

John Neumann, (202) 512-3841 or neumannj@gao.gov

In addition to the individual named above, Chris Murray (Assistant 

Director), Natalie Block, Kevin Bray, Mark Braza, Marcia Carlsen, Emily 

Eischen, Ellen Fried, Cole Haase, Steve Komadina, Gerald Leverich, 

Cody Raysinger, and Jack Wang made key contributions to this report.

Appendix III: GAO Contact and Staff 

Acknowledgments

GAO Contact

Staff 

Acknowledgments

(361640)
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