House Examines SBA's Outdated Loan Management Systems
Rep. Nydia M. Velazquez (D-NY), the Ranking Democrat on the House Committee on Small Business said, "When the SBA's loan management systems were first developed in the 1970s, they were state-of-the-art. Although it has been more than forty years since then, many of these "Legacy Systems" are still in service. Today, they manage more than $90 billion in credit, investments, and loan guarantees - far more than when they were first put in place. As they have grown more obsolete, the SBA has founding it increasingly more difficult to maintain data integrity, keep information secure, and accurately account for loans. Although SBA has pursued various efforts to upgrade and modernize the Legacy Systems, these efforts have met with minimal success… keep reading about Small Business Lending
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