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ExpectMore.govExpectMore.gov home pageEXPECT FEDERAL PROGRAMS TO PERFORM WELL, AND BETTER EVERY YEAR.
Program Assessment

Program

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Maritime Administration Guaranteed Loan Program (Title XI)

The Title XI loan guarantee program was created to promote the growth and modernization of of the U.S. merchant marine and U.S. shipyards by enabling owners of eligible vessels and shipyards to obtain long-term financing on terms and conditions that might not otherwise be available.

Rating

What This Rating Means

PERFORMING
Moderately Effective

In general, a program rated Moderately Effective has set ambitious goals and is well-managed. Moderately Effective programs likely need to improve their efficiency or address other problems in the programs' design or management in order to achieve better results.
  • The program addresses a specific and existing problem. Long-term financing at attractive interest rates is not generally available from domestic commercial lending sources due to risk inherent in the cyclical nature of the shipping industry.
  • Independent evaluations of the program reported the need for additional controls and reforms to improve the management of the program and its loan portfolio. Subsequent evaluations have recognized implementation of recommended controls and reforms. The program has not experienced a default in three fiscal years.
  • In 2005, the most recent year in which guaranteed loan activity occurred, the program directly stimulated approximately $178 million in U.S. shipyard activity, approximately five dollars for each dollar of credit subsidy expended.

Improvement Plan

About Improvement Plans

We are taking the following actions to improve the performance of the program:

  • Implementing a comprehensive computerized portfolio monitoring system to improve performance of the financial statement review goal to at least baseline level.
  • Reassessing shipyard leverage performance measures and goals when appropriations are provided for subsidized lending activity.

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