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Data quality affecting small business loans

Rachel Wheeler

March 26, 2010

Archive

Inaccurate and poor data quality is playing a large role in the number of contracts being handed to small businesses, it has been announced.

A new survey has found that the Small Business Association (SBA), which is designed to protect the interests of small organizations, has been giving out more contracts than necessary.

The research, detailed in a government report, shows that in total 92 per cent of the deals conducted by the SBA contained errors caused by inaccurate data.

According to the Miami Herald, the SBA claimed that a lack of resources and an increasing workload had "hindered its ability to fully implement the Data Quality Plan that should have caught the errors".

Meanwhile, the report concluded that "inaccurate information is being made available to Congress and the public on SBA contracting activities, including potential Recovery Act actions".

Earlier this month, an article by DMNews stated that businesses must ensure that they regularly tested their data to ensure that it remained current and correct.

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