Co-authored by Sarah Cunningham
Federal credit is a valuable tool in advancing a host of policy priorities, including economic development, small business creation, homeownership, higher education, and infrastructure to support a 21st-century economy. Federal agencies are on the hook for effective implementation—establishing the people, processes, and systems necessary to manage the program in a manner that maximizes progress on policy goals while minimizing risk to the taxpayer.
Credit program administration requires highly specialized skills, experience, and capabilities. While some capabilities are specific to a given program or agency, others are common across federal credit programs of a similar type or sector. Where needs are similar, shared services enable agencies to realize economies of scale and efficiencies from using existing infrastructure to advance progress without increasing risk. However, the complexity of shared services can lead to delays, increased cost, or other risks for the credit agency. When successful, these collaborations save time and budget. When unsuccessful, efficiencies may not materialize and can result in greater risk and cost compared to working alone.
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