Texas golf course, whose owner was cited by a lender as saying “people were more interested in staying home and watching the attack on television than playing golf.” However, the course was owned by someone else when the attacks took place and the justification for the $480,000 in loan guarantees did not apply to the new owner, the report said.
The tanning salon’s lender blamed the September 11 attacks for hurting the Las Vegas casino industry which employed many of the salon’s customers.
However, the inspector general found the salon’s business had grown by 52 percent in 2001 and 32 percent in 2002 and said there was no evidence the owner could not borrow outside of the program. The SBA guaranteed $437,000 in loans to the salon, which were used to expand.
The Illinois candy shop received $21,250 in guarantees but could not back up its claim that the attacks had delayed the shop’s opening, the report said.
A leading Senate Republican called for further investigation, but the Small Business Administration said the program was properly implemented.
There is that statement again – - – “properly implemented”. How could it have been properly implemented when 85 percent of the “reviewed” sample loans could not be verified as to whether the companies were even eligible. Then to go a step further some loan recipients who have been interviewed weren’t even aware that the loan they had received was obtained from these funds. Properly implemented? I don’t think so….
what:?:
I’ve obviously been doing something wrong. I’ve spoken with the SBA about getting a loan to either start a business or buy out one a number of times and have basically been told that unless I have enough in outside income and assets to not need the money, they won’t lend me any. Obviously the correct path for me to have taken would’ve been to lie. Even when I had documentation to PROVE that the business I was wanting to buy had grown over 50% in the year since I had taken over as manager, I couldn’t get an SBA loan to buy it when the company decided to sell or close all of their stores. I even had sources for lower cost goods than the company was charging the stores for and couldn’t get an SBA loan.
The SBA is like most government programs, great on paper but reality is another story.
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