For the Good of Illinois

OpenTheBooks Oversight Report - U.S. Small Business Administration

December 1, 2014 05:00 PM
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"In America, we should never demonize success, but we don't need to subsidize it either."
 
Federal Transfer™ Report- SBA Loans Serving Wealthy Lifestyles, click here to download
 
FederalTransfer
 
SMALL BUSINESS ADMINISTRATION
SBA LOANS SERVING THE WEALTHY LIFESTYLE 
 
Fiscal Years 2007-2013: Quantifying SBA loans serving the Wealthy Lifestyle 
 
 
 
For the first time, we quantify the SBA Loans Serving Wealthy Lifestyles.  
 
Among our findings:  
• $67.23 billion in Federal Transfer™ SBA loans and loan guarantees flowed to 34,677 entities with a minimum amount of $1 million (FY2007-2013). 
 
• Amid the $1 million SBA Wealthy Lifestyle loan recipients are: 
- members-only country clubs 
- high-end private clubs for yachting, skiing, shooting, surfing, & smoking cigars
- wineries- including those in Napa Valley and Sonoma, CA
- lodges and resorts in Jackson Hole, Cape Cod, Palm Beach, Lake Tahoe, etc.
- millions of dollars to high-end pet resorts
- exclusive Rolex and other up-scale, affluent jewelers
- Lamborghini and other luxury auto dealers
- aesthetic enhancement and plastic surgery clinics
- helicopter tour companies, BMW motorcycle dealers
- injury lawyers; artistic dental firms
- venture capital, mezzanine finance & private investment pools
- specialty entities including golf courses, marinas & more! 
 
• 101% increase in $1+ million SBA loans and loan guarantees during the last three years of the Obama Administration (2011-2013) vs. the period (2008-2010). $1+ million SBA loans amounted to $9.285B (2007), $6.937B (2008), $4.52B (2009), $7.87B (2010), $13.01B (2011), $11.006B (2012), and $14.767B (2013). 
 
Read our Federal Transfer™ Report- SBA Loans Serving Wealthy Lifestyles, here.
 
Examples from our report:
 
A. The Top 48 Private Clubs received $100 million in SBA loans and guarantees: 1. Horseshoe Bend Country Club, Marietta, GA ($5.0 million); 2. Crystal Falls Golf Club, Dawsonville, GA ($4.28 million); 3. Olympic Athletic Club, Seattle, WA ($4.807 million); 4. Stafford Hills Club, Tualatin, OR ($4.286 million); 5. West Hills Country Club, Middletown, NY ($4.248 million)
B. Nearly $60 million flowed into exclusive Rolex jewelers and other high-end luxury jewelers across America including M.K. Diamonds & Jewelry, Beverly Hills, CA ($3.894 million) and Bentrani Watches, Miami, FL ($5.0 million).
C. $75.946 million flowed to 49 high-end, luxury pet resorts including Wagmore Pet Resort, Boerne, TX ($3.855 million)- a state-of-the-art" pet resort and Animal House Pet Hotel, Atlanta, GA ($2.0 million)
D. $17.674 Million flowed to 14 high-end limousine companies including Diva Limousine, Burbank, CA ($2.097 million)- chauffeuring Hollywood stars and starlets. 
E. $250 Million flowed to subdivisions of Fortune 100 companies to fund national rollouts of their distribution networks. Walmart ($13 million), Chevron/Texaco ($109.534 million), Ford Motor Co ($67.612 million), General Motors ($22.079 million), Sears ($9.235 million)
F. $9.219 Billion flowed into venture capital, capital partner firms, mezzanine finance firms, private investor funds and pools including Hercules Technology, Palo Alto, CA ($298.8 Million); BB&T Capital, Winston Salem, NC ($278.755 Million); 3. Gemini Investors, Wellesley Hills, MA ($233.56 Million); 4. Fifth Street Mzzanine Partner, White Plains, NY ($225 Million); 5. Capitalsouth Partners, Charlotte, NC ($188.50 Million)
 
Read our Federal Transfer™ Report- SBA Loans Serving Wealthy Lifestyles, click here.
 
 
Adam
Adam Andrzejewski
founder, OpenTheBooks.com
Chairman, American Transparency
 

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