For the Good of Illinois

Subscriber Special - $24.2 Billion Bad Loan Portfolio at SBA

September 7, 2016 10:35 AM
(not rated)
2016-08-08_12-27-13
 
Playing the 'Big Six Wheel' in Las Vegas has better odds than large tranches of the Small Business Administration's loan portfolio
- ever paying off. 
 
 forbes_logo
PICKING THE LOSERS OVER THE WINNERS 
AT THE U.S. SMALL BUSINESS ADMINISTRATION
Forbes | September 7, 2016
 
2016-09-07_16-33-15
TRUTH IN LENDING: THE SBA's $24.2 BILLION 
BAD LOAN PORTFOLIO
 
It's like apple pie and baseball. The U.S. Small Business Administration finances the American Dream... or does it?

Here's a sample of our findings:
  • In some years, such as 2007, one of every three SBA loans was "charged-off" against taxpayers. 
  • The $24.2 billion bad loan portfolio at the SBA (2000-2015) is larger than the annual budgets of 26 states.
  • 1.4 million workers were dislocated when they lost their jobs after an SBA backed company went belly-up.
 
Did the SBA really pour $61.4 million into now-defunct country clubs and golf courses across America?
 
Did the SBA bankers really miss the coming of the digital revolution by backing printers, newspaper mills, lumber mills, and book publishers with $412 million?
 
What about bankrolling Blockbuster video franchises in 2006?
 
And much more... 
 
Click here to see an interactive map of the $24.2 billion in failed SBA loans since 2000. Who did the SBA fund in your ZIP code that "charged-off" their loan?  
 
Why is government in this business? The SBA picked 160,000 losers amounting to $24.2 billion in lending since 2000.
 
 
It's Your Money. Join The Transparency Revolution!
 
 
 
 
Adam Andrzejewski (say: Angie-f-ski)
Founder and CEO, OpenTheBooks.com 
 
Matthew Tyrmand
Deputy Director
         
PS. Our new video describes how our data and technology can help you stop government waste!  Watch it here.
 
Help fund our movement with a special Crowdfunding donation of $1, $50, $100, or more,  please click here.    
  • $1 or more receives our OpenTheBooks bumper sticker
  • $50 - $74 receives a cotton OpenTheBooks.com baseball cap
  • $75 or more receives a hardcover copy of U.S. Senator (retired) Dr. Tom Coburn's book, The Debt Bomb.
Together, we are a strong team. Please click here to help our mission.
 
2015-11-04_14-17-38
 

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