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...
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.