"It's an incredible fleecing of taxpayers. We need to embarrass Congress into reining in this agency (SBA) that keeps ripping off taxpayers year after year."
U.S. Senator Tom Coburn
Government Loans to Small Businesses Turn into Boondoggle
Editorial by Stephen Moore | December 3, 2014
Read today's Investor's Business Daily here
Yesterday, our Federal Transfer Report- SBA Loans Serving the Wealthy Lifestyle exposed public loans and guarantees for private country clubs, golf resorts, yacht clubs, pet resorts, upscale plastic surgeons, wineries and other businesses catering to the lifestyles of the very wealthy.
In fact, we exposed billions of dollars in Small Business Administration (SBA) lending to companies serving the Wealthy Lifestyle. Read our Federal Transfer Report- SBA click here
Today, Investor's Business Daily showcases our SBA report and digs deeper into the "small business" lending agency...
Amongst Stephen Moore's findings:
1. $27 billion in SBA loans and guarantees are "charged-off" since 2005.
2. Less than 1% of all start-up companies receive an SBA loan
3. 1 in 4 SBA loans involved improper payments
4. Over half of the "small business" lending actually flowed to "big businesses"
Read Stephen Moore's editorial in Investor's Business Daily.
Here are the highlights of our SBA report:
1. $160 million in loans and guarantees flowed to exclusive "members only" clubs
2. $9.2 billion flowed to investment bankers- a taxpayer backstop for their investments
3. $60 million in lending to Rolex and other high-end jewelers
4. $760 million flowed to businesses serving "luxury indulgences"- plastic surgeons, limo's, Lamborghini, wineries, breweries, Grand Canyon helicopter tour companies, beauty spa's and more
5. $4.2129 billion in lending to vacation destinations for people and luxury resorts for pets
Read our Federal Transfer Report- SBA Loans Serving Wealthy Lifestyles, click here.
Are there Million Dollar SBA Loans In Your Hometown? Click here to slice, dice and display the list of 35,000 loans by state, town, recipient, or sort by amount at OpenTheBooks.com.
Chairman, American Transparency
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