BREAKING REPORT:
More than $170 billion in Small Business Administration (SBA) lending during the past five-years. Where did the money go? Unfortunately, mom and pop businesses on Main Street aren't the top recipients.
$12.2 billion in lending went to Wall Street. $120 million went to private country clubs, beach clubs, swim clubs, tennis clubs and yacht clubs across America. In fact, $1 million loans comprised 57-percent of all lending activity. We found $16 billion in bad loans (failed lending)!
Small Business Administration (SBA) by the Numbers:
$170 billion – taxpayer obligations – lending activity FY2014 – FY2018;
$16.5 billion – bad debt portfolio – failed lending FY2010 – FY2018;
1,633% increase – in disaster lending FY2014 – FY2018. The SBA nows gives housing loans to individual residents;
$40,743 – entities receiving a $1 million loan during FY2014 – FY2018. That's 57-percent of the portfolio or $94 billion. Face amounts of $500,000 or more represent 75-percent of the portfolio during the past five-years;
$120 million – flowed into private country clubs, golf clubs, tennis clubs, beach and swim clubs, and yacht clubs across America.