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Greenlight recently served a federal lawsuit on BLX, its wholly-owned subsidiary Business Loan Center (BLC) and several individuals with claims arising under the federal False Claims Act relating to tens of millions of dollars of fraudulent SBA 7(a) shrimp boat loans extended through the General Purpose Lender Program.
Increase the number of non-bank lenders eligible to process SBA loans.
Those unable to dial into SBA ON-LINE can obtain more information about the SBA by calling their local SBA office or by calling the SBA Answer Desk at 800-827-5722.
The pilot program gives entrepreneurs an edge, Leong notes, since the SBA will focus on the owner's ability to sustain a new venture.
Toward this end, Bowles will work within the President's National Economic Council, becoming the first SBA head to do so.
However, there have been 13 federal investigations by agencies including the SBA Inspector General, the Government Accountability Office and the SBA's Office of Advocacy, that have found that billions of dollars in contracts Congress earmarked for small business actually wound up in the coffers of firms including Lockheed, Boeing, Bechtel, Northrop Grumman, General Dynamics, Hewlett-Packard, Microsoft, and Rolls Royce.
The dollar volume of SBA loan guarantees, which average $240,000 in size, shot up 37% in fiscal 1992, to $5.
Funds for the loans are obtained through the private bond market, and the maximum loan amounts are higher than any other SBA program.
The SBA in and of itself is inefficient," contends Jimmie Taylor, president of Alaska Quality Control & Technical Services Ltd.
ASBL offered the reward to show that the majority of small business contracts the SBA claims were awarded to small businesses in 2005 actually went to corporate giants in the defense and aerospace industry.