Study: SBA loans going to luxury retailers, resorts
By Bruce Parker, Fox News
The Small Business Administration is the federal agency that helps “little guy” businesses get loans they couldn’t get through traditional lenders. Or so the story goes.
According to a 2014 federal oversight report from public research group American Transparency, taxpayer-backed SBA loans are popular with businesses serving “wealthy lifestyles.”
Found among the list of borrowers were Rolex and Lamborghini dealers, Napa Valley wineries, Sears and State Farm affiliates, Jackson Hole and Lake Tahoe resorts, and Levine Leichtman Capital Partners in Beverly Hills — not your typical mom-and-pop shops.
