Feds back defaulted loans for luxury businesses like Lamborghini dealers

IllinoisWatchdog-

The Small Business Administration recently got into the Lamborghini business not once, but twice  just two of more than $8.7  billion worth of failed loan guarantees that potentially left taxpayers on the hook for nearly $1 billion,  a Watchdog.org investigation found.

Lamborghini

Since 2009, SBA lenders charged off  loans backed partly by taxpayer dollars, including $139 million for liquor stores  and bars, $56 million for car dealerships, $25 million for country clubs, about $21 million for boat dealers,  and $4.5 million for wineries, an SBA database Watchdog.org obtained through the Freedom of Information Act shows.

Watchdog.org found former executives of companies that the database shows failed to make good on the loans still running businesses and in one case apparently living a lavish lifestyle.

more

4 Comments on Feds back defaulted loans for luxury businesses like Lamborghini dealers

  1. Both me and one of my sisters started our respective businesses through the SBA. A rigorous process. We paid it all back. There wasn’t any white privilege, just hard work.

Comments are closed.