Small Business Administration (SBA) Loan Fraud: Payouts Show Magnitude of Issue

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Small Business Administration (SBA) Loan Fraud: Payouts Show Magnitude of Issue (archive.is)

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7-11 corp owns the store. They mortgage it to an immigrant who gets an SBA loan for the full amount. The immigrant pays for 18 months and then stops. They pocket the next 6 months of receipts and go back to India. 7-11 corp forecloses on the property and resells it to the next one. The US taxpayer is left holding the bag because the loan was to the individual and not 7-11. Billions are wasted.

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