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Monday, August 15, 2011

SBA Rebukes Banco Popular for Liar Loans

SBA Rebukes Banco Popular for Liar Loans
One of America's major lenders of small business administration loans has been sharply rebuked by the Small Business Administration for participating in financial chicanery. The bank accepted unrealistic earnings projections for Huntington Learning franchises when they should have known better. As the country plunged into recession in 2008, Banco Popular was the country's 16th largest issuer of S.B.A.-backed business loans, according to a 2009 BusinessWeek article. But these are humbler times and Banco Popular now finds itself scolded by the government. The earnings projections used by Popular to qualify for a small business loan for a Huntington Learning Center franchise have been found to be habitually overstated. The problem is that there is published information to show those projections to be pie-in-the-sky. . . . keep reading about Small Business Lending


Medical Professional Practice Loans (for Doctors, Dentists and Veterinarians)

·         Program – SBA 7a

·         Amounts – from $250,000 to $5,000,000

·         Advances – Up to 100% financing available

·         Purpose – practice and/or fixed asset acquisition, refinancing, and working capital

·         Terms – up to 10 years for business & equipment acquisitions, up to 25 years (if real estate included)

·         Rates – floating and fixed available based off of the Prime Index

·         Collateral – 1st position on business assets required


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