SBA Comments on Loans to Poultry Farmers
WASHINGTON, March 9, 2018 /PRNewswire-USNewswire/ -- This week, the U.S. Small Business Administration received a report from its Inspector General on loans made to poultry farmers. The report focuses on 11 loans that were made from FY 2012 - FY 2016 and, by extension, questioned whether the remaining 1,500 poultry loans made during that five year period met SBA's eligibility requirements. The SBA has reviewed those 11 loans, and confirmed that they were correctly made in accordance with Agency policy at the time. The loan guarantees will continue to be honored for those and other similar poultry loans. As always, SBA loan guarantees are backed by the full faith and credit of the U.S. Government.
Small business loans are at the core of the SBA mission, and the Agency is examining the policies and procedures around poultry loans to ensure SBA loans continue to be directed towards those small businesses most in need of assistance.
About the U.S. Small Business Administration
The U.S. Small Business Administration (SBA) was created in 1953 and is a Cabinet-level agency of the federal government to aid, counsel, assist and protect the interests of small business concerns, to preserve free competitive enterprise and to maintain and strengthen the overall economy of our nation. The SBA helps Americans start, build and grow businesses, and recover from disasters. Through an extensive network of field offices and partnerships with public and private organizations, the SBA delivers its services to people throughout the United States, Puerto Rico, the U.S. Virgin Islands and Guam. To learn more about SBA, visit www.sba.gov.
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Contact: [email protected] |
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Internet Address: http://www.sba.gov/news |
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Release Number: 18-15 |
SOURCE U.S. Small Business Administration
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