MnSpring
Serious Thumper
Offline
Younger than most people my age.
Posts: 9347
Minn
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The SBA, (Small Business Loans),
This is how it worked in the mid 70’s to late 80’s. (And looks like it works the same today)
Get several hundred thousand from a local bank, up to 85% Guarantied by the SBA.
Start the business, make the payments, then 6 +/- months, talk to the bank, and tell them you’re going to be a little short, but you will make it up. Be nice, contrite, schmooze, perhaps some little, ‘gifts’. All the time payments on the loan are getting little less and the REAL incoming money coming in is getting more ! (Of Course IRS # are fudged)
Then one day, no more payments, 3 months later notice is served, doors close, items put up for sale.
Who buys the stuff? The Original owner, at a teeny, tiny, FRACTION, of what it cost the government, (Through a shill)
POOF, a successful business, on the back of YOUR money !
The same people/mentality, that allows the majority of failed SBA loans, to settle for a reduced amount, a compromise, or loan forgiveness.
Are the SAME people/mentality, that want to punish one man.
And you do NOT think, it is purely a Political Ploy, to install more Socialism ? (Oh yea, forgot, the UL, DFI, FDS, WOKE, Socialists, Don’t think !!!!)
"... From the USA Government about, TODAY’s SBA Loans. The lender will then turn the debt over to the SBA. The government has standards and practices to recoup lost funds, but it may be able to settle with the loan holder for a reduced amount. This process can be costly and time consuming for the business owner but can ultimately result in a form of loan forgiveness. After assets and collateral have been seized, wages garnished, and/or tax refunds withheld, the SBA will send an “offer in compromise” letter, which allows the business owner to suggest a settlement amount that they can afford to close out the loan ..."
“… Although the bank didn’t conduct its own full appraisals of Trump's properties, it sometimes gave sizable “haircuts” to the values he'd placed on such holdings …”
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