SBA warns of uptick in loan scams

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Published: April 7,2010

Tags: lending, SBA, scams, small businesses

WASHINGTON — The U.S. Small Business Administration (SBA) is warning small businesses to use caution if they are contacted by firms offering to help them apply for funds available through SBA programs.

SBA and SBA’s Office of the Inspector General (SBA OIG) have received several complaints from small businesses about abusive marketing practices, scams and exorbitant fees charged by firms offering to help them obtain a loan, grant, or other federal funds, from SBA.

SBA’s Office of the Inspector General will investigate and respond to all complaints. SBA encourages anyone with knowledge of a misrepresentation regarding SBA Business Loan Programs, or any other SBA program, to call toll-free (800) 767-0385, or submitting an online report at www.sba.gov/ig, and click the link for “Report Fraud Waste or Abuse.”

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