Company Charged With Posing as SBA Lender Settles FTC Charges and Ceases Using ‘SBA Loan Program’ Website and Business Name

Using the business name SBA Loan Program and the website SBALoanProgram.com, Ponte and his company targeted small businesses directly through telephone calls, e-mails, and the website, according to the FTCs complaint, claiming to be representing the SBA and soliciting loan applications on behalf of the businesses banks.

Metadata
Provider: 
FTCFTC
URL: 
https://www.ftc.gov/news-events/press-releases/2020/09/company-charged-posing-sba-lender-settles-ftc-charges-ceaseshttps://www.ftc.gov/news-events/press-releases/2020/09/company-charged-posing-sba-lender-settles-ftc-charges-ceases
Retrieved on: 
Friday, September 25, 2020
Information
Tags: 
Business, Articles, Economy, Entrepreneurship, Small business, Small Business Administration, Loans
Summary
Key Points: 
  • Using the business name SBA Loan Program and the website SBALoanProgram.com, Ponte and his company targeted small businesses directly through telephone calls, e-mails, and the website, according to the FTCs complaint, claiming to be representing the SBA and soliciting loan applications on behalf of the businesses banks.
  • They also made statements on their website like WE ARE A DIRECT LENDER FOR THE PPP PROGRAM!
  • Pursuant to the terms of the settlement, the defendants will no longer be able to use the trade name or domain name SBA Loan Program.
  • NOTE: Stipulated final orders have the force of law when approved and signed by the District Court judge.
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