SBA Loans offer resources for small business owners… except sex offenders.

March 31, 2020, 11:39 am

A member pointed something out that we were not aware of, but in times of crisis (such as we are in), becomes critical to businesses.

The US Small Business Administration (SBA) provides small businesses with low interest loans to help recover from disasters, including the present financial disaster that is caused by the Coronavirus outbreak. The loans can save companies and their employees from going under during these difficult times. The SBA is here to save small businesses… unless they are owned by a person required to register as a sex offender! They are ineligible.

To qualify for loans from institutions participating in the small business lending fund, businesses must certify that none of their principals has been convicted of, or pleaded no contest to, a sex offense against a minor. (Annually, until the Redemption Date, a participating institution must certify to Treasury that for each loan originated by the institution or any of its affiliates that was funded in whole or in part using SBLF funds, the institution has obtained from the business to which it made such loan a written certification that no principal of such business has been convicted of a sex offense against a minor (as such terms are defined in section 111 of the Sex Offender Registration and Notification Act, 42 U.S.C. §16911). These certifications must be retained by the institution in accordance with standard record keeping practices established by the appropriate federal banking agency)

 

 

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