Chairman Chabot Responds to OIG Report on Ineligible Loans Made to Poultry Farmers
WASHINGTON – This week, Chairman Chabot released the following statement after the U.S. Small Business Administration (SBA) Office of Inspector General (OIG) published a report evaluating SBA’s 7(a) loans made to poultry farmers:
“Unfortunately, the report confirms what the Committee already suspected: that there is misuse within the program regarding 7(a) loans made to poultry farmers that began in previous Administrations. OIG found loans made to farmers did not meet the SBA’s regulatory requirements for eligibility. The House Committee on Small Business plans to call the SBA Acting IG, along with SBA officials, to testify before the Committee about OIG’s findings and its recommendations. This report is further justification that more oversight at the SBA is needed to ensure the integrity of the 7(a) Loan Program as well as the necessity of passing H.R. 4743, the Small Business 7(a) Lending Oversight Reform Act.”
To read the SBA’s OIG report click here.