October 23, 2013
One of 14. Get one of these licenses and you are a nationwide SBA lender.
A printing press to mint millions? Probably not. The landscape is littered with failed SBLCs – the acronym for small business lending companies.
Why only 14 licenses? Once SBA realized that the agency would be in charge of failed portfolios, they quickly stopped issuing new ones, but the 14 are out there – and can be bought and sold.
Now that the SEC has won a summary judgment against Small Business Lending Capital for running a “ponzi-like” scheme, the receiver told the judge yesterday he will start entertaining offers for the license.
Says the receiver, to the judge, “Now that the Court has determined the Receivership Entities and Mr. Feathers violated securities laws, the Receiver recommends the loan portfolios, license, and other assets of the Receivership Entities be converted to cash and prepared for distribution.
“The Receiver has held preliminary discussions with the United States Small Business Administration (“SBA”) relative to the SBA’s claim for approximately $24 million and a potential sale of the SBA lending license and the Receivership Entities’ loan portfolio. The Receiver has received significant unsolicited interest in these assets. The Receiver is developing proposed sale procedures for consideration by the Court consistent with the SBA’s requirements. The efforts to resolve the SBA claim and the sale of assets have been delayed for almost 30 days as a result of events leading up to and the actual government shutdown
If you are interested in the license, here is the receiver’s contact information.
Thomas Seaman, CFA
Thomas Seaman Company
3 Park Plaza, Suite 550
Irvine, California 92614
Direct (949) 265-8403
Main (949) 222.0551 ext. 101
Fax: (949) 222-0661