Resource Capital Seeks TRO against SBA Today, Frank Dinsmore Blasts SBA Action as Politically Motivated with a Personal Vendetta

Through his spokesman, EDF Resource Capital’s President Frank Dinsmore spoke exclusively to the Coleman Report about SBA’s Monday order to seize the company’s SBA 504 loan portfolio and debar it from making future loans.

“This is simply politically motivated,” said PR crisis specialist Doug Elmets.

“You have a guy who supported Romney, President Bush and President Reagan. That doesn’t sit well with SBA’s Democratic agenda.”

“Look, Resource Capital has lent over $4 billion to 4,000 small businesses, creating 70,000 jobs.

“Frank has been willing to push the envelope on behalf of those that create small businesses and jobs.”

The inference is his entrepreneurial style is at odds with the bureaucrats at SBA who are used to dealing with bankers who toe the line.

The company will be in federal court today to try to get a restraining order against SBA’s move.

“These allegations are nothing new. This is over 29 months old. The company’s credibility has never been called into question, until this decision by SBA.

“We want to get this case into district court, before a judge and jury, out of a political driven SBA’s hands, who clearly have a personal vendetta against Frank.

The Coleman Report wanted to discuss the facts of the case, but the spokesman declined to answer any and all questions about the allegations in the seizure order.

Obviously, the Coleman Report will explore SBA’s findings in detail later, with or without Resource Capital’s input.

What about the company’s future?

“We plan on getting the restraining order and to continue operating with our 65 employees. Everyone is here.”

Decent effort on the spin, but if SBA’s ability to take these type of actions of lenders is upheld, things will spiral downhill very quickly for Resource Capital.

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