Bank Stupidity… Part 19

By James T. Conklin, P.E.

 

People who can, DO.  People who can’t, TEACH.

MINORITY/WOMEN BUSINESS ENTERPRISE ALLIANCE, INC.
is a Florida Non Profit Corporation.
 
The stated purpose of Alliance, Inc. is to teach minority/women businesses how to run successful business operations.
 
The actual purpose of Alliance, Inc. is to obtain grants and loans with which to pay the salaries of its officers.
 
Alliance has filed for chapter 7 bankruptcy liquidation.  Alliance scumed its creditors for $251,000 including a $59,863 SBA loan (your tax dollars), and an unsecured loan of $91,691 from SunTrust Bank.
  
Bank Stupidity is making an unsecured loan to a non profit entity whose only source of income is the loan itself.  Nice work, SunTrust Bank.
 

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