Ponte Investments, LLC

Also known as: SBA Loan Program, SBA Loan Program.com.

The FTC alleged that Ponte Investments falsely represented itself as affiliated with the SBA and as an approved Paycheck Protection Program lender. A 2020 settlement barred those claims and prohibited use of the SBA Loan Program trade name and domain.

1Official action

2Business names used

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Identity

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Registrations: FTC v. Ponte Investments, LLC (FTC case 202-3115, 2020)
Locations: Rhode Island
Other handles: SBALoanProgram.com
Jurisdictions: United States (federal)

Settlement ended SBA affiliation and lender claims

The FTC charged Ponte Investments, LLC, also doing business as SBA Loan Program and SBA Loan Program.com, and owner John C. Ponte with making false claims to small businesses during the coronavirus pandemic. According to the complaint, the defendants represented that they were affiliated with the U.S. Small Business Administration and were an approved lender under the Paycheck Protection Program.

The complaint says the defendants contacted small businesses directly, claimed to represent the SBA, and solicited loan applications on behalf of the businesses’ banks. Their website stated that they were a direct lender for the PPP program and were offering stimulus relief spending under the CARES Act. The FTC said the defendants were not affiliated with the SBA and were not an SBA authorized lender. The complaint also said hundreds, if not thousands, of businesses submitted loan applications to them.

A stipulated final order entered on September 25, 2020 prohibits the defendants from misrepresenting their authority to accept or process SBA loan applications and from claiming an affiliation with the SBA or the United States government. It also prevents them from using the SBA Loan Program trade name and domain. Information collected while marketing SBA related products or services cannot be disclosed, used, or benefited from without the consumer’s express informed consent.

What is not established

The documents describe FTC allegations and a stipulated final order. They do not state that the defendants admitted the allegations or identify a monetary judgment.

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