Peggy E. Gustafson, Inspector General, U.S. Small Business Administration, Before the Small Business Committee, United States House of Representatives, April 21, 2010
… largest Premier Certified Lenders (PCLs) in the CDC/504 Loan Program. This program is administered through … close and service CDC/504 loans, with SBA reviewing the loan requests only for eligibility.The OIG found that PCLs … loans, totaling nearly $8.9 million, due to (1) poor loan underwriting and (2) eligibility or loan closing issues. …