Members of the House Small Business Committee convened for a hearing Wednesday to discuss the findings of a recent report by the Office of the Inspector General on lending to poultry farmers.
Sen. Cory Booker introduced legislation yesterday that would require more transparency and oversight of how poultry loans are allocated by the Small Business Administration. The proposal comes just a week after a report from the Office of the Inspector General questioned nearly $2 billion in loans from the SBA to poultry farmers. (No paywall)
In a report released on March 6, the Office of the Inspector General found that some poultry farmers who had received SBA loans were actually ineligible, because poultry companies “exercised such comprehensive control over the growers” that farmers were not, in fact, operating as independent small business owners. (No paywall)