The U.S. government gives refugees on public assistance special “loans” of up to $15,000 to start a business but fails to keep track of defaults that could translate into huge losses for American taxpayers, records obtained by Judicial Watch reveal. The cash is distributed through a program called Microenterprise Development run by the Department of Health and Human Services (HHS) Office of Refugee Resettlement.
Since 2010 the program has granted thousands of loans to refugees that lack the financial resources, credit history or personal assets to qualify for business loans from commercial banks. Most if not all the recipients already get assistance or subsidies from the government, according to the qualification guidelines set by the Microenterprise Development Program. It’s a risky operation that blindly gives public funds to poor foreign nationals with no roots in the U.S. and there’s no follow up to assure the cash is paid back. The idea behind it is to “equip refugees with the skills they need to become successful entrepreneurs” by helping them expand or maintain their own business and become financially independent.
Earlier this year, Judicial Watch submitted a Freedom of Information Act (FOIA) request to HHS for records related to the refugee business loan program. Specifically, JW asked for the number of loans that are written off per year and the amount of the write-off per defaulted loan. Unlike commercial banks or other lending institutions, HHS doesn’t keep track of default rates on loans issued through the Microenterprise program. This is astonishing considering that these are taxpayer dollars being furnished in the form of loans to foreign nationals granted refuge in the United States. An HHS official told JW the agency doesn’t have a tracking system in place to provide figures involving loan defaults. However, the agency is “preparing to collect this information in the future,” according to the records obtained by JW from the agency.
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4 comments:
How could this happen??
It's part of the Obama Neighborhood Welcome Wagon.
You'll find your check right under the McDonalds coupons, the Obamaphone and your own personal copy of Rules for Radicals, translated to your home language. Please hang the 8 x 11 personally autographed portrait of Barack in a prominent place in your new home. Enjoy, and remember to vote Democrat!
I am gonna renounce my citizenship and come back as an illegal, get money to open a company, free housing, food, and medical and pay no taxes, and claim 10 child credits.
Why do you think these foreigners open up convenience stores, shady motels, pharmacies and the "Red Light District" as well as "Riverside Market" ? How many customers do you see going into these places. It's all a scam to rip the taxpayers off. They know the govt won't do anything because they are minorities.
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