Ponte Investments Responds to FTC Complaint
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Ponte Investments Responds to FTC Complaint
The company issues a statement in response to the government’s claims:
Since 2014, Ponte Investments, d/b/a SBA Loan Program (“PI”) has served as a broker for thousands of applicants - both regionally and nationally - helping small business owners and underserved businesses successfully navigate Small Business Administration (“SBA”) loan processes. In fact, PI has successfully assisted thousands of clients securing over $500 Million in SBA loans, all while having an A+ rating with the Better Business Bureau.
GET THE LATEST BREAKING NEWS HERE -- SIGN UP FOR GOLOCAL FREE DAILY EBLASTWhen the Paycheck Protection Program (PPP) was announced, John Ponte, founder of PI, applied to the SBA to become an authorized lender. That application is pending and Mr. Ponte continues to supply the SBA with the information they need to successfully approve his application. The motivation to apply was pure and simple; as Mr. Ponte knew his team had the expertise to help individuals acquire the relief many small businesses in Rhode Island desperately needed and continue to need. The motivation to become an authorized lender has not changed. In addition, PI continues forward with its core business of assisting clients navigate traditional SBA loan processes.
On April 10th the SBA indicated that audited financial statements were all that was required to complete the process. PI hired a well-respected accounting firm to handle the request for financials and that effort is well underway, with completion imminent. In anticipation of approval as a direct lender, information was prematurely posted on the company’s website and an out-of-state marketing firm prematurely began an outreach effort. Clearly, this was in error that Mr. Ponte deeply regrets. No loan applications were completed during this brief period of time and no fees were charged and/or collected. Any and all outreach efforts to potential applicants have been suspended and information that was prematurely posted on the company’s website has been removed. Additionally, the marketing firm that prematurely began outreach efforts to applicants has been terminated.
PI is not some new sort of startup with the intention getting into the lending business. PI has been in the business of navigating SBA loans on behalf of thousands of clients for years. Unfortunately, there are bad actors during this time of economic crisis that are attempting to take advantage of people – that is not the case with PI.
The accusations alleged in the FTC’s complaint related to Mr. Ponte’s motivations are not applicable and are unfounded. PI has operated its business in an ethical manner over the years and has contributed generously to many charities in the community. Mr. Ponte only wants to correct the errors that were made in a somewhat frenzied buildup to launch the program.
Again, PI has not received or charged any fees relative to PPP applications. PI has also completely complied with the “cease and desist” letter received from the SBA. PI is cooperating fully with the FTC process, and is endeavoring to resolve the matter promptly.
John Ponte’s Former Company Dream House Mortgage License Revoke
In 2009, The RI Department of Business Regulation revoked the broker lending license of another one of Ponte’s companies — Dream House Mortgage.
The DBR decision stated, “On or before March 9, 2009, the Licensee shall in an orderly documented manner transfer all existing loans, transactions, applications and related files currently in process to a duly Rhode Island licensed Loan Broker in good standing; provided however, that immediately upon receipt of this Order, the Licensee shall notify the Department in writing of the name and address of a duly licensed Rhode Island Loan Broker to whom the Licensee proposes to transfer said files. No transfer shall take place without the Department's approval of the 93000339LB proposed by the Licensee. “