WEST WARWICK – Ponte Investments LLC is refuting Federal Trade Commission charges filed Friday against the company that it falsely claimed to be a Small Business Administration lender for a federal coronavirus-relief lending program.
The company on Saturday said that it had applied to become an authorized lender when the federal Paycheck Protection Program was announced, noting that the company has “successfully assisted thousands of clients securing over $500 million in SBA loans, all while having an A+ rating with the Better Business Bureau.”
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“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,” the company said.
The FTC complaint said the company “preys on small businesses seeking financial relief from the devastating effect of the coronavirus pandemic.” John C. Ponte, the company’s owner, managing member and president, is also named in the complaint.
In its filing Friday, the FTC asked the court to order the defendants to immediately stop representing themselves as either associated with a federal agency or an authorized SBA lender.
The FTC said that the company collected “hundreds, if not thousands” of applications for PPP loans.
The company claimed on Saturday that it is working with the FTC and has complied with an SBA cease and desist letter.
Ponte Investments said it still hopes to become an authorized SBA lender.
The company added it had ceased outreach to potential applicants and suspended information that was prematurely posted on the company’s website. It also said that it had terminated relationships with the marketing firm it claims prematurely reached out to applicants.
The complaint was filed in U.S. District Court in Rhode Island. The company has been registered to do business in Rhode Island under the fictitious name SBA Loan Program.com since 2015, according to records from the R.I. Department of State. Ponte Investments LLC registered to do business in Rhode Island in 2011.
