23% of Restaurant Revitalization Fund Authorizations were Potentially Ineligible

March 28, 2024 Delaney SextonContributing Editor 23% of Restaurant Revitalization Fund Authorizations were Potentially Ineligible The Restaurant Revitalization Fund approved 101,000 applications and disbursed $28.6 billion to small business owners, but the Inspector general found that $6.7 billion may have been disbursed to ineligible applicants. SBA developed a plan that included a risk framework that…

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Legal Loan Broker Fees: SBA Form 159 Mandatory Disclosures — A Coleman Webinar 4/17

Loan Broker Fees Charged to the BorrowerLoan Broker Fees Paid by the Lender Attend the Live Webinar EventWednesday, April 17, 20242:00 PM Eastern75-minute training with e-certification Are you confident SBA loan broker fees and compliance disclosures can withstand scrutiny? Ensuring full compliance with SBA’s rules around loan fees and disclosures for loan brokers and agents…

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Senators Introduce a Bill to Prevent SBA from 7(a) Direct Lending

March 27, 2024 Delaney SextonContributing Editor Senators Introduce a Bill to Prevent SBA from 7(a) Direct Lending “Fraud and inefficiency characterize the Small Business Administration’s history in direct lending. The government shouldn’t crowd out private lenders that are already doing a good job getting funds to the small businesses that need them. I’m proud to…

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First Capital Finance and Pricus Marine SBA 504 Loan Leads to Shipwreck Discovery

March 27, 2024 Delaney SextonContributing Editor First Capital Finance and Pricus Marine SBA 504 Loan Leads to Shipwreck Discovery “This project was an exciting opportunity for FCF as we expanded our typical financing into vessels. As Floridians, we understand the importance of the work companies like Pricus Marine accomplish. Our collaboration is a testament to…

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Womply and CEO Scammell Agreed to Pay $26 Million to Settle FTC Charges

March 26, 2024 Delaney SextonContributing Editor Womply and CEO Scammell Agreed to Pay $26 Million to Settle FTC Charges The Federal Trade Commission alleged that Womply advertised that small businesses could successfully obtain PPP funding by applying to Womply. In reality, more than 60% of Womply’s PPP applications never resulted in funding. Womply and Scammell…

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Documenting Equity Injection the SBA Way: Know the 13 Most Common Mistakes in Equity Injection Documentation — A Coleman Webinar 4/11

Updated for 2024: How to document your borrower’s equity injections perfectly and correctly every time Attend the Live Webinar EventThursday, April 11, 20242:00 PM Eastern75-minute training with e-certification Do your people make any of the 13 most common mistakes lenders commit in documenting a borrower’s equity injection that result in SBA loan guaranty repairs and…

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