stickyimage

Coleman Feedback Friday — More on $15 Hourly Restaurant Wages and Questioning SBA Loan Charge-Offs

Tags: , , ,

By Bob Coleman
Editor, Feedback Friday

My coverage of the increase in Seattle’s minimum brought this response from Northwest Business Development Association’s Elizabeth Rusnak.

Restaurants Adapting to New Minimum Wage Laws in Seattle

Hello Bob, I live in the Seattle area, and have been anxiously awaiting to see how the restaurants were going to react to the mandated $15 minimum wage (albeit, it was sold as a “phase-in” increase). I understand what Ivar’s is doing, but my concern is with the level of service patrons will receive from wait staff. Will that change? I’ve dined in parts of Europe (in particular Switzerland ~ where patrons typically don’t tip), and the service is mediocre, at best. Let’s hope the same thing doesn’t happen in Seattle. If it does, let’s keep in mind there’s a fairly large pool of people looking for a job, so if service quality deteriorates, I’m sure restaurant owners won’t hesitate to replace those individuals.

I remain eternally “the glass is half full”.

Regarding SBA’s “plummeting” Charge-off rates one lender writes:

Good Afternoon — The chart doesn’t tell all………. The SBA is so far behind processing wrap up reports that the charge-off rate is sure to be understated. The charge off department is working on wrap up reports I submitted in mid-2013, and we’re not exactly sure how far behind the CPC department is, e.g., I have a loan that was charged off in February 2014 and the CPC package has yet to be reviewed. Based on some of the email correspondence with the folks that are working through the backlog, I believe the SBA has made it a priority to get caught up by the end of this year. Once they are caught up, we’ll know the true charge-off rate for these past few years.

B&I Lender Service Provider Seeks Funding Partner

We are a lender service provider but a little different. Our service can also include origination, structure, assisting in underwriting, packaging, negotiating with SBA and selling guaranties into the secondary market. We also do USDA B&I and CF.

We have been very successful with this model in Florida but we want to deal with more national lenders. We source loans throughout the US and would like to find a partner who would be interested in working with us. We are especially focusing on agriculture but we do everything. My partner and I have been doing this for a long time and have an excellent track record.

Any help would be appreciated.

Dana Hall, Link Funding, Lender Service Provider, 2829 Meadow Hill Dr N, Clearwater, FL 33761,
(727)797-3188, dana@link-funding.com, www.link-funding.com

CORRECTION: Several weeks ago I reported Barbara Morrison of TMC Development asked me if I invested in Funding Circle. I stated I don’t invest in companies I cover. However she thought she was asking another Bob, not Bob Coleman. I missed her email back to me telling me this. She thought it would be appropriate for a clarification as she did not want to leave the impression she thinks my reporting is unbiased. SO, Barbara isn’t questioning my investment habits, and I still don’t invest in companies I cover!

Now! You can manage your Coleman Report emails here.
Feedback welcomed at bob@colemanreport.com

3 years ago by in . You can follow any responses to this entry through the | RSS feed. You can leave a response, or trackback from your own site.