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June 18, 2021Delaney SextonWriter, Fraud Friday Fraud Friday — Farm Equipment CEO Pleads Guilty to $5 Million SBA Loan Fraud  “Rickey Carter’s decision to concoct various illegal schemes to keep his failing business afloat has damaged small businesses, community banks and defrauded the federal government,” says acting U.S. Attorney, Peter D. Leary. “FBI and FDIC…

June 17, 2021 Caity RoachContributing Editor Coleman Movers & Shakers — Hakim Kassam, Samuel Ortiz, and Chrissy Foster Hakim Kassam to Lead SBA Lending Division at Rising Bank “In my new role, I am charged with creating and scaling a new SBA Lending national platform for SBA 7(a) and SBA 504 loans and helping small…

June 16, 2021 Caity RoachContributing Editor C-Suite Wednesday— GAO Tells SBA How to Calculate PPP Lender Guaranty Denials On June 2, 2021, the U.S. Government Accountability Office (GAO) published an update on the overall status of the SBA’s implementation of GAO recommendations. According to the report, the SBA has 54 open recommendations, 15 of which…

June 15, 2021 Delaney SextonWriter, SBA Hot Topic Tuesday SBA Hot Topic Tuesday — SBA Administrator’s 2021 Priorities — 1) More 7(a) Borrower Friendly Changes, 2) 7(a) Volume to Increase, 3) Focus on Underserved Markets “For our economy to recover, we have to transform our programs and services to really meet these businesses where they…

June 14, 2021 Delaney SextonWriter, Main Street Monday Main Street Monday – 51% of Business Owners are Aged 55+ “A thriving and healthy ecosystem for business run byimmigrants, veterans, and people over the age of 55 is critical for broader U.S. economic growth and opportunity,” states arecent report by SCORE. As key members of the…

June 11, 2021 Caity RoachEditor Fraud Friday –Texas Wedding Planner Uses PPP Proceeds to Purchase Teslas and Trucks “PPP loans were intended to help businesses keep themselves and their employees afloat during the COVID-19 pandemic,” says acting U.S. Attorney, Nicholas J. Ganjei.  “PPP loans were not, and never were, intended to serve as personal loans…

June 10, 2021 Caity RoachEditor Coleman Movers & Shakers — John Kimball, Ruben Cardona, and David Trent John Kimball to Lead Alerus’s New SBA Lending Department Alerus Financial Corporation is pleased to announce it is strengthening its SBA lending capabilities with the addition of an expert SBA team led by industry veteran John Kimball. The…

June 9, 2021 Caity RoachEditor C-Suite Wednesday — OCRM Says Quick Closings are The Biggest Red Flag on SBA Loans Yesterday, the Georgia Lenders Quality Circle (GLQC) held their first virtual conference in a series of monthly sessions planned to take place between June and November.    Here are some of the highlights from the first…

June 8, 2021 Caity RoachEditor SBA Hot Topic Tuesday — Delinquencies Fall to Their Lowest Level Since the Pandemic Began According to PayNet’s most recent issue of Strategic Insights, small business lending activity is now at the second-highest rate ever recorded and is nearly 28% above its year-ago level. Additionally, delinquencies have fallen to their…