Posts by Coleman Report

Effective August 1 the New SOP 5010 7 Eliminates the Existing Loan Authorization Attend the Live Webinar EventWednesday, August 2, 2pm Eastern. August 2, 2023 Webinar Registration Link How to Close and Fund without an SBA 7(a) Loan Authorization Unlimited Access $800.00 USD Single Attendee Access $500.00 USD With the release of SBA’s updated 50…

July 11, 2023 Delaney SextonContributing Editor SBA Hot Topic Tuesday – Watch the Coleman Report Preshow and SBA 7(a) Quarterly Connect Call Today at 3:00 p.m. Eastern Time, SBA is holding their 7(a) quarterly connect call. SBA stated that it is going be “a long call” that is “very full”. They plan to talk about…

July 10, 2023 Delaney SextonContributing Editor Main Street Monday – OIG Cites $278.6 Million in Potentially Ineligible RRF Recipients Recently, the SBA Inspector General examined SBA’s process of reviewing Restaurant Revitalization Fund applications with signs of potential fraud. The OIG’s report focuses on 2,172 applications with unverified information that SBA has not addressed. SBA agreed…

July 7, 2023 Delaney SextonContributing Editor Fraud Friday – Florida SBA Participant Pays $7.7 Million to Resolve False Claims Act Allegations “Small business set-aside contracts assist small businesses, including socially disadvantaged companies, to compete in the American economy,” says Principal Deputy Assistant Attorney General Brian M. Boynton, head of the Justice Department’s Civil Division. “When…

July 6, 2023 Delaney SextonContributing Editor Coleman Movers & Shakers – Lee Elmslie, Heather Burke, and Trevor Bacon First Bank of the Lake Promotes Lee Elmslie to SVP, National SBA 504 Sales Manager Elmslie joined First Bank of the Lake’s SBA team in June 2020. He has over 31 years of lending experience and has…

July 5, 2023 Delaney SextonContributing Editor C-Suite Wednesday – $30 Billion in Fraudulent Relief Funds Have Been Recovered “It is noteworthy that SBA executed over 14 years’ worth of lending within 14 days, and this was just the beginning.” SBA’s emergency loan programs were performed on a scale like never before for the agency and…

July 3, 2023 Delaney SextonContributing Editor Main Street Monday – Increasing Interest Rates Pressure Small Businesses “Tightening in both credit and private equity markets is creating challenges for many small business owners,” says Stephanie Sims, Founder of Finance-Ability and member of the U.S. Chamber of Commerce Small Business Council. “Rising interest rates make it more…

What Small Business Lending Professionals Read Coleman Weekly Newsletters are delivered every Monday morning Annual subscription is $995 per topic [ ] $995 – Coleman’s SBA Loan Closing[ ] $995 – Coleman’s SBA Loan Underwriting[ ] $995 – Coleman’s SBA Loan Servicing[ ] $995 – Coleman’s SBA Loan Liquidation[ ] $995 – Coleman’s SBA Loan…

June 30, 2023 Delaney SextonContributing Editor Fraud Friday – Guilty PPP Fraudster Obstructs Justice Amongst His Other 44 Charges “The brazen fraud scheme committed in this case simply for personal gain harmed legitimate businesses in need. This conviction sends a clear message that those who defraud the federal government of pandemic relief funds will be…

June 29, 2023 Delaney SextonContributing Editor Coleman Movers & Shakers – Benjamin Brown, Skip Canavan, and Ellen Hammer Benjamin Brown Joins the Economic Development Corporation of Jefferson County as Director of Small Business Development “I’m really excited about this,” Litton says of recruiting Brown to her team. “We’ve visited a lot of people over the…