August 31, 2023 Delaney SextonContributing Editor This Just In – 7(a) Fees Effective for Fiscal Year 2024 (Starting October 1) 7(a) Lender’s Annual Service Fee The FY 2024 Annual Service Fees will be based on the gross loan approval amount including the SBA-guaranteed and unguaranteed portions. The fees will be the following: Lenders are not…

August 31, 2023 Delaney SextonContributing Editor Coleman Movers & Shakers – Whitney Bouknight, Tricia Abood, and Dorian Guidi Whitney Bouknight Joins First Business Bank as Vice President, SBA Lending First Business Bank welcomes Whitney Bouknight to its SBA Lending team. Whitney leverages more than a decade of experience in nationwide SBA Lending. Her professional journey, beginning with…

August 30, 2023 Delaney SextonContributing Editor C-Suite Wednesday – Small Businesses Received Nearly $29 Billion in FY23 So Far With only one month remaining in fiscal year 2023, the SBA is not expected to run out of funding. Following the trend of recent years, SBA and lenders have gotten more money out than in 2020…

August 29, 2023 Delaney SextonContributing Editor SBA Hot Topic Tuesday – New Legislation was Introduced to Assess SBA Office of Rural Affairs “Small business owners face many challenges, and that is especially true in rural areas. I was proud to have Jennifer Cassaday from our district come testify last month at our Small Business Committee…

August 28, 2023 Delaney SextonContributing Editor Main Street Monday – The Justice Department Has Clawed Back Over $1.4 Billion in Relief Fraud “I applaud the hard work of our prosecutors around the country,” says Acting Director Galdo. “However, this announcement is not a victory lap. Our mission is not complete. We know from our investigative…

August 25, 2023 Delaney SextonContributing Editor Fraud Friday – Business Owner Will Lose 6 Cars, a Yacht, & More After Pleading Guilty to $14 Million Fraud A Missouri business owner, John Michael Felts, decided to plead guilty to a $14 million loan fraud conspiracy after trying to obtain commercial loans, PPP loans, and EIDLs with…

August 24, 2023 Delaney SextonContributing Editor Coleman Movers & Shakers – John Gonzales, Jamison Flora, and Cheryl Bonvegna PlainsCapital Bank Welcomes John Gonzales to Edinburg Commercial Lending Team “John will be an excellent addition to our lending team and a great resource to the business owners in the communities we serve,” says Rio Grande Valley…

August 23, 2023 Delaney SextonContributing Editor C-Suite Wednesday – Small Business Lending is Maintaining Yearly Growth Equifax’s August report of their small business indices showed that small business lending is holding up in the current economic climate. The Equifax Small Business Lending Index (SBLI) fell almost 2% in June. Though the month-over-month change was negative,…

August 22, 2023 Delaney SextonContributing Editor SBA Hot Topic Tuesday – A Fourth of Small Businesses Applied for Financing Last Quarter, 85% were Satisfied “The health of the financial system is essential to small business operations,” says Holly Wade, Executive Director of NFIB’s Research Center. “While most owners are currently satisfied with their ability to borrow,…

August 21, 2023 Delaney SextonContributing Editor Main Street Monday – Chairman Rogers Calls for SBA Employees to Return to Office “Even though Main Street has long been back to work, the SBA is still allowing its employees to only come into work twice a week. It’s time they start marching to the same tune. I sincerely…