The New SBA SOP 5010 — For Underwriters — SBA’s Do What you Do Rule Updated for Start of SBA’s FY24 Compliance SBA 7(a) Loans (10/18)
A SOP 5010 released on a dare from the House Small Business Committee last May was quickly followed by Congressional and industry criticism. SBA appeared to backtrack and promised to consider revisions and issue technical corrections. A Coleman WebinarWednesday, October 18, 2023 75-minute training with e-certificationRegister Online Here Never happened! Months went by and the…
Read MoreSBA Proposes Only Jailed Criminals Ineligible for SBA Loans
Currently for the 7(a) and 504 business loan programs, SBA considers an applicant ineligible if the business has an Associate who is incarcerated, on probation, on parole, or is under indictment for a felony or any crime involving or relating to financial misconduct or a false statement, and for Microloans, in addition to incarcerated, an…
Read MoreMonday Movers & Shakers – Meghan Hormann, Josh Orloff, Marcella Alaniz, and Momentus Capital
September 18, 2023 Delaney SextonContributing Editor Monday Movers & Shakers – Meghan Hormann, Josh Orloff, Marcella Alaniz, and Momentus Capital Meghan Hormann Joins VelocitySBA as National Sales Manager “We’re very excited to bring in Meghan to lead and grow our sales organization,” says President Charles Rho. “She has a wealth of experience in SBA lending,…
Read MoreKnow Which of the 571 Rules Mandated by SBA’s New Servicing and Liquidation SOP 5057 are Important! (10/4)
Compliance Became Effective August 2023 A Coleman WebinarWednesday, October 4, 2023 75-minute training with e-certificationRegister Online Here Did you know SBA uses the word “must” 571 times in the new 5057 3? SBA warns lenders, on page two of the new SOP: SBA will treat any contemplated Loan Action . . .that is in conflict…
Read More23rd Annual National Rural Lenders’ Roundtable December 6, Washington DC
Underwritten by Thomas USAF, this event is complimentary to attendees. The roundtable brings together lenders and USDA B&I loan management. Register and obtain more information here.
Read MoreFraud Friday – Fraudster’s Family Members Pay $300,000 Under the False Claims Act
September 15, 2023 Delaney SextonContributing Editor Fraud Friday – Fraudster’s Family Members Pay $300,000 Under the False Claims Act “Debra Hackstadt showered ill-gotten pandemic relief funds upon her family members. These settlements prove that her crimes did not pay, and that we will use every tool at our disposal to follow the money and recover…
Read MoreC-Suite Wednesday – SBA Leaders to Return to Office in the Coming Weeks
September 13, 2023 Delaney SextonContributing Editor C-Suite Wednesday – SBA Leaders to Return to Office in the Coming Weeks All political appointees, members of the Senior Executive Service, and senior-level staff will be transitioning to working in person at least five days per pay period beginning on September 25th. On November 5th, remaining telework-eligible managers…
Read MoreSBA Hot Topic Tuesday – New Businesses are Up 25% in 2023
September 12, 2023 Delaney SextonContributing Editor SBA Hot Topic Tuesday – New Businesses are Up 25% in 2023 In a recent study, Yelp reported that the number of new small businesses in 2023 is set to beat 2022’s all-time high. Minority-owned businesses and businesses in the hotel & travel industry are flourishing beyond the national…
Read MoreMain Street Monday – New Simplified Secondary Market Late Payment Penalty Calculations
September 11, 2023 Delaney SextonContributing Editor Main Street Monday – New Simplified Secondary Market Late Payment Penalty Calculations Starting this month, all 1502 secondary market payments with a late penalty assessed will use a simplified one-part calculation: $100 or 5% of the Remitted Amount (whichever is greater of the two) There is still a $5,000…
Read MoreFraud Friday – First NBC Bank President/CEO Sentenced to 14 Years in Prison
September 8, 2023 Delaney SextonContributing Editor Fraud Friday – First NBC Bank President/CEO Sentenced to 14 Years in Prison “Ashton Ryan’s years-long deceit caused at the time, one the biggest bank failure in America in over a decade,” says United States Attorney Duane A. Evans, “and with this sentence, he rightfully takes his place as…
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