By Joseph Coleman The California Department of Financial Protection & Innovation has issued policy guidelines through FAQs to become a licensed broker for small business lending in the state of California. What is a broker under the California Financing Law?The definition of “broker” includes any person engaged in the business of negotiating or performing any…

December 29, 2022 Delaney SextonContributing Editor Coleman Movers & Shakers – Edward Haddock and Nick Rockhill FNBC Hires Edward Haddock to Lead its Small Business Division “FNBC is fortunate to have recruited one of the best SBA minds and leaders in Arkansas,” says Chad Hudson, Regional President & Chief Lending Officer. “Edward and I have…

December 28, 2022 Delaney SextonContributing Editor C-Suite Wednesday – 88% of Small Businesses will Use Suppliers Near Home in 2023 “The biggest surprise in the research is that nearshoring is happening much faster than predicted at small businesses,” says Olivia Montgomery, Associate Principal Supply Chain Analyst at Capterra. “What’s less surprising, but equally critical, is…

December 23, 2022 Delaney SextonContributing Editor Fraud Friday – Fraudster Applies to Work for Police Department During COVID Fraud Scheme “The defendant’s guilty plea should reflect our continued resolve to investigate and prosecute those who try to exploit a national emergency to steal taxpayer-funded resources by using the global pandemic as an opportunity to defraud…

December 22, 2022 Delaney SextonContributing Editor Coleman Movers & Shakers – Joe Diggs, Kim Eells, and Gulf Coast Small Business Lending BDOs First Bank Welcomes Joe Diggs and Kim Eells to SBA Lending Team First Bank’s Specialty Lending Executive, Jerry Kinlaw, says of Diggs and Eells joining First Bank, “Joe and Kim both bring so…

December 21, 2022 Delaney SextonContributing Editor C-Suite Wednesday – Highest SBA Interest Rates in 15 Years After the Federal Reserve’s rate raised interest rates by 50 basis points last week, SBA loans will have interest rates in the double digits for the first time since 2007. The prime rate was at 3.25% for two straight…

December 20, 2022 Delaney SextonContributing Editor SBA Hot Topic Tuesday – Small Business Loan Dollar Amount Decreased 21% in 2021 Last week, the federal bank regulatory agencies released data on small business, small farm, and community development lending during 2021. The data comes from financial institutions that are required under the Community Reinvestment Act to…

December 19, 2022 Delaney SextonContributing Editor Main Street Monday – Lending Standards Tighten in the Last Half of 2022 “Many small business variables such as self-employment, proprietors’ income, loan delinquencies, and loan balances now have trends that resemble their pre-COVID-19 trends. However, even though the number of startups has recently increased, demand for loans by…

December 16, 2022 Delaney SextonContributing Editor Fraud Friday – Father & Son Receive a Combined 11-Year Prison Sentence for $1.7 Million PPP Fraud A father and son were sentenced for submitting fraudulent PPP applications seeking and obtaining over $1.7 million. Izzat Freitekh, the father, was sentenced to four years in prison while his son, Tarik/Tareq…