March 11, 2022 Delaney SextonContributing Editor Fraud Friday – Former President and CEO of Iowa Bank Sentenced to 9 Months and $4.5 in Restitution for Loan Guaranty Fraud Three former executives of the defunct Valley Bank and the President of a lending service provider all pleaded guilty to conspiracy to commit wire fraud affecting a…

March 10, 2022 Delaney SextonContributing Editor Coleman Movers & Shakers – Carolyn Calafiore, Maria Lawson, and David Baker First Bank of the Lake Welcomes Carolyn Calafiore as SVP, SBA Chief Operations Officer “We are excited Carolyn has joined our team. Having a highly qualified professional in this key role to oversee the operations our SBA…

March 9, 2022 Delaney SextonContributing Editor C-Suite Wednesday – Updated SBA 7(a) Lender Oversight Fees for Fiscal Year 2022 Effective March 3, 2021, the SBA released a notice informing 7(a) lenders and SBA employees of the Office of Credit Risk Management’s (OCRM) update on 7(a) lender oversight fees and the fiscal year 2022 fee schedule.…

March 8, 2022 Delaney SextonContributing Editor SBA Hot Topic Tuesday – Small Businesses Seek Banks More Often for Financial Services The Small Business Credit Survey released by the Federal Reserve Banks finds that small business financing approval rates have continued to decline since the start of the pandemic, and the businesses that did apply for…

March 7, 2022 Delaney SextonContributing Editor Main Street Monday – Two-Thirds of Business Owners Saw Revenue Declines Since 2019 “Many small businesses have not recovered to prepandemic levels, in terms of both revenue and employment, with the effects of the pandemic hitting disproportionately hard among firms in the leisure and hospitality sector, smaller firms, and…

March 4, 2022 Delaney SextonContributing Editor Fraud Friday – PPP Lender CEO Allegedly Purchased Luxury Cars and Homes with Fraudulent Lender Fees and PPP Loan “American businesses and their employees have been struggling due to an unprecedented global pandemic, and the Paycheck Protection Program was created to serve as a safety net. Martinez is alleged…

March 3, 2022 Delaney SextonContributing Editor Coleman Movers & Shakers – Jacquline Ritchie, Jesse Roderick, and Jimmy Jarrell Jacquline ‘JR’ Ritchie Joins Harvest SBA Lending Team as SVP and BDO in the Pacific Northwest “Jacque has been a consistent Top Producer her entire career,” states Harvest Managing Director Todd Massas. “We are grateful to have…

March 2, 2022 Delaney SextonContributing Editor C-Suite Wednesday – SBA’s Identification of Improper Payments in 7(a) Program is a Challenge Says the OIG “Our reviews of high-risk loans have consistently identified issues regarding eligibility, repayment ability, size standards, franchise agreements, business valuations, appraisals, equity injection, and debt refinance. Our review program also has helped us…

March 1, 2022 Delaney SextonContributing Editor SBA Hot Topic Tuesday – 98% of Forgiven $2 Million or More PPP Loans Not Paid by SBA Yet “As of May 12, 2021, SBA exceeded the 90-day requirement to remit forgiveness payment for 98.2 percent of loans $2 million or greater with a processed loan payment,” reads the…

February 25, 2022 Delaney SextonContributing Editor Fraud Friday – Three Fugitives in $18 Million COVID Loan Fraud Case Caught in Montenegro Earlier this week, three members of a COVID-19 relief fraud ring were found in Montenegro after being on the run for nearly six months. Currently, the United States does not have an extradition treaty…