September 1, 2021 By Joseph ColemanContributing Editor WASHINGTON — House Small Business Committee testimony from SBA lenders and small business advocates focused on answering an important looming question, “What Comes Next for PPP Forgiveness?” Committee members on both sides of the aisle praised the public-private partnership between the U.S. Small Business Administration and the SBA…

September 1, 2021 Delaney SextonContributing Editor C-Suite Wednesday – 504 Lending Program Out of Funds By End of the Week The SBA predicts that the 504 loan program will likely run out of funds on September 5th. The National Association of Development Companies believes it could be exhausted as early as September 3rd, the end…

August 31, 2021 Delaney SextonContributing Editor Hot Topic Tuesday – Senator Rubio’s Letter to SBA Administrator and House Hearings “This ambiguity has created confusion and costly uncertainty between lenders and loan agents, many of whom have provided vital services to sustain local communities, employers, and workers throughout the pandemic,” writes Florida Senator Marco Rubio. On…

August 30, 2021 Delaney SextonContributing Editor Main Street Monday – Construction and Manufacturing Industries are Optimistic While Retail and Services Industries are Concerned “Small businesses are working hard to recover from the pandemic while still facing strong headwinds,” says Holly Wade, Executive Director of NFIB’s Research Center. “Each industry is recovering differently but all have…

August 27, 2021 Delaney SextonContributing Editor Fraud Friday – Former Bank Branch Manager Sentenced for Draining Friend’s Trust Accounts “Ms. Fruits’ actions were full of greed and selfishness,” says Acting U.S. Attorney John E. Childress. “It is sad to see someone abuse a position of trust for self-enrichment, especially at the cost of children who…

August 26, 2021 Delaney SextonContributing Editor Coleman Movers & Shakers – Mona Dmitrenko, Jake Asmussen, and Neal Patel Oak Valley Community Bank Hires Mona Dmitrenko as VP Commercial Loan Officer “We are excited to have Mona on our team,” states Cathy Chan, EVP Commercial Real Estate Group. “Her knowledge and expertise in sourcing and financing…

August 25, 2021 Delaney SextonContributing Editor C-Suite Wednesday – SBA Awards $2.7 Million+ For Women’s Business Centers Across the Nation “The growth and recovery of women-owned small businesses is essential to our nation’s economy. During the pandemic, our Women’s Business Centers have played an integral role in meeting the needs of women entrepreneurs during an…

August 24, 2021 By Joseph ColemanContributing Editor Reminder: CAFS Accounts & PIMS Data Entry The incoming FTA was contracted by SBA to support a migration of 7(a) program systems and applications into SBA’s Capital Access Financial System (CAFS), and the migration of systems is projected to be complete by Monday, August 30, 2021. The FTA has requested that all users…

August 23, 2021 Delaney SextonContributing Editor Main Street Monday – More Business Equity is Related to Higher Net Worth “A substantial amount of family wealth is in business ownership. On average, the self-employed are wealthier than the non-self-employed. This implies the value or potential value of business ownership in economic mobility,” reads the SBA Office…

August 20, 2021 Delaney SextonContributing Editor Fraud Friday – Fintech CEO Sentenced 6 Years for Fraud Schemes Justin Cheng, also known as Sheng-Wen Cheng, submitted fraudulent relief applications that said other individuals were the sole owners of his companies and that they had over 200 employees and a $1.5 million monthly payroll. These companies had…