Fraud Friday – Fintech CEO Sentenced 6 Years for Fraud Schemes
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…
Read MoreColeman Movers & Shakers – SBA Key Staff and George Pereira
August 19, 2021 Delaney SextonContributing Editor Coleman Movers & Shakers – SBA Key Staff and George Pereira The SBA Announces Their Key Staff Office of the Administrator:• Daniel Krupnick – Counselor to the Administrator• Arthur Plews – Deputy Chief of Staff for Policy• Kendall Corley – Deputy Chief of Staff for External Affairs• Scott Harriford…
Read MoreSummary of 504 Refinancing Program Updates Per the Economic Aid Act
August 17, 2021 By Joseph ColemanContributing Editor, Coleman Report PHILADELPHIA — A panel of SBA 504 experts including Eddie Tuvin, Chief Lending Officer, FSC First (Coleman Report’s BDO of the Year 2020), Linda Reilly (Chief, 504 Loan Program) and Greg Suryadik, (Loan Specialist, SBA) provided great insight into the new 504 Refinancing changes lenders have…
Read MoreSBA Officials: “We Don’t See Any Funding Issues Throughout FY2021”
August 17, 2021 Joseph ColemanContributing Editor SBA Officials: “We Don’t See Any Funding Issues Throughout FY2021” PHILADELPHIA — The 2021 America East Small Business Lending Conference kicked off this morning using a hybrid of virtual (Zoom Call) and in-person panel discussion from top SBA personnel. SBA Officials reported FY2021 funds for SBA programs should not…
Read MoreMain Street Monday – 30% of Main Street Says Supply Chain Issues are Significant
August 16, 2021 Delaney SextonContributing Editor Main Street Monday – 30% of Main Street Says Supply Chain Issues are Significant “Small business owners are losing confidence in the strength of the economy and expect a slowdown in job creation,” says NFIB Chief Economist Bill Dunkelberg. “As owners look for qualified workers, they are also reporting…
Read MoreSpring 2022 Underwriting Credit Memo Requirements for SBA 7(a) Loans Over $350,000 — Webinar 3/30
4 Easy Ways to Order!Pay Online with PayPal hereEmail bob@colemanreport.com to charge your credit card on fileFax a Registration Form to 818 790 7859Call Joseph Coleman at 818 790 4591 ex 1 SBA’s SOP 50 10 6 presents SBA lenders a confusing mix of pitfalls, but don’t underestimate the high stakes of compliance.A 75-minute webinar…
Read MoreFraud Friday – Newtek Alleges Fraud Prior to banc-serv Convictions
August 13, 2021 Delaney SextonContributing Editor Fraud Friday – Newtek Alleges Fraud Prior to banc-serv Convictions Newtek acquired banc-serv in June of 2016, a little more than a year before the FBI raided banc-serv in 2017. At the time of the sale, it is alleged that Kerri Agee was in default on a $750,000 loan,…
Read MoreColeman Movers & Shakers – Justin Schultz, Karen Hilton, and SBA Lending Conferences
August 12, 2021 Delaney SextonContributing Editor Coleman Movers & Shakers – Justin Schultz, Karen Hilton, and SBA Lending Conferences Justin Schultz Joins First Bank & Trust as SVP, SBA Lending ManagerJustin joined First Bank & Trust in 2021 with over 20 years of experience in the finance and banking industries, including commercial lending and Small…
Read MoreC-Suite Wednesday – Women-Owned Small Businesses and Supply Chain Stats
August 11, 2021 Delaney SextonContributing Editor C-Suite Wednesday – Women and Supply Chain Stats The SBA Office of Advocacy just released two reports. The first report provides data on women-owned small businesses and their underrepresentation in the small business world. In the other report, the Office of Advocacy outlines supply issues affecting small businesses. Women-Owned…
Read MoreMain Street Monday – The SBA Direct Forgiveness Portal is Live for Lenders who Opted In
August 9, 2021 Delaney SextonContributing Editor Main Street Monday – The SBA Direct Forgiveness Portal is Live for Lenders who Opted In “The SBA’s new streamlined application portal will simplify forgiveness for millions of our smallest businesses — including many sole proprietors — who used funds from our Paycheck Protection Program loans to survive the…
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