September 9, 2021 By Joseph ColemanContributing Editor, Coleman Report ARLINGTON – SBA lenders met at the Mid-America Lenders Conference this week prompting discussions about record 7(a) and 504 lending growth for FY21. As a result, there was a rise in screen outs and origination processing issues. The number one reason for 7(a) screen outs (34%)…

September 8, 2021 Delaney SextonContributing Editor C-Suite Wednesday – Billions Available in the EIDL Program The SBA’s Economic Injury Disaster Loan program for the COVID-19 Pandemic still has plenty of funds remaining. The program’s application deadline is December 31, 2021, unless funds run out before this. As of September 2, 2021, nearly 4 billion EIDLs…

September 7, 2021 Delaney SextonContributing Editor Hot Topic Tuesday – 90% of Equally Male/Female-Owned Businesses are Family-Owned The SBA Office of Advocacy released a report this morning with data about equally male/female-owned employer small businesses. Here are the facts: There were almost 861,000 equally male/female-owned businesses (EOB)  in 2018. These businesses generated $1.3 trillion in…

September 3, 2021 Delaney SextonContributing Editor Fraud Friday – Former EDA Executive Director Involved in Alleged Fraud Indicted with 34 Counts Jennifer McDonald was the former Executive Director of the Front-Royal-Warren County Economic Development Authority in Virginia. She was arrested in 2019 and accused of embezzling $21 million. Last week she was indicted and charged…

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…