July 30, 2021 Delaney SextonContributing Editor Fraud Friday – banc-serv Borrower Testifies $50,000 Fake Equity Injection for Biz Aq Loan Witness #7- Brad Crawford (Loan to Borrower #1 in the indictment) Brad Crawford decided to buy a business in 2004, and Kerri Agee and Matt Smith prepared an SBA loan application worth $1,400,000 for him.…

July 29, 2021 Delaney SextonContributing Editor Borrowers Take the Witness Stand on Day 3 banc-serv Fraud Trial A borrower who owned a manufacturer of concrete masonry testified that $770,000 of her $1.2 million loan was disbursed as a check to the IRS for delinquent payroll taxes. However the use of proceeds said around $191,000 would…

July 28, 2021 Delaney SextonContributing Editor C-Suite Wednesday – First Three Witnesses at Stand During Kerri Agee Trial Here are some of the key points brought up while the first three witnesses have been called to stand: Witness # 1: Theresa Hendrix – Supervisory Loan Specialist at the Citrus Heights Loan Guaranty Processing Center• Theresa…

July 27, 2021 Delaney SextonContributing Editor Hot Topic Tuesday – banc-serv Defense Claims “They Got Us” Email is Out of Context Attorney William Johnston made the opening statements for the government. He says that banc-serv claimed to be the experts regarding SBA loan packages and was a “one-stop-shop” for lenders, and he referred to the…

July 26, 2021 Delaney SextonContributing Editor Main Street Monday – Over 65% of U.S. States had an Increased Volume of Business Openings Compared to Pre-COVID-19 In Yelp’s Q2 Economic Average Report, it reports “an increase in consumers getting back to pre-pandemic activities – such as dining out, in-person shopping and returning to their offices.” Consumer…

July 23, 2021 Delaney SextonContributing Editor Fraud Friday – Former Wells Fargo Banker is Sentenced 42 Months for $60 Million Movie Financing & COVID-19 Loan Fraud Benjamin Rafael was sentenced last week for helping take millions of dollars from investors and producers looking for financing for movies and Broadway shows. Following his indictment and guilty…

July 22, 2021 Delaney SextonContributing Editor Coleman Movers & Shakers- Susan Just, Christopher Morin, and George Hewett Susan Just is the New Executive Vice President and Chief Credit Officer for Santa Cruz County Bank Krista Snelling, President and CEO comments, “We are excited to welcome Susan as Chief Credit Officer and as a valued member…

July 21, 2021 Delaney SextonContributing Editor C-Suite Wednesday- Updated SBA Personal Financial Statement Form is Released The SBA 7(a) Connect Quarterly Update call occurred on July 13th and outlined some SBA hot topics regarding forms and notices: On July 13th the SBA released the updated Form 413, effective July 13th, that consolidated four versions of…

July 20, 2021 Delaney SextonContributing Editor Hot Topic Tuesday- SBA Will Lend Almost $40 Billion in 7(a) and 504 Loans by the End of the Fiscal Year SBA 7(a) and 504 lending amounts continue to exceed the totals for the last five fiscal years. The number of 504 loans approved also surpasses the numbers for…

July 19, 2021 Delaney SextonContributing Editor Main Street Monday- Small Business Owners are Feeling More Optimistic Says the NFIB After a slight decline in May, small business owners’ optimism is on the rise as seen in the June Small Business Economic Trends report by the NFIB. Small business owners are hopeful as the economy starts…