March 23, 2021 Caity Roach Editor SBA Hot Topic Tuesday – SBA Prepares to Launch the Shuttered Venue Operator’s Grant Program “The SBA has worked diligently to build the Shuttered Venue Operators Grant program from the ground up to assist and address the diverse eligibility requirements of each type of applicant and we will open…

March 22, 2021 Caity Roach Editor Main Street Monday — Nearly Half a Million New Small Businesses Opened During the Pandemic Though small businesses have been deeply impacted by the coronavirus pandemic, new data from Yelp’s Economic Average Report indicates that there were nearly half a million new business openings (487,577 total) in the U.S.…

March 19, 2021 Caity RoachEditor Fraud Friday — Bank Officer Pleads Guilty to Embezzling Over $2.3 Million  Jordan Glen Young, a former administration officer at InvesTrust Wealth Management, has pleaded guilty to misusing his position at the bank in order to embezzle more than $2.3 million from his clients. According to court documents, Young spent…

March 18, 2021 Caity Roach Editor Coleman Movers & Shakers – Kale Gaston, Mili Shah, Bryan Olund Kale Gaston to Serve as Director of Government Guaranteed Lending at Fidelity Bank “We are very excited to bring Kale on to our team.  This will provide our customers with more lending options as our Bank continues to…

March 17, 2021 Caity Roach Editor C-Suite Wednesday — SBA’s Portfolio Performance in FY 2020 According to the SBA’s Annual Financial Report for FY 2020, the agency’s small business loan portfolio increased nearly 500% last year to $836 billion. This increase was largely caused by the Paycheck Protection Program, which added $513 billion to the…

March 16, 2021 Caity Roach Editor Hot Topic Tuesday— SBA’s Annual Financial Report Highlights Progress Toward Agency Goals  Although the coronavirus pandemic has deeply impacted the SBA’s progress toward its FY 2021 Agency Priority Goals, the SBA has made great headway by meeting and exceeding some of its 2020 objectives. According to the SBA’s Annual…

March 15, 2021 Caity Roach Editor Main Street Monday – New SBA 504 Refinancing Rules Allow Borrowers to Maximize their CRE Equity Withdrawals  The Economic Aid Act temporarily gives Certified Development Companies (CDCs) unilateral authority to refinance the first lien on an existing 504 Project. Also known as the “Third Party Loan,” the first and…

March 12, 2021 Caity Roach Editor Fraud Friday – Three London Bankers Arrested for £6 Million Bounce Back Loan Fraud Scheme “Ensuring the integrity of the financial sector is a vital part of our work to tackle illicit finance,” says the Head of Financial Investigation at the UK National Crime Agency (NCA). “Criminal exploitation of…

March 11, 2021 Caity Roach Editor Coleman Movers & Shakers – Jason Parsons, Patrick McEvoy, and Shawn Ecksel Jason Parsons to Head Security National Bank SBA Department “Jason’s deep knowledge and wealth of experience in SBA lending will be a great asset to our bank, and a benefit for our clients,” says Conner Price, Texas…