October 16, 2020 Caity RoachContributing Editor Fraud Friday — Former Office Manager Defrauds Employer Richard Walker, a former part-time office manager of an Orlando based business, has been sentenced to five years and five months in federal prison for embezzling and diverting over $900,000 to himself and his two businesses, RBD Distributors LLC and Shotgun…

October 15, 2020 Caity RoachContributing Editor Coleman Movers & Shakers — Rhiannon Hernandez, Dave Klooster, and Ernie Beaudet Rhiannon Hernandez joins Needham Bank as Vice President, SBA Relationship Manager “The Small Business Lending team is an important and growing sector of our business at Needham Bank,” says Michael Semizoglou, Small Business Team Leader. “Rhiannon has…

October 14, 2020 Caity RoachContributing Editor Hot Topic Tuesday — Bloomberg Analysis Finds PPP Scammers Targeted Fintechs  In an effort to distribute PPP funds to struggling small businesses faster and more efficiently, the SBA gave fintechs the green light to participate in the program on April 14, 2020. However, the SBA’s need for speed may…

September 8, 2020  By Caity Roach Contributing Editor, Hot Topic Tuesday Hot Topic Tuesday — The 3508S is a Step in the Right Direction On October 8, 2020, the SBA, in consultation with the Treasury Department, released a simpler loan forgiveness application for PPP loans of $50,000 or less. The new form is intended to…

October 6, 2020  By Caity Roach  Contributing Editor Hot Topic Tuesday — GAO Claims SBA is Obstructing Oversight of Relief Loans Conflict between the Government Accountability Office (GAO) and the SBA surrounding oversight of COVID-19 relief loans continues to escalate. On October 1, 2020, the GAO Director of Financial Markets and Community Investment, William B.…

October 12, 2020 Caity RoachContributing Editor Main Street Monday – Survey Finds Minority Small Business Owners Are More Adaptable According to new research conducted by Union Bank, a higher percentage of minority small business owners across the U.S. are innovating to keep their small businesses afloat during the COVID-19 pandemic compared to their non-minority counterparts.…

October 10, 2020 Caity RoachContributing Editor Fraud Friday – Ponte Investments Issues Clarification On October 2, 2020, Coleman Publishing received correspondence from Ponte Investments’ legal representative clarifying the circumstances surrounding legal action initiated against Ponte by the Federal Trade Commission.  According to the letter, in April 2020, Ponte Investments, by and through its website “SBALoanProgram.com” …

Nominations are now open for outstanding SBA lending professionals in the following categories: PPP lender of the Year (NEW!) Main Street Lender of the Year SBA 7(a) Lender of the Year SBA 504 Lender of the Year Rural SBA or USDA Lender of the Year Mission-Based SBA Lender of the Year SBA Secondary Market Person…

October 8, 2020  By Caity RoachContributing Editor, Coleman Movers & Shakers Coleman Movers & Shakers — Pat MacKrell, Don Jackson, and Ben Raju Pursuit Announces CEO Succession Plan Following a 20-year career with Pursuit, President and CEO, Pat MacKrell, has announced his retirement effective December 31, 2021. Tom McHale, senior vice president and a 23-year…

October 7, 2020 Caity Roach Contributing Editor C-Suite Wednesday – UK Expects 40% – 50% Default Rate on Small Business Emergency Loans The coronavirus pandemic has had a tremendous impact on small businesses internationally. While the U.S. was focused on PPP and EIDL, the UK was relying on the Bounce Back Loan (BBL) program in order…