Understanding SBA Error Codes in E-Tran Loan Authorization Applications
All 7(a) and 504 lenders will digitally submit E-Tran loan authorization application requests to SBA to screen for eligibility. From there, SBA determines whether the applicant is eligible by requiring the applicant to certify certain eligibility requirements and validate those certifications through a digital, real-time regulatory compliance framework. When a discrepancy that affects eligibility is…
Read MoreDelaware SBA 7(a) Lender Rankings for FY 2023
RANK Lender # Loans $ Amount Average Loan Size 1 Wilmington Savings Fund Society, FSB (DE) 14 $12,794,000 $913,857 2 Manufacturers and Traders Trust Company (NY) 49 $9,743,000 $198,837 3 Hanover Community Bank (NY) 1 $5,000,000 $5,000,000 4 Firstrust Savings Bank (PA) 2 $4,800,000 $2,400,000 5 Fulton Bank, National Association (PA) 4 $4,387,500 $1,096,875 6…
Read MoreWashington DC SBA 7(a) Lender Rankings for 2023
RANK Lender # Loans $ Amount Average Loan Size 1 Manufacturers and Traders Trust Company (NY) 32 $8,310,000 $259,688 2 Truist Bank (NC) 1 $4,646,200 $4,646,200 3 Newtek Small Business Finance, Inc. (NY) 4 $4,160,000 $1,040,000 4 First Financial Bank (AR) 1 $4,000,000 $4,000,000 5 Industrial Bank (DC) 3 $3,650,000 $1,216,667 6 Berkshire Bank (MA)…
Read MoreColeman’s SBA 7(a) Servicing/Liquidation Update
Essential Information to Safeguard the SBA 7(a) Loan Guaranty; Includes a Semi-Monthly Report & Monthly Zoom Call Coleman’s SBA 7(a) Servicing & Liquidation Report is the only industry report for SBA servicing and liquidation professionals. Our goal? To increase your knowledge to allow you to prudently manage your SBA 7(a) loan portfolio, minimize loan losses…
Read MoreTexas Court Pauses CFPB Small Business Data Collection Rule
Implementation of the CFPB Small Business Lending Rule has been stopped by a Texas Federal District Court. The CFPB wants lenders to collect data about small business loan applicants and borrowers similar to consumer mortgage loans — specifically race and geographic area. To ensure lenders are not engaging in discriminating lending practices. Reports National Law…
Read MoreConnecticut SBA 7(a) Lender Ranking for FY 2023
RANK Lender # Loans $ Amount Average Loan Size 1 Webster Bank National Association (CT) 117 $45,010,800 $384,708 2 Live Oak Banking Company (NC) 17 $32,047,000 $1,885,118 3 Celtic Bank Corporation (UT) 14 $19,260,000 $1,375,714 4 Manufacturers and Traders Trust Company (NY) 126 $18,114,000 $143,762 5 Berkshire Bank (MA) 13 $14,531,000 $1,117,769 6 TD Bank,…
Read MoreColorado SBA 7(a) Lenders Ranking for FY 2023
RANK Lender # Loans $ Amount Average Loan Size 1 Live Oak Banking Company (NC) 58 $93,750,500 $1,616,388 2 The Huntington National Bank (OH) 227 $54,302,600 $239,219 3 Hanmi Bank (CA) 37 $33,107,000 $894,784 4 CrossFirst Bank (KS) 29 $33,006,500 $1,138,155 5 Midwest Regional Bank (MO) 15 $32,386,000 $2,159,067 6 Wells Fargo Bank, National Association…
Read MoreUnited Community Bank Ranks as a Top 25 SBA 7(a) Lender in FY23
With more than $177 million in loans for fiscal year 2023, South Carolina headquartered United Community is one of SBA’s largest lenders. “Small companies generate 1.5 million jobs a year and account for nearly 65% of new jobs in America,” says Rich Bradshaw, President and Chief Banking Officer for United. “Entrepreneurs are vital to our…
Read MoreFraud Friday – “Jekyll and Hyde” Former Bank VP & Loan Officer Sentenced to 12 Years
October 27, 2023 Delaney SextonContributing Editor Fraud Friday – “Jekyll and Hyde” Former Bank VP & Loan Officer Sentenced to 12 Years “For more than half a decade, Richard Pigg abused his position of trust to defraud his bank, take advantage of his customers and skim money off of inflated loans,” says U.S. Attorney Rachelle…
Read MoreEllis Carr of Momentus Capital Named to Power 100 List in Washington D.C. Region
“We assembled our annual Power 100 list of the most influential business leaders with the pending revival of Greater Washington top of mind. Who has the courage to stand up and discuss our problems without holding back? Who has the leadership skills — and, sometimes, the dollars — to make a difference? Who can we…
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