Whistleblower Case Ends In Dismissal Of 2 PPP Loans – Fraud Friday
January 26, 2024 Delaney SextonContributing Editor Fraud Friday – Whistleblower False Claims Act Lawsuit Dismissed for Two PPP Loans Former employees at ManPow, LLC, accused the real estate company of obtaining PPP loans and loan forgiveness through false statements and certifications. They claimed the company falsely reported payroll expenses and the number of employees in…
Read MoreThe Top 30 SBA 7(a) Loan Exceptions Found in 2023 — Webinar Wednesday, June 12 @ 2PM EST
Mistakes Lenders Need to Avoid that Jeopardize the SBA 7(a) Loan Guaranty Attend the Live Webinar EventWednesday, June 12, 20242:00 PM Eastern75-minute training with e-certification Juggling the management of your SBA lending department and loan portfolio is challenging and difficult — but rewarding on a number of levels for everyone when a plan is successfully…
Read MoreOld National Bank and US Bank are the Top Wisconsin SBA 7(a) Lenders for FY23
RANK Lender # Loans $ Amount Average Loan Size 1 Old National Bank (IN) 31 $31,966,300 $1,031,171 2 Byline Bank (IL) 24 $28,088,000 $1,170,333 3 Nicolet National Bank (WI) 28 $19,090,600 $681,807 4 Citizens Community Federal National Association (WI) 27 $18,945,000 $701,667 5 Hiawatha National Bank (WI) 45 $18,849,400 $418,876 6 Live Oak Banking Company…
Read MoreAmerican Momentum Bank Expands Western US Footprint with Vic Calonder Appointment as Senior Vice President
“Vic has more than 20 years of banking experience along with a background in restaurant ownership and entrepreneurship,” says Patrick Fenech, senior vice president and managing director of SBA lending for American Momentum Bank. “His experience resonates with small business owners and brings added value to clients navigating the SBA loan process. We’re thrilled to…
Read MoreAmerican Momentum Bank Enters Denver Market with Key SBA Lending Hire
Vic Calonder joins the bank as senior vice president, SBA business development officer III, as SBA Lending Division continues national expansion DENVER, CO (Jan. 23, 2024)— American Momentum Bank has entered the Denver market with its latest hire. Experienced SBA lending professional Vic Calonder joins the bank as senior vice president, SBA business development officer…
Read MoreSBA Releases Fiscal Year 2023 Agency Financial Report
The annual Agency Financial Report gives an overview of SBA’s financial and performance data. It is one of two required reports that federal agencies must publish each year. The report is filled with data and trends that the SBA is seeing. During FY23, SBA’s portfolio decreased year over year by 13.9%. The main cause for…
Read MoreClark Street Capital Launches Platform for Lenders to Sell Loans in Two Weeks
Clark Street Capital has launched the “Accelerated BAN,” a new loan sale process which allows lenders to sell loans in as little as two weeks. Designed for single assets or portfolios under $5MM, Accelerated BAN is the fastest process in the industry and designed for situations in which a lender is looking to move assets…
Read MoreFLAGGL Conference 2024 Breakout Topics
From the FLAGGL Board of Directors regarding its September annual conference in Orlando . . . . . What breakout session topics would you most like to see at September’s annual FLAGGL conference? Your opinion counts! Please take 2 minutes to complete this survey: FLAGGL Conference 2024 – Breakout Topic Survey One winner will receive…
Read MoreTeresa Rogers Joins First Business Bank as Vice President – SBA Lending
Wisconsin-based First Business Bank adds Teresa Rogers to its SBA lending staff. Teresa is active with SBA lending programs and serves as Secretary on the Region VIII Board of NAGGL. She holds a Bachelor of Science degree in Economics & Government/Politics from the University of Maryland. A native of the Washington, DC, area, Teresa now…
Read MoreHouse Small Business Committee Holds Hearing on Avenues to Capital Access
“For a business to get off the ground, small business owners must invest their time and financial resources. For most entrepreneurs, this means going to the bank to secure a loan. This capital provides them with the resources needed to compete in the marketplace and contribute to the American economy,” says Chairman Roger Williams. “Unfortunately,…
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