July 18, 2023 Delaney SextonContributing Editor SBA Hot Topic Tuesday – 7(a) Lending Surpasses the Previous Four Years As of June 30, 2023, SBA has approved 40,637 7(a) loans, totaling $19.28 billion. $14 billion of the total dollar amount is the SBA guaranty amount. Compared to the same time last year, the 7(a) dollar amount…

July 17, 2023 Delaney SextonContributing Editor Main Street Monday – Borrowers are Paying the Highest Short Maturity Interest Rates Since June 2007 “All eyes are on the Federal Reserve, which has signaled that it might raise interest rates by half a point (50 basis points) by year end. Higher rates will discourage borrowing to finance…

July 14, 2023 Delaney SextonContributing Editor Fraud Friday – House Hearing Reveals $650 Billion in Likely Pandemic Fraud and “Swindler Barbie” “Given the drastically different figures in these reports, and the lack of an adequate plan to recoup these stolen taxpayer funds, we invited SBA Administrator Guzman to join us here today. But as you…

July 13, 2023 Delaney SextonContributing Editor Coleman Movers & Shakers – Chris Jackson, Andrew Mort, and Yoon Saechao Countybank Hires Chris Jackson as SBA Division Manager Paul Pickhardt, who has been Countybank’s SBA Lending Manager for 6 years, expressed his excitement about Jackson joining Countybank, noting, “Chris is a great fit for this role as…

July 12, 2023 Delaney SextonContributing Editor C-Suite Wednesday – Updated SOP 50 10 7 To Be Published Before August 1 During the 7(a) Connect Quarterly update, SBA announced they will be publishing a technical update to the SOP 50 10 7 which will replace the first version. The updated version of the SOP 50 10…

Effective August 1 the New SOP 5010 7 Eliminates the Existing Loan Authorization Attend the Live Webinar EventWednesday, August 2, 2pm Eastern. August 2, 2023 Webinar Registration Link How to Close and Fund without an SBA 7(a) Loan Authorization Unlimited Access $800.00 USD Single Attendee Access $500.00 USD With the release of SBA’s updated 50…

July 11, 2023 Delaney SextonContributing Editor SBA Hot Topic Tuesday – Watch the Coleman Report Preshow and SBA 7(a) Quarterly Connect Call Today at 3:00 p.m. Eastern Time, SBA is holding their 7(a) quarterly connect call. SBA stated that it is going be “a long call” that is “very full”. They plan to talk about…

July 10, 2023 Delaney SextonContributing Editor Main Street Monday – OIG Cites $278.6 Million in Potentially Ineligible RRF Recipients Recently, the SBA Inspector General examined SBA’s process of reviewing Restaurant Revitalization Fund applications with signs of potential fraud. The OIG’s report focuses on 2,172 applications with unverified information that SBA has not addressed. SBA agreed…

July 7, 2023 Delaney SextonContributing Editor Fraud Friday – Florida SBA Participant Pays $7.7 Million to Resolve False Claims Act Allegations “Small business set-aside contracts assist small businesses, including socially disadvantaged companies, to compete in the American economy,” says Principal Deputy Assistant Attorney General Brian M. Boynton, head of the Justice Department’s Civil Division. “When…

July 6, 2023 Delaney SextonContributing Editor Coleman Movers & Shakers – Lee Elmslie, Heather Burke, and Trevor Bacon First Bank of the Lake Promotes Lee Elmslie to SVP, National SBA 504 Sales Manager Elmslie joined First Bank of the Lake’s SBA team in June 2020. He has over 31 years of lending experience and has…