New Hampshire Senator Jeanne Shaheen Chairs Senate Small Business Committee
by Bob ColemanPublisher Senator Shaheen replaces Maryland Senator Ben Cardin who has moved on to head the Foreign Relations Committee. That vacancy occurred when Senator Bob Menedez stepped down following his indictment on a slew of corruption charges. “As a former small business owner, I know that small businesses play a critical role in driving…
Read MoreCredit Reporting – S&L Newsletter
Whenever a business applies for a loan, lenders use business credit reports to assess the business’screditworthiness. Business credit reports are used when businesses apply for a business loan, establish payment terms with a new vendor, or obtain a form of business credit. These reports come from three primary commercial credit reporting agencies: Dun & Bradstreet,…
Read MoreSBA 7(a) Secondary Market Sale Restrictions in the Event of a 11/18 Government Shutdown
The current Continuing Resolution (CR) extends government spending levels through Friday, November 17, 2023. In the event of a government shutdown due to a lapse in funding after 11:59 PM ET on the 17th, SBA 7(a) Secondary Market sale and pool formation processes will operate under the following parameters: Source: SBA
Read MoreHawaii SBA 7(a) Lender Rankings for FY 2023
RANK Lender # Loans $ Amount Average Loan Size 1 Live Oak Banking Company (NC) 7 $7,160,000 $1,022,857 2 Central Pacific Bank (HI) 91 $7,070,000 $77,692 3 Newtek Small Business Finance, Inc. (NY) 8 $6,005,000 $750,625 4 Byline Bank (IL) 3 $4,281,000 $1,427,000 5 Commonwealth Business Bank (CA) 1 $3,731,000 $3,731,000 6 PCB Bank (CA)…
Read MoreIowa SBA 7(a) Lender Rankings for FY 2023
RANK Lender # Loans $ Amount Average Loan Size 1 Lincoln Savings Bank (IA) 25 $9,044,100 $361,764 2 Newtek Small Business Finance, Inc. (NY) 8 $6,985,000 $873,125 3 Celtic Bank Corporation (UT) 4 $4,728,000 $1,182,000 4 First Interstate Bank (MT) 4 $4,025,200 $1,006,300 5 TD Bank, National Association (DE) 1 $4,000,000 $4,000,000 6 Live Oak…
Read MoreCFPB Issues New report on State CRA Laws
CFPB analyazes state CRA similar laws to “ensure financial institutions’ lending, services, and investment activities meet the credit needs of their communities.” The report examines the laws of seven states (Connecticut, Illinois, Massachusetts, New York, Rhode Island, Washington, West Virginia) and the District of Columbia, and found that many of those states adopted laws similar…
Read MoreArt of SBA Lending Podcast Interviews Bob Coleman
Ray Drew Interviews Bob Coleman November 2, 2023 on his Art of SBA Lending YouTube Channel.
Read MoreKraig Schwigen Joins American Lending Center To Guide Strategic Development
“Kraig is one of the giants in our industry, especially when it comes to serving EB-5 investors,” says John Shen, president and CEO of American Lending Center (ALC). “He has great experience in all components of the process, from the individual investor to the developers putting their money to work. We’re thrilled and blessed to…
Read MoreFraud Friday – First Ever False Claims Act Settlement for the Restaurant Revitalization Fund
November 3, 2023 Delaney SextonContributing Editor Fraud Friday – First Ever False Claims Act Settlement for the Restaurant Revitalization Fund United States Attorney Freedman states: “The Restaurant Revitalization Fund was meant to provide a financial lifeline to restaurants and other eligible entities that were struggling to stay afloat during the COVID-19 pandemic. Feast American Diners…
Read MoreGeorgia SBA 7(a) Lender Rankings for FY 2023
1 Live Oak Banking Company (NC) 40 $60,862,000 $1,521,550 2 Metro City Bank (GA) 29 $57,421,000 $1,980,034 3 First IC Bank (GA) 20 $38,871,000 $1,943,550 4 CapStar Bank (TN) 24 $34,330,300 $1,430,429 5 Georgia’s Own Credit Union (GA) 40 $32,952,400 $823,810 6 Colony Bank (GA) 29 $30,042,300 $1,035,941 7 Signature Bank of Georgia (GA) 24…
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