Fraud 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…
Read MoreMaryland SSBCI Funds 27 Businesses – 1,300 Jobs in FY23
Maryland’s SSBCI has committed more than $33 million to 27 applicants operating in historically underserved communities. Launched in August 2022, SSBCI created a partnership between three state agencies to administer up to $198 million in federal relief to small businesses. The state’s SSBCI investment has leveraged an additional $190 million in private capital.. “I’m grateful…
Read MoreArizona SBA 7(a) Lenders Ranking for FY 2023
RANK Lender # Loans $ Amount Average Loan Size 1 Live Oak Banking Company (NC) 41 $74,710,000 $1,822,195 2 Celtic Bank Corporation (UT) 32 $32,604,400 $1,018,888 3 St. Louis Bank (MO) 14 $26,154,000 $1,868,143 4 MidFirst Bank (OK) 22 $25,129,800 $1,142,264 5 Bell Bank (ND) 29 $24,468,600 $843,745 6 The Huntington National Bank (OH) 75…
Read MoreArkansas SBA 7(a) Lender Ranking for FY 2023
RANK Lender # Loans $ Amount Average Loan Size 1 First Financial Bank (AR) 27 $35,579,800 $1,317,770 2 First Service Bank (AR) 21 $18,685,800 $889,800 3 Live Oak Banking Company (NC) 6 $13,790,800 $2,298,467 4 Arvest Bank (AR) 43 $12,216,000 $284,093 5 Arkansas Capital Corporation (AR) 25 $11,870,700 $474,828 6 Readycap Lending, LLC (NJ) 5…
Read MoreSBA Grants 143 Community Advantage Lenders SBLC License
What is the Community Advantage Loan Program? Maximum Loan is $350,000 Guaranty — 85% for loans up to $150,000, 75% for loans greater than $150,000, and 90% for International Trade loans Who can be a CA lender? The following types of organizations are eligible to become CA lenders: Lender portfolio requirements Lenders in the CA…
Read MoreThe 50+ Technical Corrections You Must Know in the New SOP 5010 7.1 (Webinar 11/8)
A Coleman WebinarWednesday, November 8, 20232:00 pm Eastern 75-minute training with e-certificationRegister Your Entire Staff for One Fee Online Here The Technical Corrections Issued by SBA Join award winning webinar instructor Lance Sexton as he walks you through the important changes you and your staff need to know in this newly released SOP. Coleman Report…
Read MoreSBA 5010 7.1 Effective November 15, 2023
Download a PDF Copy of the SOP 5010 7.1 here Summary of Changes SECTION A: CORE REQUIREMENTS FOR ALL 7(A) AND 504 LOANS The chapters listed below have received updated titles. Chapter 1: Primary Applicant Eligibility Requirements Validated by SBA’s Risk Mitigation Framework Chapter 2: Credit Not Available Elsewhere, Special Transaction Structures, & Other Primary…
Read MoreAlabama SBA 7(a) Lender Ranking for FY 2023
RANK Lender # Loans $ Amount Average Loan Size 1 Live Oak Banking Company (NC) 22 $35,021,500 $1,591,886 2 Synovus Bank (GA) 9 $20,736,400 $2,304,044 3 Newtek Small Business Finance, Inc. (NY) 12 $16,912,500 $1,409,375 4 Berkshire Bank (MA) 4 $11,063,400 $2,765,850 5 Readycap Lending, LLC (NJ) 11 $10,613,100 $964,827 6 SouthPoint Bank (AL) 8…
Read MoreFormer Pacific Premier Bank SBA Savvy Execs Startup New California Bank — Icon Business Bank
One of the new banks approved by the FDIC in 2023 has opened its doors. The former president of Security Bank and SR. VP of Pacific Premier Bank has anew gig — President & CEO of newly formed ICON Business Bank. Edward Hwang’s promises ICON Business Bank is a financial institution built around “people” driven…
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