Newtek’s Loan Pools of Unguaranteed Portion of SBA 7(a) Loans Receive Investment Ratings Upgrades
Barry Sloane, Chairman, President and Chief Executive Officer says, “We are pleased that S&P Global Ratings has upgraded their investment-grade ratings on two of the Company’s most seasoned securitizations outstanding. The loans in these securitizations were underwritten prior to COVID-19 and experienced the effects of the pandemic plus the interest rate shocks of 2022 and…
Read MoreReadycap and KeyBank Top Washington SBA 7(a) FY23 Rankings
RANK Lender # Loans $ Amount Average Loan Size 1 Readycap Lending, LLC (NJ) 39 $63,510,900 $1,628,485 2 KeyBank National Association (OH) 161 $50,169,100 $311,609 3 Umpqua Bank (CA) 108 $43,899,400 $406,476 4 Celtic Bank Corporation (UT) 23 $39,309,800 $1,709,122 5 Live Oak Banking Company (NC) 24 $37,990,100 $1,582,921 6 Washington Trust Bank (WA) 60…
Read MoreColeman Report Live! January 22, 2024 — Main Street Monday @ 1pm EST
Host: Bob Coleman, Owner/Editor, Coleman ReportCo-Host: Lance Sexton, Contributor, Fountainhead CC Watch on Microsoft Teams Watch on YouTube
Read MoreFraud Friday – Business Owner with 16 Previous Convictions Sentenced for PPP & EIDL Fraud
January 19, 2024 Delaney SextonContributing Editor Fraud Friday – Business Owner with 16 Previous Convictions Sentenced for PPP & EIDL Fraud Justin Eugene Dowie will be adding another conviction to his criminal history after being sentenced to five years in federal prison earlier this month. In July 2023, Dowie pleaded guilty to one count of…
Read MoreCorrectly Preparing SBA’s Universal Guaranty Purchase Package — 2/5
SBA’s Universal Purchase Package for SBA 7(a) Loans, SBA 7(a) Small Loans Less than $500k, and SBAExpress Attend the Live Webinar EventWednesday, February 5, 20252:00 PM Eastern75-minute training with e-certification Lenders must be correct and precise in their completion of SBA’s new SBA 7(a) guaranty purchase request — to receive payment and not a guaranty…
Read MoreSecond Rapier Donation of $350,000 Paid for Hector Barreto’s Personal Expenses
The second installment of Dr. Rapier’s donation was larger than the last. The Latino Coalition Foundation received $350,000 for a youth apprenticeship program. Once again, the account was dwindling right before it received Dr. Rapier’s donation. The funds were sent between Miguel Gutierrez and Hector Barreto. At times, the donation was used to pay credit…
Read MoreDonation to Support Underprivileged Youths Used for Hector Barreto Personal Payments
Dr. Rapier’s first installment of a $1.35 million donation to the Latino Coalition Foundation (LCF) was $250,000. This money was intended to develop an apprenticeship program to provide training to young workers and pair them with employers in skills-based businesses. The first donation was actually used to make credit card payments and wires to Hector…
Read MoreSBA Office of Advocacy Reports Weak Small Business Loan Supply and Demand
In the last year and a half, bankers have been reporting tightened credit standards and weaker demand for C&I (commercial and industrial) and CRE (commercial real estate) loans. The SBA Office of Advocacy reports that loan demand has dropped more than it did around the pandemic. Business lending grew between June 2022 and June 2023.…
Read MoreColeman Report Live! January 19, 2024 — Fraud Friday @ 1pm EST
Host: Bob Coleman, Owner/Editor, Coleman ReportCo-Host: Lance Sexton, Contributor, Fountainhead CCGuest: Delaney Sexton, Editor, Coleman Report Watch on Microsoft Teams Watch on YouTube
Read MoreFormer SBA Administrator Hector Barreto Sentenced to 20 Months in Prison for Embezzlement Fraud
January 12, 2024 Delaney SextonContributing Editor Fraud Friday – Former SBA Administrator Barreto Sentenced to 20 Months in Prison For Embezzlement Fraud of Underprivileged Youth Programs “You all were rising stars in your respective communities – and it’s a sad day,” Judge Pullman tells Hector Barreto and his co-defendant. Calling them “poster children for all…
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