Former President of SouthernTrust Bank Pleads Guilty to Falsifying Records – Fraud Friday

June 28, 2024 Delaney SextonContributing Editor Former President of SouthernTrust Bank Pleads Guilty to Falsifying Records – Fraud Friday “The lack of professional responsibility demonstrated by Steven Cook diminishes the faith consumers place in the banking process,” says FBI Springfield Field Office Acting Special Agent in Charge Shannon Fontenot. “Financial fraud is a serious crime…

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Underwriting the SBA 7(a) and 504 Franchise Loan — Webinar 7/31

A Best Practice SBA Lending Guide Post-Franchise DirectoryWebinar Registration Includes Coleman’s “SBA Franchise Eligibility Cheat Sheet” —a go-to reference tool for evaluating borrower franchise agreements and the FDD. A Coleman WebinarDate: Wednesday, July 31, 2024Time: 2:00 p.m. EasternIncludes e-certification & recording Last year’s SBA rule change eliminated the need for lenders to consider control issues…

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Lenders May Use the Newly Updated SBA Form 1919

June 27, 2024 Delaney SextonContributing Editor Lenders May Use the Newly Updated SBA Form 1919 SBA received approval for the edits made to SBA Form 1919 to reflect the Criminal Justice Rule. Question #4 on page 2 of the form was updated: “The new question #4 uses the phrase ‘serving a sentence of imprisonment imposed…

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SBA 7(a) Lending Stats by Industry

June 27, 2024 Delaney SextonContributing Editor SBA 7(a) Lending Stats by Industry For fiscal year 2024, these are the lending statistics by industry as of June 25, 2024:

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Representative Williams & Senator Ernst are “Pleased” but “Remain Concerned” After Funding Circle’s Announcement

June 26, 2024 Delaney SextonContributing Editor Representative Williams & Senator Ernst are “Pleased” but “Remain Concerned” After Funding Circle’s Announcement Representative Roger Williams and Senator Joni Ernst released a joint statement since the announcement that Funding Circle is voluntarily returning its SBLC license: “As we have been saying from the moment it was announced, Funding…

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United Community Welcomes Jeannie Yoder as SBA Regional Executive

June 26, 2024 Delaney SextonContributing Editor United Community Welcomes Jeannie Yoder as SBA Regional Executive “Throughout Jeannie’s career, she has consistently demonstrated an exceptional aptitude for SBA lending,” says Beth Hallock, president of SBA lending at United. “With a remarkable track record, generating north of $600 million in SBA loan production, she brings invaluable expertise…

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iBusiness Funding Acquires Funding Circle for $41.8 Million, Will Return SBLC License

June 25, 2024 Delaney SextonContributing Editor iBusiness Funding Acquires Funding Circle for $41.8 Million, Will Return SBLC License Founder and CEO of iBusiness Funding LLC Justin Levy expresses his enthusiasm, saying, “We are thrilled to welcome the exceptional FC USA team to the iBusiness family. FC USA’s mission to be the largest SBA lender for loans under $500,000 aligns with our goal…

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Arkansas Capital Corporation Names Andrew Harris VP, Business Development Officer

June 25, 2024 Delaney SextonContributing Editor Arkansas Capital Corporation Names Andrew Harris VP, Business Development Officer “As a private, non-profit lending corporation, we are dedicated to empowering entrepreneurs nationwide to meet the individual capital needs of businesses with a commitment to revitalizing communities across the nation,” says Craig Calafati, ACC Executive Vice President and Director…

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