Coleman Report

March 25, 2025 Bob ColemanFounder & Publisher Hot Topic Tuesday — SBA Clarifies Environmental Report Approvals for GP loans The SBA procedural notice issued last week only applies to loans processed GP through the loan guarantee processing center in Citrus Heights. If an environmental investigation report concludes that a property has no contamination, it is…

For 7(a) loans with a maturity that exceeds 12 months, the Upfront Fees are: For loans of $150,000 or less: 2% of the guaranteed portion.  For loans of $150,001 to $700,000: 3% of the guaranteed portion. For loans of $700,001 to $5,000,000: 3.5% of the guaranteed portion of the loan up to and including $1,000,000,…

March 24, 2025 Bob ColemanFounder & Publisher Main Street Monday — SBA Issues New Form 1919 SBA has revised SBA Form 1919 to replace the term “gender” with the term “sex” in 3 instances on pages 2 and 5 of the form. SBA has also removed “Not Disclosed” as a possible response to the “Sex”…

March 21, 2025 Bob ColemanFounder & Publisher MORE BREAKING NEWS — SBA Announces Agency-Wide Reorganization, Reduces 2700 Jobs, SBA Employee Average Salary is $132,000 Read SBA’s notice here: https://www.sba.gov/article/2025/03/21/small-business-administration-announces-agency-wide-reorganization Here are the highlights: SBA will: – Reduce its workforce by 43% – Eliminate 2,700 jobs – Return to pre-pandemic staffing levels “The average salary of…

March 21, 2025 Bob ColemanFounder & Publisher BREAKING NEWS — WSJ Says SBA to Cut 40% of Employees, 2700 Jobs Wall Street Journal’s Meredith McGraw and Scott Peterson exclusively report SBA is planning to cut more than 40% of its workforce this morning. “The extensive workforce reduction and restructuring will take the SBA, an agency…

March 21, 2025 Bob ColemanFounder & Publisher Credit Union CEO Indicted for Loan Fraud Leading to Richmond City FCU’s Failure Richmond City Employees Federal Credit Union, a small credit union with 788 members in Richmond, Indiana, was closed by federal regulators in December 2022. The $8 million credit union reported a $500,000 loss for the…

March 20, 2025 Bob ColemanFounder & Publisher SmartBiz Acquires Centrust Bank Founded in 2006, the Chicago-based Centrust Bank primarily focused on business lending to small and medium-sized businesses, offering both conventional and SBA loan products. In FY24, Centrust approved 16 SBA 7(a) loans totaling $22.4 million, ranking 198th nationwide. The entire Centrust team has joined…

March 19, 2025 Bob ColemanFounder & Publisher Adhere to the “Spirit of the SBA” in Taking Residences for “All Available Collateral”  In a recent Coleman webinar moderated by Leslie Tripp, the Doeren Mayhew portfolio review team discussed SBA 7(a) loan compliance exceptions they had found in lender portfolios. One exception was particularly noteworthy. The lender…

March 18, 2025 Bob ColemanFounder & Publisher SBA Hot Topic Tuesday — US Citizenship Documentation by Lance SextonPhoenix Lender Services In response to the SBA policy updates to comply with Executive Order 14159 regarding citizenship requirements for obtaining 7(a) and 504 loans following is a best practice you may wish to use. Basics: An applicant…

March 17, 2025 Bob ColemanFounder & Publisher Main Street Monday — B of A Says Main Street Use of Credit Cards for Financing Decreasing  “However, in our view, pressure on credit card usage might ease as credit availability improves and interest rates fall. Additionally, loan payment growth, after being largely negative the past year, is…