Coleman Report Update

Says Chairman Rogers Williams of Texas in yesterday’s hearing. Owning your own small business is one of the most rewarding careers in America. You get to put your time and effort into something that you are passionate about and fulfills a need in the marketplace. We all know that to be a successful small business…

RANK Lender # Loans $ Amount Average Loan Size 1 Live Oak Banking Company (NC) 8 $16,700,200 $2,087,525 2 Stock Yards Bank & Trust Company (KY) 42 $16,628,800 $395,924 3 Republic Bank & Trust Company (KY) 32 $13,744,200 $429,506 4 The Huntington National Bank (OH) 63 $13,066,300 $207,402 5 Community Trust Bank, Inc. (KY) 45…

In one of her first actions as Chair of the U.S. Senate Committee on Small Business and Entrepreneurship Jeanne Shaheen wants SBA’s Inspector General to continue and expand its work of identifying and collecting fraudulent PPP and EIDL loans. Shaheen writes, “Unfortunately, many unscrupulous actors viewed our collective commitment to help deserving small businesses as…

RANK Lender # Loans $ Amount Average Loan Size 1 Live Oak Banking Company (NC) 12 $21,245,000 $1,770,417 2 Emprise Bank (KS) 27 $11,744,800 $434,993 3 First Bank of the Lake (MO) 5 $7,929,600 $1,585,920 4 Equity Bank (KS) 16 $7,889,200 $493,075 5 LendingClub Bank, National Association (IL) 5 $7,830,000 $1,566,000 6 Fidelity Bank, National…

RANK Lender # Loans $ Amount Average Loan Size 1 The Huntington National Bank (OH) 315 $58,025,500 $184,208 2 Live Oak Banking Company (NC) 26 $31,031,000 $1,193,500 3 Old National Bank (IN) 31 $27,342,300 $882,010 4 Centier Bank (IN) 58 $25,197,100 $434,433 5 Merchants Bank of Indiana (IN) 29 $22,570,400 $778,290 6 First Internet Bank…

SBA says veterans own 1,955,191 businesses and employ 5,450,860 Americans. Source: SBA Office of Advocacy, November 2023

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RANK Lender # Loans $ Amount Average Loan Size 1 Frandsen Bank & Trust (MN) 53 $32,125,500 $606,142 2 First Bank & Trust (SD) 24 $32,102,800 $1,337,617 3 BankVista (MN) 97 $30,856,400 $318,107 4 The Huntington National Bank (OH) 144 $28,125,000 $195,313 5 Bremer Bank, National Association (MN) 29 $26,731,600 $921,779 6 U.S. Bank, National…

by Bob ColemanPublisher The Minnesota Expanding Opportunity Fund is Administered by the Department of Employment and Economic Development or DEED DEED’s $10 million Expanding Opportunity Fund will “support entrepreneurs who have struggled to access capital through traditional bank loans. The fund is designed to support historically under-funded small businesses operated by women, people of color,…

by Bob ColemanPublisher The nation’s largest SBA 504 lender announces key enhancements to its back room. Gregg Mitchell, Executive Vice President of Loan Operations Since joining TMC Financing in April 2020, Gregg has played a pivotal role in driving the company’s exceptional growth, resulting in a doubling of its loan volume.  Under Gregg’s leadership, TMC’s…