Coleman Report

Tuesday, January 7, 2020 By Bob Coleman Editor, Coleman Report Breaking News: SBA Administrator Carranza Confirmed by Senate The U.S. Senate voted 88-5 Tuesday to confirm SBA Administrator Jovita Carranza. The vote came after nine months of not having a permanent head to the administration, SBA Administrator Linda McMahon left on April 4, 2019 to…

January 6, 2020 By: Mary Miller Contributing Editor, Main Street Monday Main Street Monday – The Power of Small Business According to the SBA, small businesses were responsible for more than 65% of net new job creation in this country between 2000 and 2017, they accounted for 99.7% of businesses with paid employees, and represented…

January 3, 2020 By Caity Witucki Contributing Editor, Fraud Friday Fraud Friday– Three Men Sentenced for Defrauding CB&T City Bank of $5 Million Three co-conspirators involved in a multi-million dollar fraud scheme have been sentenced for their crimes. On Monday, December 16, 2019, former CB&T City Bank President, McDonald Hardin, was sentenced to 60 months…

January 2, 2020 By Caity Witucki Contributing Editor, Coleman Movers & Shakers Coleman Movers & Shakers — Mary Thigpen, Columbia Bank, Simon Soh Mary Thigpen Joins Opus Bank’s Board of Directors SBA preferred lender, Opus Bank, has announced the appointment of Mary E. “Mimi” Thigpen to Its Board of Directors, Audit Committee and Risk Oversight…

December 30, 2019 By Mary Miller Contributing Editor, Main Street Monday Main Street Monday – Small Business Projections for 2020 According to the most recent SBA Financial Report, small businesses across the U.S. have experienced strong growth in every state and industry throughout the 2019 calendar year. This trend is predicted to continue into 2020.…

December 30, 2019 By Bob Judge Editor, CPR Report CPR Report: Actual 7(a) Prepays Go Below 18% In October, total prepays, including paid excess principal (ACPR), came in at 17.25%, a 5% decrease from last month’s reading of 18.20%. After correcting for the excess principal being released from the MRF, pool prepays (CCPR) came in…

December 27, 2019 By Caity Witucki Contributing Editor, Fraud Friday Fraud Friday– Pennsylvania Loan Officer Pleads Guilty to over $3 Million in Loan Fraud According to the SBA OIG semiannual report, which was released on October 30, 2019, an SBA loan officer has pleaded guilty to over $3 million in bank fraud. He has been…

December 26, 2019 By Caity Witucki Contributing Editor, Coleman Movers & Shakers Coleman Movers & Shakers — Sandy Willison, Steven Brown, Richard Aiello Sandy Willison Joins First Business Bank First Business Bank, a division of First Business Financial Services, Inc. welcomes Sandy Willison as their new Director for SBA Closing. Sandy Willison joins the SBA…

December 23, 2019 By Mary Miller Contributing Editor, Main Street Monday Main Street Monday – Principal Financial Well-Being Index Projects Changes to Employment Benefits in 2020 According to the Principal Financial Well-Being Index, 6 out of 10 small businesses are predicted to experience growth throughout 2020. This trend continues a pattern of year-over-year growth and…

December 20, 2019 By Caity Witucki Contributing Editor, Fraud Friday Fraud Friday– Fraud Investigation Damages the Reputation of Innocent Employees Rockford Bank & Trust was a successful lending institution prior to the fraud allegations brought against the company’s Senior Vice President, Jim Graber, and Vice President, Kristin King in 2017. In 2016, Rockford Bank &…