Coleman Report

March 26, 2021 Caity RoachEditor Fraud Friday – Former Centennial Bank Loan Officer Charged With $3.4 Million Loan Fraud Former Centennial Bank commercial loan officer, Jennifer Woods, has been indicted for allegedly facilitating unauthorized short-term, high-interest loans to Florida businessman, Jeffery Cannon. It is estimated Woods and Cannon embezzled over $3.4 million from the bank…

March 25, 2021 Caity RoachEditor Flash Report – Senate Passes the Paycheck Protection Program Extension ActOn Thursday, March 25, 2021, the U.S. Senate voted to approve the Paycheck Protection Program Extension Act. The bill extends the Paycheck Protection Program through the end of May and then provides the SBA with 30 days after the end…

March 25, 2021 Caity RoachEditor Coleman Movers & Shakers – Mike Sandusky, Greg Gala, and Chris Henricks Mike Sandusky joins First Bank of the Lake’s Government Guaranteed Lending Team “Mike is a dynamic and knowledgeable lender with years’ of experience,” says Annemarie Murphy, Executive Vice President at First Bank of the Lake. “He brings proven…

March 24, 2021 Caity Roach Editor C-Suite Wednesday – Errors in the PPP Processing System Result in Over 40,000 Duplicate Loans According to a recent SBA OIG report, bulk loan submissions and missing E-Tran controls resulted in the issuance of over 40,000 duplicate PPP loans. With the help of lenders across the country, the SBA…

March 23, 2021 Caity Roach Editor SBA Hot Topic Tuesday – SBA Prepares to Launch the Shuttered Venue Operator’s Grant Program “The SBA has worked diligently to build the Shuttered Venue Operators Grant program from the ground up to assist and address the diverse eligibility requirements of each type of applicant and we will open…

March 22, 2021 Caity Roach Editor Main Street Monday — Nearly Half a Million New Small Businesses Opened During the Pandemic Though small businesses have been deeply impacted by the coronavirus pandemic, new data from Yelp’s Economic Average Report indicates that there were nearly half a million new business openings (487,577 total) in the U.S.…

March 19, 2021 Caity RoachEditor Fraud Friday — Bank Officer Pleads Guilty to Embezzling Over $2.3 Million  Jordan Glen Young, a former administration officer at InvesTrust Wealth Management, has pleaded guilty to misusing his position at the bank in order to embezzle more than $2.3 million from his clients. According to court documents, Young spent…

March 18, 2021 Caity Roach Editor Coleman Movers & Shakers – Kale Gaston, Mili Shah, Bryan Olund Kale Gaston to Serve as Director of Government Guaranteed Lending at Fidelity Bank “We are very excited to bring Kale on to our team.  This will provide our customers with more lending options as our Bank continues to…

March 17, 2021 Caity Roach Editor C-Suite Wednesday — SBA’s Portfolio Performance in FY 2020 According to the SBA’s Annual Financial Report for FY 2020, the agency’s small business loan portfolio increased nearly 500% last year to $836 billion. This increase was largely caused by the Paycheck Protection Program, which added $513 billion to the…