Coleman Report

March 4, 2021 Caity RoachEditor Coleman Mover & Shakers – Julie Verratti, Mark Raffield, and Andrew Jadatz Julie Verratti Named SBA Associate Administrator of Field Operations Julie Verratti, owner and operator of Denizens Brewing Co., will serve as Associate Administrator of Field Operations for the U.S. Small Business Administration under President Joe Biden. In her…

March 3, 2021 Caity RoachEditor C-Suite Wednesday — SBA Announces 504 Refinancing Rules for 2021 Yesterday, the SBA issued a Procedural Notice which implements a provision in the Economic Aid Act allowing Certified Development Companies (CDCs) to refinance certain Third Party 504 Loans. According to the notice, from December 27, 2020 to December 26, 2021,…

March 2, 2021 Caity RoachEditor SBA Hot Topic Tuesday – 62% of Loan Closers Find Themselves More Productive in The Office Polls conducted during the Coleman Report Live daily show provide valuable insight into the ways that the SBA lending industry has changed during the pandemic. According to the latest polls, more than half of…

March 1, 2021 Caity RoachEditor News Blast – Letter Urging Congress to Extend PPP Until June 30, 2021 Womply, a software and API company serving small businesses and app developers, is calling on American lawmakers and policymakers to extend the Paycheck Protection Program through March 31, 2021. “There is simply not enough time in the…

March 1, 2021 Caity RoachEditor Main Street Monday – SBA Adapts Their IT Systems to Provide COVID-19 Relief  Legislation in response to the COVID-19 pandemic has left the SBA scrambling to make changes to its E-Tran loan system and program portals. Unfortunately, some of these changes did not come fast enough. According to FedScoop, a…

February 26, 2021 By Caity Witucki Contributing Editor, Fraud Friday Fraud Friday — Former Bank President Sentenced to 8 Years for Embezzling $11 Million “Criminal conduct that affects the financial health of a small, local lender can send a negative ripple effect throughout the entire community,” says United States Attorney, Nicholas Ganjei. “The Eastern District…

February 25, 2021 Caity RoachEditor Coleman Movers & Shakers – Brian Comiskey, LRM Lender Consultants, Patriot Bank Brian Comiskey Named Chief Credit Officer at SomerCor “Brian has played a pivotal role in growing our loan origination and streamlining our operations,” says Manuel Flores, SomerCor President and CEO. “Brian’s deep knowledge of the SBA 504 program…

NEW SBA COVID Underwriting Rules Webinar How to Prepare a Credit Memo that gets SBA Loan Approval and Passes SBA Review What 7(a) and 504 Underwriters Need to Know about SBA’s COVID-19 Loan Emergency Guidance SOURCES: SBA SOP 5010 6 Effective October 2020 SBA Notice 5000-20042 Effective August 2020 SBA Notice 5000-20057 Effective October 2020…

February 24, 2021 Caity Roach Editor C-Suite Wednesday – Participate in Coleman’s SBA Department Compensation Survey and Receive a Free Report! Your SBA lending team is invited to participating in Coleman’s 28th annual SBA department compensation survey. Survey results will be bundled and sold along with other essential data needed to support your compensation plan…

SBA Hot Topic Tuesday  – Upcoming Changes to the Paycheck Protection Program The Biden-Harris Administration and the SBA announced yesterday that they will be taking steps to further promote equitable relief for America’s mom-and-pop businesses by revising certain aspects of PPP. Here is what we currently know about the changes: The 14-day Exclusivity Period for…