Coleman Report

September 18, 2019 By Caity Witucki Contributing Editor, SBA C-Suite Tips Wednesday SBA C-Suite Tips Wednesday — Properly Document Equity Injections The number one reason for an SBA loan denial is failure to adequately document an equity injection. According to the SOP, “adequate equity is important to ensure the long-term survival of a business.” Not…

September 17, 2019 By Caity Witucki Contributing Editor, SBA Hot Topic Tuesday SBA Hot Topic Tuesday — US Court of Federal Claims Clarifies SBA Size Determination Methodology A recent decision from the U.S. Court of Federal Claims clarifies that companies filing for small business size determinations must properly apply the SBA’s detailed circulation methodology for…

September 16, 2019 By Mary Miller Contributing Editor, Main Street Monday Main Street Monday – Score’s Fall 2019 “Megaphone of Main Street” Highlights Challenges Facing Start-Ups The challenges faced by start-ups, companies in business for less than one year, are the focus of Score’s “Megaphone of Main Street” this fall. A snapshot into findings taken…

September 13, 2019 By Caity Witucki Contributing Editor, Fraud Friday Fraud Friday – banc-serv Second Loan Case Study This article is the second in a series of articles detailing each fraudulent loan listed on the Kerri Agee indictment. In October 2007, a banc-serv employee allegedly prepared an SBA 7(a) loan application on behalf of an…

September 12, 2019 By Caity Witucki Contributing Editor, Coleman Movers & Shakers Coleman Movers & Shakers — Sal Gomez, Sharon Harvey, and Amanda Aaron VelocitySBA Hires Sal Gomez as New Business Relationship Manager VelocitySBA – a national small business lending firm – welcomes Sal Gomez as the new VP and Business Relationship Manager. Gomez has…

September 11, 2019 By Caity Witucki Contributing Editor, C-Suite Tips Wednesday SBA C-Suite Tips Wednesday — Assume the Credit Memo Reader is SBA’s Inspector General The number one reason that the SBA denies a guaranty is the lender’s failure to properly document the borrower’s eligibility in the credit memorandum. Therefore, it is crucial for lenders…

September 10, 2019 By Caity Witucki Contributing Editor, SBA Hot Topic Tuesday SBA Hot Topic Tuesday — Third Generation SBA Lender Derrick Burge, who is learning the SBA program presently, will be the third generation in his family to work in the Small Business lending industry. He is currently studying economics at Ivy Tech in…

September 9, 2019 By Mary Miller Contributing Editor, Main Street Monday Main Street Monday – 48% of Main Street Have Their Financing Needs Met Statistics and trends in the Federal Reserve’s Small Business Credit Survey give entrepreneurs, small business owners and lenders insight into this year’s overall picture of the small business lending industry. 29%…

September 6, 2019 By Caity Witucki Contributing Editor, Fraud Friday Fraud Friday – “They Got Us” Swapping Business Owners On October 16, 2007, the SBA allegedly denied a $2,000,000 7(a) loan application submitted by a banc-serv employee. There were two 50% owners of the applicant business – a “President” and a “CEO.” According to the…