Coleman Report

November 5, 2020 Caity RoachContributing Editor Coleman Movers & Shakers — Tony Boddie, Richard Duncan, and NADCO Tony Boddie hired at Merchants Bank of Indiana“We at Merchants are thrilled to have Tony joining our SBA Lending team,” says Jeff Scott, president of SBA Lending for Merchants Bank of Indiana. “Right now, with the challenges posed…

Nominations are now open for outstanding SBA lending professionals in the following categories: PPP lender of the Year (NEW!) Main Street Lender of the Year SBA 7(a) Lender of the Year SBA 504 Lender of the Year Rural SBA or USDA Lender of the Year Mission-Based SBA Lender of the Year SBA Secondary Market Person…

November 3, 2020 Caity Roach Contributing Editor Hot Topic Tuesday — Federal Reserve Adjusts Terms of Main Street Lending Program On Friday,  the Federal Reserve announced that it would be adjusting the terms of its Main Street Lending Program (MSLP) in an attempt to bolster support for small businesses affected by the coronavirus pandemic and…

November 2, 2020 Caity RoachContributing Editor Main Street Monday — International SME Economic Relief Programs Riddled with Fraud As of September, the SBA OIG had received more than 77,000 Hotline complaints of potential fraud within the PPP and EIDL programs and the U.S. Department of Justice had filed 39 PPP fraud cases. These staggering numbers…

12th Annual: “What you Need to Know about SBA 2021 Hospitality Financing” Home Speakers Agenda Registration Coleman’s 12th Annual SBA Hotel and Motel Financing Webinar 75 minutes of Online Training for your staff A Coleman Webinar Date: Thursday, November 12, 2020 Time: 2:00 p.m. Eastern Download a Registration Form What’s New that you Need to…

October 30, 2020 Caity RoachContributing Editor Fraud Friday — OIG Finds Over 21% of COVID-19 EIDLs May Have Been Improperly Obtained According to a recent SBA OIG report, the SBA approved $14.3 billion in COVID-19 EIDLs to accounts that differed from the original bank accounts listed on the loan applications; $62.7 billion in multiple COVID-19…

October 29, 2020 Caity RoachContributing Editor Coleman Movers & Shakers — Keith Menner, First Port City Bank, and Gary Reynolds Community First Bank of Indiana Hires Keith Menner as SBA Lending Manager “We are excited to have Keith join our lending team in central Indiana. His depth of experience and expertise in government-guaranteed lending make…

October 28, 2020 Caity Roach Contributing Editor C-Suite Wednesday — Some PPP Deferrals May be Ending in March According to a recent poll conducted during the Coleman Report Live daily show, only 45% of lenders have begun integrating PPP deferrals into their 2021 portfolio performance plans. However, some borrowers may be reaching the end of…

October 27, 2020 Caity Roach Contributing Editor Hot Topic Tuesday — New Study Reveals High Level PPP Forgiveness Application Data Since the PPP forgiveness portal opened on August 10, 2020, Numerated, a Fintech focused on creating digital tools for small business lenders, has observed a 20% growth in forgiveness applications submitted through its platform each…

October 26, 2020 Caity RoachContributing Editor Main Street Monday — 71% of PPP Borrowers are Waiting for More Guidance on PPP Forgiveness Although the SBA began accepting PPP forgiveness applications on August 10, 2020, 74% of PPP borrowers have not yet applied for forgiveness. According to a recent study conducted by Fundera, the reason borrowers…