Coleman Report

September 3, 2019 By Caity Witucki Contributing Editor, SBA Hot Topic Tuesday SBA Hot Topic Tuesday – Inadequate Support for Equity Injection Results in Guaranty Denial A recent OIG review of “high risk” SBA 7(a) loans — over $500,000 and defaults within 18 months has resulted in the recommendation of denying the guaranty of two…

August 30, 2019 By Caity Witucki Contributing Editor, Fraud Friday Fraud Friday – “Working Capital” Fits better than “Past Due Payroll Taxes” Former president, chief executive officer and founder of banc-serv, Kerri Agee (aka Kerri Agee-Smith), has been indicted for her alleged role in a 13-year-long conspiracy to defraud the Small Business Administration (SBA). Four…

August 29, 2019 By Caity Witucki Contributing Editor, Coleman Movers & Shakers Coleman Movers & Shakers — Jake Kuester, Jewon Kim, and Greg Rockenback Community Reinvestment Fund Names Kuester Director of Credit and Business Operations Community Reinvestment Fund (CRF)– a national non-profit lender– has named longtime business lending expert Jake Kuester as its new director…

2020 SBA Secondary Market Summit Home Speakers Agenda Registration The 12th Annual Event for SBA Secondary Market Professionals! The only industry event where you can get accurate market intelligence targeted to finance professionals who sell, trade, buy or regulate SBA secondary market paper. Now in its 12th year, the Coleman and Government Loan Solutions’ SBA…

August 27, 2019 By Caity Witucki Contributing Editor, SBA Hot Topic Tuesday SBA Hot Topic Tuesday — Nearly 90,000 Businesses Will Gain Small Business Status Under Adjusted Size Standard On July 18, 2019, the U.S. Small Business Administration issued an interim final rule that adjusts monetary-based small business size standards by nearly 8.4% to reflect…

August 26, 2019 Main Street Monday – Number of Young Entrepreneurs Down to Just 4% According to New Infographic Report American entrepreneurs average 400,000 new start-ups each year. However, according to a new infographic report by Lance Surety Bond, one group of entrepreneurs appears to be the exception, young entrepreneurs. The number of entrepreneurs, between…

August 23, 2019 By Caity Witucki Contributing Editor, Fraud Friday Fraud Friday — “They Got Us” CEO of banc-serv Indicted for $10 Million Loan Fraud Scheme” Allegedly around April 24, 2009, the SBA began to suspect the former president, chief executive officer and founder of banc-serv, Kerri Agee (aka Kerri Agee-Smith), and her co-conspirators were…

August 22, 2019 By Caity Witucki Contributing Editor, Coleman Movers and Shakers Coleman Movers & Shakers — Sound Bank, Shannon Jefferson, and Steven Hoschak Sound Bank Receives Preferred Lender Status The Sound Bank SBA program continues to gain momentum as it adds employees and achieves national recognition. The organization recently received its Preferred Lender Status…

August 21, 2019 By Caity Witucki Contributing Editor, C-Suite Tips Wednesday SBA C-Suite Tips Wednesday — Demonstrate That Borrowed Funds are Not Used for the Equity Injection On August 14, 2019, the SBA OIG High Risk 7(a) Loan Review Program released an evaluation of two SBA 7(a) loans. According to the report, a loan for…

August 20, 2019 By Caity Witucki Editor, SBA Hot Topic Tuesday SBA Hot Topic Tuesday – SBA Inspector General Denys Two 7(a) Loan Guarantees A recent OIG review of two “high risk” SBA 7(a) loans has resulted in the recommendation that the Director for the Office of Financial Program Operations require the lenders to bring…