Coleman Report

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…

August 19, 2019 By Mary Miller Contributing Editor, Main Street Monday Main Street Monday – Federal Survey Reports Loan Standards Ease for Small Businesses According to a Reuters report published on August 5, a survey comprised of bank officers indicated loan standards on commercial and industrial (C&I) loans for large and mid-sized businesses during Q2…

August 16, 2019 By Caity Witucki Contributing Editor, Fraud Friday Fraud Friday — UPDATE: What happened to Nik Patel? Nikesh “Nik” Patel, is currently serving a 25-year prison sentence in a Federal Corrections Institution in Williamsburg, South Carolina. According to court records, Patel organized the largest USDA loan fraud scheme in history, obtaining over $179…

August 15, 2019 By Caity Witucki Contributing Editor, Coleman Movers & Shakers Coleman Movers & Shakers — Tammy Youst, Ana Saginian, and Brad Cantrell Tammy Youst Promoted to President of the SBA and USDA Department of Centennial Bank “Tammy has done a great job assembling and managing a group that performs an important function for…

August 13, 2019 By Caity Witucki Contributing Editor, SBA Hot Topic Tuesday SBA Hot Topic Tuesday— Reauthorization Bill Causes Deadlock in the Senate Efforts to approve a reauthorization bill in the Senate’s Committee on Small Business and Entrepreneurship has been delayed due to disagreement over broader regulatory relief. Members of the committee hope to make…