Coleman Report

August 11, 2017 By Bob Coleman Editor, Fraud Friday Fraud Friday — Two Years in Jail for Bank VP who Approved Loans with Faked Docs “Joseph Tobin, a former vice president at PBI bank, was sentenced to prison for taking part in a bank fraud scheme while the bank was in TARP,” says Christy Goldsmith…

August 10, 2017 By Bob Coleman Editor, Coleman Movers and Shakers Coleman Movers & Shakers — Stephen Quinn Appointed President of PCFS Solutions “I am honored to be chosen by Bob Cota and the PCFS Board of Directors as the next leader of this innovative and pioneering business,” says Quinn. “I look forward to working…

August 9, 2017 By Bob Coleman Editor, C-Suite Wednesday C-Suite Wednesday — US Small Business Health Continues to Improve Loans to US small businesses hit a nearly two-year high in June, driven by restaurants, hotels and contractors. Still, measured from a year earlier, borrowing was flat. “June marked another month of weak small business investment…

August 8, 2017 By Bob Coleman Editor, SBA Hot Topic Tuesday SBA Hot Topic Tuesday — New SOP 5010 and Lender Oversight Updates William, “It’s ok to call me Bill” Manger showed up at the Orange County Inland Empire District Office Awards Forum yesterday and updated a little over 100 SBA lenders about what is…

August 3, 2017 By Bob Coleman Editor, Coleman Movers and Shakers Coleman Movers & Shakers — ReadyCap Lending Adds Christy Lester and Rick McMannl ReadyCap Lending Adds Christy Lester as Senior Vice President for SoCal “Getting Christy on board is a big deal. She is a proven leader and an industry elite top producer,” says…

August 2, 2017 By Bob Coleman Editor, C-Suite Wednesday C-Suite Wednesday — California Small Biz Lender Operations in Jeopardy — Insufficient Capital and Excessive Travel Costs Cited After a highly-critical audit by the state of California in April, SAFE-BIDCO has received a letter from a state agency to prepare a self-liquidation plan. SAFE-BIDCO is a…

July 28, 2017 By Bob Coleman Editor, Fraud Friday Fraud Friday — Former Bank Vice President Pleads Guilty to Employment Tax Conspiracy Once a small business falls behind on its IRS payroll tax obligations the debt multiplies quickly with interest and added penalties. And, criminal penalties apply to owners and anyone with signing authority on…

July 26, 2017 By Bob Coleman Editor, C-Suite Wednesday C-Suite Wednesday — Senate Restores USDA B&I Lending Authority On June 30, I reported the House appropriated funding for rural Main Street that had been cut in the FY18 Budget. Last week, the Senate followed the House lead to restore funding to the USDA B&I Loan…

July 24, 2017 By Bob Coleman Editor, Main Street Monday Main Street Monday — Bank of America Goes Mobile with Small Biz Lending App Will the app compete with FinTech lenders who market immediate approvals and next-day funding? “No.” Sharon Miller, head of Small Business Banking at Bank of America told me. “We use the…

July 21, 2017 Fraud Friday — SBA Borrower Pleads Guilty for Siphoning Loan Proceeds for Personal Use By Bob Coleman Editor, Fraud Friday John Cheng signed SBA Form 4 certifying BNB Hana Bank proceeds of a $3.75 million loan from BNB Hana Bank would be used to open a restaurant in Skilllman, New Jersey. Cheng’s…