Coleman Report

July 10, 2024 Delaney SextonContributing Editor SBA 7(a) Connect Call Hot Topics Yesterday, SBA held their 7(a) Connect Quarterly Update call. Here are some of the key topics they discussed: Watch the 7(a) Connect Quarterly Update here!

July 10, 2024 Delaney SextonContributing Editor SBA 504 Lending Stats by Business Age For fiscal year 2024, these are the lending statistics by business age as of July 9, 2024:

July 9, 2024 Delaney SextonContributing Editor Less Small Businesses are Having Their Credit Needs Met Small business optimism is at its highest this year, but credit conditions in June were less favorable for small businesses according to findings from the NFIB’s Small Business Economic Trends report. Although current credit conditions were rockier, small business owners…

July 9, 2024 Delaney SextonContributing Editor SBA 504 Lending Stats by Loan Size For fiscal year 2024, these are the lending statistics by loan size as of July 8, 2024:

July 8, 2024 Delaney SextonContributing Editor Small Business Sentiment at its Highest in 4 Years Says U.S. Chamber of Commerce In the second quarter of 2024, small business sentiment was boosted according to the U.S. Chamber of Commerce’s Small Business Index. The SBI’s score was 69.5, a gain of more than 7 points from the…

July 8, 2024 Delaney SextonContributing Editor SBA 504 Lending Stats by Veteran Status For fiscal year 2024, these are the lending statistics by veteran status as of July 5, 2024:

July 5, 2024 Delaney SextonContributing Editor Fraud Red Flag: Fake Email Addresses – Fraud Friday “Robert Engelmeyer” was a fictitious individual created to aid Nik and Trisha Patel’s loan fraud scheme. He was the identity that was the signer on the loan documentation for the business Precision Powered Products, Inc. (PPP). The email address attributed…

July 3, 2024 Delaney SextonContributing Editor Small Business Loan Approvals and Outstanding Balances Increase in Q1 2024 Small business loan approvals increased at small banks (up from 89% to 93%) and midsized banks (up from 66% to 73%) in the first quarter of 2024. At larger banks, loan approvals have stayed consistent with approval rates…

July 3, 2024 Delaney SextonContributing Editor SBA 504 Lending Stats by Gender For fiscal year 2024, these are the lending statistics by gender as of July 2, 2024:

The Consumer Financial Protection Bureau has published its interim final rule, and the Supreme Court has ruled. The agency is moving forward with its plan to collect small business lending data from lenders. Data collection will begin on October 1, 2024, and compliance reporting will commence on June 1, 2025. Beta testing starts in August.…