Coleman Report

December 2, 2024 Bob ColemanFounder & Publisher Main Street Monday — Over 275 Illinois State Employees Committed PPP Loan Fraud The PPP loan fraud investigation by the state of Illinois continues to grow, with now more than 275 employees accused of fraud. Employees lied about being self-employed and provided false information about their income to…

November 29, 2024 Delaney SextonContributing Editor Blueacorn Founders Indicted for Facilitating PPP Fraud & Illegal Kickbacks – Fraud Friday Two years after a scathing congressional report, the Department of Justice handed down charges to Blueacorn founders Nathan Reis and former ABC news anchor Stephanie Hockridge. They have pleaded not guilty to five counts of fraud…

November 26, 2024 Bob ColemanFounder & Publisher SBA Hot Topic Tuesday — NADCO Honors Mountain America as #1 SBA 7(a) Credit Union for FY 2024 “Supporting small businesses is a true honor for us as they play a crucial role in enriching our communities,” says Michael Griffiths, Senior Vice President of Business Lending at Mountain…

November 25, 2024 Bob ColemanFounder & Publisher Main Street Monday — Differences in Small Bank vs Large Bank Small Business Lending Data Collection From the FDIC October 2024 Small Business Lending Survey – See HERE While banks use various methods to assess small businesses, small and large banks are believed to have distinct advantages in…

November 22, 2024 Delaney SextonContributing Editor Man Indicted for Using His Deceased Business Partner’s Identity for Fraud Scheme – Fraud Friday Stephen Gurba was charged with five counts of wire fraud, false statements, and aggravated identity theft after he submitted EIDL applications containing the information of his former business partner. He will have to forfeit…

November 21, 2024 Bob ColemanFounder & Publisher Movers & Shakers Thursday: Patrick Mizzell, Brian Oatsvalle Patrick Mizzell Named President of United Community’s SBA Division ”Throughout his time here, Patrick has developed into an exceptional leader, and I am excited for him to embrace this new opportunity,” says Rich Bradshaw, president and chief banking officer for…

November 20, 2024 Bob ColemanFounder & Publisher SBA Issues PPP FAQs The 8-page documentation is attached. A key point of emphasis is that lenders who still need to submit guarantee purchase requests are now under a 30-day deadline imposed by SBA to submit documentation when requested. The FAQs answer the following questions: 1. What is…

November 19, 2024 Bob ColemanFounder & Publisher 90% of Small Banks Meet with Small Business Loan Applicants — Versus 40% for Large Banks Among the largest banks the practice of decision makers meeting with applicants is fairly rare — less than 25% of the time.  However, 95% of banks with less than $500 million in…

November 18, 2024 Bob ColemanFounder & Publisher Main Street Monday — NFIB Says Small Business Optimism Increasing Since Election Now that the election is over, the NFIB Small Business Optimism Report indicates that Main Street is beginning to feel less uncertain about future business conditions. NFIB Chief Economist Bill Dunkelberg states, “Although optimism is on…

Movers & Shakers Thursday — Milestone Bank Adds JP Prinz to BDO TeamNovember 14, 2024 Bob Coleman “We are excited to welcome JP Prinz to the Milestone SBA Team. As an industry veteran, he brings a strong credit background with years of high volume origination of SBA 7(a) loans,” says Guy Gibson, Milestone Bank EVP.…