Coleman Report
Fraud Friday – Mom & Daughter Duo Agree to Forfeit $1.7 Million for EIDL Fraud
January 5, 2024 Delaney SextonContributing Editor Fraud Friday – Mom & Daughter Duo Agree to Forfeit $1.7 Million for EIDL Fraud After being arrested in March 2021 for their crimes, Andrea Ayers and her daughter Alicia Ayers decided to enter guilty pleas two years later in March 2023. They admitted guilt to one count of…
Read MoreVirginia FY23 SBA 7(a) Rankings Topped by Live Oak Bank and The Huntington National Bank
RANK Lender # Loans $ Amount Average Loan Size 1 Live Oak Banking Company (NC) 28 $41,657,000 $1,487,750 2 The Huntington National Bank (OH) 83 $21,882,600 $263,646 3 Newtek Small Business Finance, Inc. (NY) 41 $19,395,500 $473,061 4 The First Bank and Trust Company (VA) 33 $18,033,600 $546,473 5 First National Bank of Pennsylvania (NC)…
Read MoreSBA SOP 50 10 7.1 Now Available on Amazon
Coleman offers all SBA SOPs for purchase on Amazon in either paperback or hardcover form. The recently released SBA SOP 50 10 7.1 is now available! The new updates made to the SBA SOP 50 10 7, resulting in the 50 10 7.1, were made effective on November 15, 2023. Buy your copy today View…
Read MoreMountain America FCU is Utah’s Top Ranked SBA 7(a) Lender for FY23
RANK Lender # Loans $ Amount Average Loan Size 1 Mountain America FCU (UT) 139 $41,157,600 $296,098 2 America First FCU (UT) 31 $32,141,100 $1,036,810 3 Central Bank (UT) 75 $30,841,600 $411,221 4 Zions Bank, A Division of (UT) 95 $24,771,800 $260,756 5 Live Oak Banking Company (NC) 16 $24,100,000 $1,506,250 6 Community Banks of…
Read MoreGetting Correct Borrower Data in SBA’s Newly Revised 1919 Form – Webinar Wednesday, Jan. 17, 2024
What the Lender and Borrower Need to Know in Completing the 7-Page Form Attend the Live Webinar EventWednesday, January 17, 20242:00 PM Eastern75-minute training with e-certification With the elimination of SBA form 1920, the SBA 7(a) Borrower Information form 1919 is a very critical factor in the underwriting, approval and closing of the 7(a) loan.…
Read MoreSBA Updates SBA Forms 1919, 1971 and 2237. Eliminates 1920, 2449. Adds 3518.
SBA revised and renewed SBA Form 1919, “SBA 7(a) Borrower Information Form”; and SBA Form 2237, “7(a) Post-Approval Action Checklist”. SBA renewed without revision SBA Form 1971, “Religious Eligibility Worksheet”. SBAeliminated SBA Form 1920, “Lender’s Application for Loan Guaranty”; and is replacing SBAForm 2449, “Community Advantage Addendum (7(a) Pilot Program)” with the new SBA Form3518,…
Read MoreTennessee SBA 7(a) FY23 Rankings — The Huntington National Bank and Live Oak Bank Rank #1
RANK Lender # Loans $ Amount Average Loan Size 1 Live Oak Banking Company (NC) 25 $40,173,800 $1,606,952 2 The Huntington National Bank (OH) 92 $28,458,000 $309,326 3 Newtek Small Business Finance, Inc. (NY) 26 $14,912,500 $573,558 4 Newtek Bank, National Association (FL) 21 $13,782,500 $656,310 5 First Bank of the Lake (MO) 8 $13,304,100…
Read MoreBlack Hills FCU and First Bank & Trust Top South Dakota SBA 7(a) FY23 Rankings
RANK Lender # Loans $ Amount Average Loan Size 1 First Bank & Trust (SD) 14 $15,963,900 $1,140,279 2 Byline Bank (IL) 2 $7,705,000 $3,852,500 3 First Interstate Bank (MT) 18 $5,417,400 $300,967 4 Black Hills FCU (SD) 27 $4,614,200 $170,896 5 Enterprise Bank & Trust (MO) 1 $3,071,000 $3,071,000 6 GBC International Bank (CA)…
Read MoreFormer Atlanta Assistant City Attorney Guilty of $7 Million PPP Loan Fraud — Threatens to Kill Co-Conspirator Friend
A Georgia attorney and former City of Atlanta police officer was convicted of fraudulently obtaining over $7 million in PPP loans last week. Shelitha Robertson submitted PPP loan applications on four businesses she owned. The applications consisted of photoshopped false tax returns and employment records. Her defense that she was duped by former friend and…
Read MoreSBA’s Quarterly Connect Call Scheduled for January 9th, Tuesday at 3 pm EST
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