Coleman Report
The Amended Tax Return Fraud Scheme
June 2, 2015 By Bob Coleman Editor, SBA OIG Report Coleman SBA OIG Report I always wondered if anybody pulled this one off. File bogus tax returns with the IRS, have the lender certify the returns with the IRS Form 4506, and then file an amended return. Someone did, and got caught. This just in…
Read MoreMug Shot Monday — Nik Patel’s Two-Year old Quotes Hint at Fraud?
June 1, 2015 By Bob Coleman Editor, Mug Shot Monday “I used my money first.” “From the debt side, we’re finding it very easily. We’re able to find a debt financing piece of these purchases, and we’ll be looking for an equity partner soon.” “‘For the most part, it’s been smooth sailing.” All are quotes…
Read MoreMain Street Monday — 67% of Main Street Expects Revenues to Grow
June 1, 2015 By Bob Coleman Editor, Main Street Monday More from the Bank of America Spring Main Street Report, Part III. Nearly two-thirds (63 percent) of small business owners expect their revenue to increase in the next 12 months, compared with 68 percent a year ago. One in three small business owners (31 percent)…
Read MoreFraud Friday — Pennant Management Closure Attributed to Nik Patel Fraud
May 29, 2015 By Bob Coleman Editor, Fraud Friday The Milwaukee Journal Sentinel reports more fallout from the Nik Patel, $180 million USDA B&I loan fraud. The investment company that purchased the loans from Nik Patel’s company, First Farmers Financial, and sold them primarily to Illinois municipalities as “safe” investments has padlocked its doors. The…
Read MoreSmall Business and SBA Loan Packager, Closer and Servicer Pay Rates
May 29, 2015 By Bob Coleman Editor, Small Business Loan Department Staffing Report Coleman’s Small Business Loan Department Staffing Report This year, I published our 20th annual SBA business development officer compensation report. I’ll profile tidbits of the survey from time to time in our new weekly Friday morning loan department staffing report. In the…
Read MoreDan Demeo, CEO of CAN Capital Headlines LEND360
May 28, 2015 By Bob Coleman Editor, Coleman Small Business Lending Events Calendar Coleman Small Business Lending Events Calendar As CEO of CAN Capital, Dan DeMeo is one of the leading voices for innovation in alternative finance. And LEND360 is bringing them all together. Lenders conducting business in many verticals in consumer and small business…
Read MoreColeman’s Movers and Shakers — Multifunding Adds SVP
May 27, 2015 By Bob Coleman Editor, Coleman’s Movers and Shakers Daniel Krewson Joins MultiFunding as Senior Vice President and Senior Advisor Says MultiFunding’s Ami Kassar, ‘Dan was one of the first lenders I met when we started MultiFunding over five years when he just started at Valley Green Bank. At Valley Green Bank he…
Read MoreYadkin Bank Touts 100% SBA Financing for Attorneys, Architects and CPA CRE Loans
May 28, 2015 By Bob Coleman Editor, SBA Marketing Trends Thursday SBA Marketing Trends Thursday North Carolina-based Yadkin Bank is marketing an 100% SBA 7(a) financing program for white collar commercial real estate loans. Last year, the bank ranked 26th on the Coleman Report 500 approving 111 SBA 7(a) loans totaling $116 million. From the…
Read MoreSmall Biz Credit Underwriters Must Know how New Living Wage Laws Impact Cash Flow
May 27, 2015 By Bob Coleman Editor, C- Suite Small Biz Lending Challenges Report Last week, Los Angeles became the largest and fourth city to adopt the $15 living wage — after San Francisco and Seattle. Emeryville, located in Northern California’s Bay Area went a little farther to $16 an hour. Back to LA, the…
Read MoreGo Green to Fund Multiple SBA 504 Loans with the same Borrower
May 26, 2015 By John Rockwell Project Manager, Partner Energy Borrowers that are relocating a business or improving an existing location are able to satisfy Green SBA 504 loan program goals by implementing energy efficiency projects (i.e., LED lighting, high efficiency HVAC, low-flow showers) that save 10% over the previous location’s energy consumption. Borrowers that…
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