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Fraud Friday — Fallout from USDA Loan Fraud Hits Illinois Cities

November 14, 2014 By Bob Coleman Editor, Coleman Report A fund that Illinois cities park investment funds has been hit to the tune of $50 million says The Illinois Metropolitan Investment Fund. The impact is immediate. Downers Grove, a 50,000 population suburb of Chicago has an exposure of $586,000. Village officials have ben been notified…

Coleman Thursday’s Movers and Shakers

November 13, 2014 By Bob Coleman Editor, Coleman Report Kent Moon Retires from Member Business Lending “I’ve thoroughly enjoyed my time and tenure working with the dedicated member service team at MBL,” says Kent. “I believe our hard work the past several years to attain our current leadership position as the go-to CUSO for credit…

Main Street Wednesday – OnDeck Capital Valuation at $1.5 Billion?

November 12, 2014 By Bob Coleman Editor, Coleman Report With revenues of $108 million and a loss of $14.4 million through the first nine months of 2014, alternative small business lender, OnDeck Capital plans on going public. The unregulated non-bank lender has lent more than $1.7 billion to Main Street since 2007 at exorbitant interest…

Mug Shot Monday – Community Bank CFO Indicted for False Loan Loss Reserves

November 10, 2014 By Bob Coleman Editor, Coleman Report A week after Northern California United Commercial Bank’s Manager of Credit Risk and Portfolio Management pled guilty, the feds indicted the bank’s former CFO. As we reported on October 27th, Thomas Yu pled guilty of failing to properly downgrade poor performing loans. This enabled the bank…

Fraud Friday: Pennant Demands USDA Honor $176 Million of Fraudulent Loans

November 7, 2014 By Bob Coleman Editor, Coleman Report Reports Paul Gores of the Milwaukee-Wisconsin Journal Sentinel As more victims emerge in a U.S. Department of Agriculture loan fraud scheme, a Milwaukee investment firm caught in the middle is demanding the USDA make good on its guarantees. Pennant Management Inc., which acquires loans guaranteed by…

What the Election Means for SBA

November 6, 2014 By Bob Coleman Editor, Coleman Report Watch Bob Coleman’s interview with Kent Hoover – the Washington Bureau Chief for American City Business Journals. Kent discusses the new Congressional small business committee Chairs and his take how the new leadership will treat SBA. Also, he touches on legislation he believes is attainable for…

Senator Vitter In as Senate Small Business Committee Chair

November 6, 2014 By Bob Coleman Editor, Coleman Report A knowledgeable source of the matter has told us that, “Senator David Vitter (R-LA) will be the next Chair of the Senate Small Business Committee under the new Republican leadership.” “Also, the ranking member on the Democratic side will be Senator Ben Cardin (D-MD).” When we…

Election Results: What It Means for Main Street

November 5, 2014 By Bob Coleman Editor, Coleman Report I spoke with NSBA President Todd McCracken about the 2014 mid-term election results and what it means for small business. Watch our short interview here: Bob Coleman: Hi I’m Bob Coleman, Publisher of the Coleman Report. I am in Rochester talking to the 2014 Upstate New…

How Congressional Small Business Committees Will Look After Today’s Election

November 4, 2014 By Bob Coleman Editor, Coleman Report How Congressional Small Business Committees Will Look After Today’s Election Watch Bob Coleman interview Washington Business Journal’s Kent Hoover Thursday, November 6th at 1:50 ET. Kent Hoover covers Congress and the federal government for 40 business journals with his main focus on small business. Click Here…

Mug Shot Monday – Former Arkansas Bank Prez, Guilty of SBA Loan Fraud

November 3, 2014 By Bob Coleman Editor, Coleman Report Guilty on seven counts of SBA loan fraud says an Arkansas jury for the former CEO of HomeBank of Arkansas last month. Reports Arkansas Business’ Gwen Mortiz; The charges all related to $526,100 in loans he got from the SBA to replace storm losses under the…