Coleman Report
Coleman Thursday’s Movers and Shakers
October 16, 2014 By Bob Coleman Editor, Coleman Report Paragon Bank Launches Paragon Small Business Capital Group Headed by Charles Yorke Atlanta based Prez Robert Shaw says, “We are excited to be working with such a seasoned team of SBA professionals. “Paragon has a sizable small business focus. We look forward to enhancing our efforts…
Read MoreSBA Hot Topic Tuesday: Clarification of the Ineligibility of Certain Passive Business Models
October 14, 2014 By Bob Coleman Editor, Coleman Report By Bob Coleman Editor, Coleman Report SBA has clarified certain passive business models that are inegilible. Says the notice, The Agency defines certain personal services businesses with the following descriptions as eligible in SBA’s Standard Operating Procedure (SOP) 50 10 5(G): “Businesses such as barber shops,…
Read MoreMug Shot Monday — Philadelphia Loan Broker Gets 16 years for Ripping off 2,000 Small Businesses
October 13, 2014 By Bob Coleman Editor, Coleman Report After his partner got 18 years in jail in March, Matthew McManus is facing a similar fate with a 16 year sentence handed down last week. The fraud wasn’t new. Just a simple loan fee paid in advance with the promise of a loan down the…
Read MoreFraud Friday – First Farmer’s Nik Patel’s Assets Frozen
October 10, 2014 By Bob Coleman Editor, Coleman Report A temporary restraining order freezing the assets of Nik Patel and his associated companies has been extended through October 14th. Nik was arrested last week on fraud charges for selling $150 million in bogus USDA b&i loan paper to the secondary market. The problem for Orlando,…
Read MoreColeman Thursday’s Movers and Shakers
October 9, 2014 By Bob Coleman Editor, Coleman Report Scott Harvey Joins Seattle-based HomeStreet Bank to Oversee SoCal Market “HomeStreet announced that it has entered into an agreement to acquire Simplicity Bancorp (SMPL). Simplicity is headquartered in Covina, CA and has 7 retail bank branches in Los Angeles and San Bernardino counties. “This is a…
Read MoreMain Street Wednesday – Small and Medium Size Businesses to Create 90% of New Jobs by 2030
October 8, 2014 By Bob Coleman Editor, Coleman Report In South Africa. No matter the country, the debate is the same. What should the role of government be to assist Main Street? Off the heels of our reporting this morning, the consensus of governments around the world is there is a proper role for government…
Read MoreAre SBA Loans Bad for the Economy?
October 8, 2014 By Bob Coleman Editor, Coleman Report Asks our friend Kent Hoover while covering a report issued by the National Bureau of Economic Research. Their conclusion? “A spatial econometric analysis suggests than an increase in SBA loans per capita in a county is associated with negative effects on its own rate of income;…
Read MoreSBA Hot Topic Tuesday – Nominate a Borrower Small Business Person of the Year!
October 7, 2014 Here is an easy and thoughtful way to promote one of your borrowers by nominating them for Small Business Person of the Year Small Business Persons of the Year Award winners will be selected at the State and National Levels 1) In those states served by a single SBA district office, the…
Read MoreMug Shot Monday – Nik Patel Fraud Has Political Ramifications in the State of Florida
October 6, 2014 By Bob Coleman Editor, Coleman Report The arrest last week of Nik Patel on charges of selling bogus USDA business and industry loans to the secondary market has created waves in the Florida governor election. Nik had hosted a fundraiser at his house earning incumbent Republican governor Rick Scott $100,000. Democrats are…
Read MoreFraud Friday – Feds Claim $179 Million USDA B&I Loan Fraud, Arrest First Farmer Financial’s Nik Patel
October 3, 2014 By Bob Coleman Editor, Coleman Report Business Loan Express’ Patrick Harrington’s $30 million loan fraud conviction was based on creating a lot of fake paperwork and recruiting straw buyers to get an SBA loan approval number, and then selling the note to the secondary market. That seemed like a lot of work…
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