Coleman Report
Main Street Wednesday – Who has Access to the Money?
August 6, 2014 By Bob Coleman Editor, Coleman Report One of my professors in my MBA program suddenly stopped his lecture in mid-sentence and slowly stared at the class. Going completely off-topic he said, “I don’t care how big your company is, NEVER, NEVER, NEVER let someone else sign your business’ checks. Once you go…
Read MoreSBA Hot Topic Tuesday – Learn the Latest SBA Hot Topics in San Antonio, Worcester or Orlando!
August 5, 2014 By Bob Coleman Editor, Coleman Report San Antonio, Orlando and Worcester are the host cities for three upcoming regional SBA conferences. All are moderately priced and include SBA speakers from the district, regional and national offices. One of my favorites is the Mid-America conference. It is geared for Region VI SBA lenders,…
Read MoreMug Shot Monday — SBA 504 Loan Borrower Gets 3 Years for Fraud
August 4, 2014 By Bob Coleman Editor, Coleman Report Danny Ray Butler faked the equity injection of a grocery store he built in Tuscaloosa, Alabama and ripped off SBA for $1.7 million when his SBA 504 loan failed. “This defendant proved himself to be a prolific schemer,” Assistant U.S. Attorney George Martin said. “He counterfeited…
Read MoreFraud Friday – The Relatively Green Loan Officer Defense Fails – VP Guilty on 44 Fraud Counts
August 1, 2014 By Bob Coleman Editor, Coleman Report The defense attorney told the jury former Fifth Third Relationship Manager Paulette Roberts was not a greedy vice president but a relatively green loan officer working with an even greener credit analyst at the bank. The jury didn’t buy it, bringing in 44 fraud, bribery and…
Read MoreColeman’s Thursday Movers and Shakers
July 31, 2014 Chris Hurn out as Mercantile Capital’s CEO Says Board Chair Geof Longstaff, “Chris Hurn is no longer the CEO of Mercantile Capital Corporation. As a cofounder and ‘the face’ of Mercantile since the very beginning, this is no small change. We want you to know, first and foremost, that we will continue…
Read MoreMain Street Wednesday — Top 3 Reasons Small Businesses Should Stop Paying Rent
July 30, 2014 by Kurt Chilcott President/CEO of CDC Small Business Finance Small business owners who are tired of paying rent and have a lease renewal on the horizon, should know there’s an alternative to renting – building ownership via an SBA loan program call SBA-504. Instead of writing a check to a landlord every…
Read MoreSBA Hot Topic Tuesday – The Importance of Underwriting Cash Flow Projections
July 29, 2014 By Bob Coleman Editor, Coleman Report Our third installment of SBA Inspector General audit criticism of the Loan Guaranty Processing Center in Citrus Heights is about cash flow projections. Specifically, prudent lenders must credit underwrite cash flow projections to assess if the numbers are reasonable. In 2011, SBA approved a $243,000 based…
Read MoreMug Shot Monday — 51 Months in Jail for Invoice Swapping by Texas Borrower
July 28,2014 By Bob Coleman Editor, Coleman Report When short of cash, Bobby Gene Loggins’ meat products company would “sell” product to a customer, who in turn would “sell” the same product back to him at a markup – a practice known as invoice swapping. The problem is these were sham paper transactions. No product…
Read MoreGuilty Plea for SoCal businessman in $6 million SBA Loan Fraud
July 25, 2014 By Bob Coleman Editor, Coleman Report “Attempts to use SBA’s 7(a) loan program as a personal checking account will be met with the full force of the U.S. justice system,” says SBA Inspector General Peggy E. Gustafson. “Together with our law enforcement partners, the OIG will continue to ensure those who commit…
Read MoreColeman Thursday’s Movers and Shakers
July 24, 2014 By Bob Coleman Editor, Coleman Report CIT SBLC License Sold to ReadyCap Commercial, LLC “ReadyCap is pleased to make this announcement, as this represents a major step in the growth of our company,” says Tom Capasse, CEO of SAM. “The acquisition of this platform will allow ReadyCap and RCL to serve as…
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