Coleman Report

October 18, 2024 Delaney SextonContributing Editor Couple Sentenced to a Combined 32 Years in Prison for PPP Fraud – Fraud Friday “The Fullertons and their co-conspirators created a complex scheme to fraudulently obtain Paycheck Protection Program loans intended to help small businesses affected by the COVID-19 pandemic.  They falsified payroll records, banking details, and other…

Equifax Main Street Lending ReportOctober 2024Small Business Lending Report Says Equifax. . . . Small Business Lending activity was dampened again in August, according to the latest Equifax SBLI reading. The Federal Reserve’s decision to lower interest rates by 50 basis points in September — with additional cuts likely on the way — should provide…

Two Weeks Into the Fiscal Year SBA Says Disaster Loan Fund Empty By Bob ColemanOctober 16, 2024 “We know that swift financial relief can help communities recover quickly to stabilize local economies,” says SBA Administrator Isabel Casillas. “While we await Congress to provide much-needed funding, we strongly encourage eligible businesses and households to apply for SBA…

SBA Hot Topic Tuesday — TMC Financing Ranaked\ Nation’s #1 SBA 504 Lender for Fourth Year in a RowOctober 15, 2024By Bob ColemanPublisher & Founder SBA 504 Rank $ Rank # SBA 504 Loan Volume # Loans Average Loan Size FY 2024 1 1 $645 Million 490 $1,315,422 FY 2023 1 1 $632 Million 461…

Nominations are now open for Coleman’s 2024 SBA BDO Awards! These prestigious awards recognize outstanding SBA Business Development Officers that have made significant contributions to the small business lending community. Nominate a colleague or yourself to be honored for your exceptional work in SBA lending, and help celebrate the positive impact you or your nominee…

Nominations are now open for Coleman’s 2024 SBA Lender Professional Awards! These prestigious awards recognize outstanding SBA lending professionals and companies that have made significant contributions to the small business lending community. Nominate a colleague or yourself to be honored for your exceptional work in SBA lending, and help celebrate the positive impact you or…

Main Street Monday — Florida’s Centennial Bank Adds to Loan Loss Reserve, Addresses Payment Deferrals for Hurricane Impacted CustomersOctober 14, 2024 Centennial Bank SBA 7(a) Rank $ Rank # Gross Loan Approval # Loans Average Loan Size FY 2024 250 347 $16.2 Million 17 $950,006 FY 2023 232 348 $17.2 Million 15 $1,146,667 FY 2022…

October 11, 2024 Delaney SextonContributing Editor Former Southern Pine Credit Union Controller Must Pay $1.2 Million in Restitution to the Credit Union – Fraud Friday “The criminal behavior in these cases represent the most egregious betrayal of trust by two of this institution’s leaders, resulting in years of ill-gotten gains for the defendants, all while…

52 Years in Prison for Nik Patel — Ex-Wife Gets 4+ Years in Last Chapter of Their USDA B&I Loan Fraud It appears the Feds have had enough with Nik Patel’s fraudulent loan activities and have come down hard on him, adding 27 years to his existing 25-year prison sentence for his latest $8.5 million…