Coleman Report
The 50+ Technical Corrections You Must Know in the New SOP 5010 7.1 (Webinar 11/8)
A Coleman WebinarWednesday, November 8, 20232:00 pm Eastern 75-minute training with e-certificationRegister Your Entire Staff for One Fee Online Here The Technical Corrections Issued by SBA Join award winning webinar instructor Lance Sexton as he walks you through the important changes you and your staff need to know in this newly released SOP. Coleman Report…
Read MoreSBA 5010 7.1 Effective November 15, 2023
Download a PDF Copy of the SOP 5010 7.1 here Summary of Changes SECTION A: CORE REQUIREMENTS FOR ALL 7(A) AND 504 LOANS The chapters listed below have received updated titles. Chapter 1: Primary Applicant Eligibility Requirements Validated by SBA’s Risk Mitigation Framework Chapter 2: Credit Not Available Elsewhere, Special Transaction Structures, & Other Primary…
Read MoreAlabama SBA 7(a) Lender Ranking for FY 2023
RANK Lender # Loans $ Amount Average Loan Size 1 Live Oak Banking Company (NC) 22 $35,021,500 $1,591,886 2 Synovus Bank (GA) 9 $20,736,400 $2,304,044 3 Newtek Small Business Finance, Inc. (NY) 12 $16,912,500 $1,409,375 4 Berkshire Bank (MA) 4 $11,063,400 $2,765,850 5 Readycap Lending, LLC (NJ) 11 $10,613,100 $964,827 6 SouthPoint Bank (AL) 8…
Read MoreFormer Pacific Premier Bank SBA Savvy Execs Startup New California Bank — Icon Business Bank
One of the new banks approved by the FDIC in 2023 has opened its doors. The former president of Security Bank and SR. VP of Pacific Premier Bank has anew gig — President & CEO of newly formed ICON Business Bank. Edward Hwang’s promises ICON Business Bank is a financial institution built around “people” driven…
Read MoreFormer Florida State Rep Jailed 4 Months for EIDL Loan Fraud
Joe Harding of Williston, Florida, was sentenced for wire fraud, money laundering, and making false statements in the name of a dormant business. Joe was elected and took office November 8, 2022. He resigned 30 days later when indicted for loan fraud. Joe obtained $150,000, made a payment to his credit card, and transferred money…
Read MoreThe 16th Annual SBA Secondary Market Summit; Washington D.C. — Thurs December 7th, 2023
We’re Back! Believe it or not it’s been four years since we last met in DC — December 2019 before all the craziness. Dramatic changes abound, but the old guard remains. Bob Judge will bring his decades of industry knowledge and expert insight to give us a glimpse of what to expect in 2024. Bob…
Read MoreTexas SBA 7(a) Lender Rankings for FY 2023
RANK Lender # Loans $ Amount Average Loan Size 1 Live Oak Banking Company (NC) 121 $207,203,900 $1,712,429 2 Wallis Bank (TX) 80 $138,772,200 $1,734,653 3 The Huntington National Bank (OH) 388 $99,083,000 $255,369 4 Newtek Small Business Finance, Inc. (NY) 121 $81,986,100 $677,571 5 Readycap Lending, LLC (NJ) 108 $76,724,800 $710,415 6 First Internet…
Read MoreHouse Small Business Committee Wants SBA to Collect COVID Loans Less than $100k
Says Chair Roger Williams, “The COVID-19 pandemic broke the SBA. The agency failed to detect upwards of $200 billion in potential fraud in their lending programs and now has decided to end active collections on loans of $100,000 or less. “The SBA should be treating these taxpayer-funded loans the same way as any business owner…
Read MoreFraud Friday – PPP & EIDL Fraudster Used Proceeds to Purchase a Restaurant in Egypt
October 20, 2023 Delaney SextonContributing Editor Fraud Friday – PPP & EIDL Fraudster Used Proceeds to Purchase a Restaurant in Egypt Ahmed Sary pleaded guilty to conspiracy to commit wire fraud affecting financial institutions after submitting almost $18 million in PPP and EIDL applications. If the Court accepts the plea agreement, Sary will be sentenced…
Read MoreThe New SBA 504 Loan Refinance Rules
On October 12, 2023, the Federal Register revealed that SBA is making changes that were created in the interim final rule published on July 29, 2021, permanent. This modifies requirements for refinancing debt in the 504 loan program. It is important to review both the new, permanent changes and the existing rules for the program.…
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