Coleman Report

September 11, 2023 Delaney SextonContributing Editor Main Street Monday – New Simplified Secondary Market Late Payment Penalty Calculations Starting this month, all 1502 secondary market payments with a late penalty assessed will use a simplified one-part calculation: $100 or 5% of the Remitted Amount (whichever is greater of the two) There is still a $5,000…

September 8, 2023 Delaney SextonContributing Editor Fraud Friday – First NBC Bank President/CEO Sentenced to 14 Years in Prison “Ashton Ryan’s years-long deceit caused at the time, one the biggest bank failure in America in over a decade,” says United States Attorney Duane A. Evans, “and with this sentence, he rightfully takes his place as…

September 7, 2023 Delaney SextonContributing Editor Coleman Movers & Shakers – David Baker, Eric Manning, and Edi Santos First Business Bank Welcomes David Baker as Vice President, SBA Lending With more than 13 years of experience in SBA Lending, David has cultivated a deep understanding of the sector and takes pride in building relationships with…

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September 5, 2023 Delaney SextonContributing Editor SBA Hot Topic Tuesday – Small Businesses Support More Than Half of Rural Employment The Federal Reserve Bank’s Small Business Credit Survey shows that 15% of all small businesses with employees are in rural areas. Though rural small businesses make up a small portion of all small businesses, they…

September 1, 2023 Delaney SextonContributing Editor Fraud Friday – Attorney who Stole Funds for St. Jude’s Children’s Hospital Pleads Guilty to PPP Fraud A disbarred attorney’s PPP and EIDL fraud was discovered by prosecutors after she lied to the court about her employment status in a separate case. The subsequent investigation revealed that Darlene Baker…

August 31, 2023 Delaney SextonContributing Editor This Just In – 7(a) Fees Effective for Fiscal Year 2024 (Starting October 1) 7(a) Lender’s Annual Service Fee The FY 2024 Annual Service Fees will be based on the gross loan approval amount including the SBA-guaranteed and unguaranteed portions. The fees will be the following: Lenders are not…

August 31, 2023 Delaney SextonContributing Editor Coleman Movers & Shakers – Whitney Bouknight, Tricia Abood, and Dorian Guidi Whitney Bouknight Joins First Business Bank as Vice President, SBA Lending First Business Bank welcomes Whitney Bouknight to its SBA Lending team. Whitney leverages more than a decade of experience in nationwide SBA Lending. Her professional journey, beginning with…

August 30, 2023 Delaney SextonContributing Editor C-Suite Wednesday – Small Businesses Received Nearly $29 Billion in FY23 So Far With only one month remaining in fiscal year 2023, the SBA is not expected to run out of funding. Following the trend of recent years, SBA and lenders have gotten more money out than in 2020…

August 29, 2023 Delaney SextonContributing Editor SBA Hot Topic Tuesday – New Legislation was Introduced to Assess SBA Office of Rural Affairs “Small business owners face many challenges, and that is especially true in rural areas. I was proud to have Jennifer Cassaday from our district come testify last month at our Small Business Committee…