December 14, 2017
By Bob Coleman
Editor, Coleman Movers and Shakers
Coleman Movers & Shakers — Live Oak Bank Announces 16th Lending Vertical — Automotive Care Industry.
“The automotive industry is one of the largest in the U.S., yet owners of auto repair businesses may struggle to find financing options to help them grow or open their shops,” says Jason Lumpkin, general manager of emerging markets at Live Oak Bank. “Live Oak’s mission is to meet the needs of underserved markets and give small business owners access to financing so they can achieve their business goals.”
The team will be led by general manager Lew Woodbury, who brings 15 years of experience in the banking and financial services industry. “Live Oak is excited to offer solutions to help automotive repair and maintenance business owners reach their full potential,” says Lew. “I look forward to leveraging my knowledge and experience in franchise lending to the automotive care industry.”
The vertical marks Live Oak’s 16th industry specific lending division and will concentrate on businesses that provide quick lube services, tire centers, service and maintenance shops, collision shops, paint and body shops, and select auto part franchises.
Live Oak Bank assembled a team of expert lenders to provide flexible lending solutions to current and prospective business owners within a variety of deal structures. The team has extensive lending experience and knows how to value automotive care business assets, including capital needed to establish a strong business.
Seacoast Commerce Bank Appoints Don Mercer EVP and SBA National Sales Manager
“Don is an outstanding addition to our SBA Team and his newly created role is a vital component to our planned growth. His main focus over the short-term is to expand our sales force by 50%, adding 10+ highly productive SBA BDO’s to our existing team.” says David H. Bartram, Senior Executive Vice President, Chief Operating Officer, and SBA Division Manager.
“I am excited for this opportunity and have been very impressed with Seacoast’s business model. They have a huge market advantage with the fastest and most consistent turn times in our industry. Additionally, they have a common sense approach to credit and look for ways to say yes.” states Don Mercer.
Don has over 28 years of banking experience, the last 10 years as SBA National Sales Manager for Bank of the West. His BDO’s will be focused on helping business owners facilitate the acquisition, development, and refinance of commercial real estate properties.
Gulf Coast Bank Acquires American Business Lending
Gulf Coast Bank has acquired American Business Lending, a Dallas-based non-bank SBA lender.
Gulf Coast Bank retained ABL’s staff and management and merged its operations with Gulf Coast SBA Lending business in its Dallas headquarters.
American Business Lending was founded in Dallas in 2006 as a non-bank SBA 7(a) lender. In the next 11 years, it had provided loans to numerous small businesses across the country. Gulf Coast SBA Lending was formed earlier this year when Gulf Coast Bank acquired Dallas-based CapitalSpring SBLC and consolidated all its SBA lending activity in the Dallas headquarters.
The combined entities now service nearly $300 million of SBA 7(a) and 504 loans.
Gulf Coast Bank has 19 branch locations across Louisiana and more than 30 mortgage lenders located throughout Louisiana and Florida.
Northeast Bank Announces Appointment of Fred Schwartz as Senior Vice President
Northeast Bank President and Chief Executive Officer Richard Wayne says, “Fred’s affiliation with AAHOA and his extensive experience working with national hotel brands and their franchisees will support the expansion of our hotel lending efforts. We welcome him to our team and look forward to his contributions to the Company.”
Fred brings more than 35 years of experience in the hospitality industry to the Company. He joins having most recently served as Senior Vice President of Midscale Development at the Carlson Rezidor Hotel Group. In his role there, Mr. Schwartz led the Country Inns & Suites Development Team, and was responsible for increasing franchise growth across the Americas by over 200%. Prior to his time with Carlson, Mr. Schwartz served as President of the Asian American Hotel Owners Association for nearly 18 years. During his tenure at AAHOA, he helped the association grow its membership from 3,000 to over 14,000, becoming the hospitality industry’s largest group of hotel owners, as well as one of the most influential voices for hotel franchisees across the country. Earlier in his career, Mr. Schwartz held senior management positions with Hyatt Hotels, Warwick International Hotels & Resorts, and Crowne Plaza Hotels & Resorts
Upcoming SBA Lending Professional Industry Events
11th Annual Secondary Market Summit, December 4, Washington D.C.