Posts Tagged ‘Bank loan’

December 23, 2013 By Bob Coleman Editor, Coleman Report Alabama small businessman Danny Ray Butler is at the wrong end of a 51 bank fraud indictment. Danny Ray owned a couple of businesses in Tuscaloosa and he wanted to use an SBA 504 loan for the construction of a grocery store in Fosters, Alabama. In…

December 20, 2013 By Bob Coleman Editor, Coleman Report Fraud Friday – SBA Moves to Block SEC Payments to Small Business Capital Investors Citing Loan “Irregularities” After 18 months, the SEC receiver for Mark Feather’s Small Business Capital has proposed an initial payment of $19 million to the investors – a little less than 50%…

December 19, 2013 Jerry Woods and Valerie Green Join Pinnacle Financial Partners “Jerry’s and Valerie’s expertise at advising small businesses on their finances make them a great fit for our team,” said Chip Higgins, Pinnacle’s business banking team leader. Writes the Nashville Post, “Jerry Woods has joined Pinnacle as senior vice president after spending two…

December 18, 2013 By Bob Coleman Editor, Coleman Report One year ago, the nation’s second largest SBA 504 lender closed its doors after SBA seized its portfolio. 60 employees lost their jobs the week before Christmas. After failing to have SBA’s actions overturned in federal court, little has been heard from Frank Dinsmore. Until recently.…

December 17, 2013 By Bob Coleman Editor, Coleman Report Tee Rowe, President & CEO America’s SBDC Spoke with Bob Coleman about the SBA fiscal year 2014 budget. Bob Coleman: Tee, talk to us about the SBA budget, how is it looking for FY 2014? Tee Rowe: It has been a couple of years since we…

December 16, 2013 By Bob Coleman Editor, Coleman Report “I’m writing today because neither I nor my employees have done anything wrong.” That is the opening statement Arkansas-based HomeBank CEO wrote to the Log Cabin Democrat in response to his 11 count bank fraud indictment on December 4th. Federal prosecutors allege John Stacks unfairly profited…

December 10, 2013 by SBA Complete SBA just recently released the newest version of the SOP 50 10 5 (F), effective January 1, 2014. Even though the new rules don’t become effective for another month, now is the time to review, interpret, and commit it to memory. Keep in mind that SBA requires the applicant…

December 9, 2013 by Bob Coleman Editor, Coleman Report A Texas meat company founded in 1940 abruptly closed its doors after 70 years, laying off hundreds of workers. And now the small business owner will probably go to jail. The son of the founder pled guilty to one count of bank fraud last week and…

December 6, 2013 By Bob Coleman Editor, Coleman Report An Arkansas community bank CEO was indicted on 11 counts of bank fraud in connection with a SBA disaster loan. John Stacks also owns Mountain Pure, a water bottling plant. After a tornado struck the area in 2008, the company received a $700,000 SBA disaster loan.…

December 2, 2013 Bob Coleman Editor Coleman Report That works out to be $1600 a month, or $9 an hour. Says the FBI, “Ross Franco of Midland was sentenced to 18 months in federal prison for his role in a loan scheme in which a Midland credit union sustained losses in excess of $4 million.…