Posts Tagged ‘Bob Coleman’

October 29, 2013 By Daniel Son NADCO Washington, DC – The National Association of Development Companies (NADCO) issued the following statement reacting to the news that FY 2013 was the Small Business Administration’s (SBA) third highest year of lending in history. “The road out of the Great Recession is going to be paved by the…

October 29, 2013 By Bob Coleman Editor, Coleman Report Wells Fargo, Chase Claim Top SBA 7(a) Lender Spots For the fifth straight year, Wells Fargo is America’s top SBA lender in dollar volume, approving a record $1.47 billion in SBA 7(a) loans for small businesses in federal fiscal year 2013. The bank increased its dollar…

October 28, 2013 By Bob Coleman Editor, Coleman Report Pleading guilty to five counts of bank fraud, a wannabe rocker gets seven years in prison for ripping off over $6 million from Comerica Bank alone. He received over $11 million from four banks showing assets of $8 million in a Charles Schwab account. Personal tax…

October 25, 2013 By Bob Coleman Editor, Coleman Report Two months ago, a federal judge granted the SEC’s motion for a summary judgment ruling Mark Feathers’ Small Business Capital ran a three-year, $42 million Ponzi scheme that defrauded investors while paying the firm’s manager substantial bonuses. The summary judgment was a major blow to Feathers’…

October 24, 2013 Written by Mark Sanchez Senior Writer MiBiz The U.S. Small Business Administration (SBA) wants to drive more loan activity but in smaller amounts by waiving fees for its primary lending program. The SBA eliminated the upfront 2-percent fee, plus an ongoing monthly service fee for loans of $150,000 and less, in hopes…

October 24, 2013 By Bob Coleman Editor, Coleman Report Thomas Zernick Named Florida market president for Stearns Bank From the Tampa Bay Business Journal…. Thomas Zernick, formerly director of SBA lending and senior vice president at HomeBanc, has managed more than $500 million in Small Business Administration loan production, and will bring that expertise to…

  October 24, 2013 By Bob Coleman Editor, Coleman Report $68,000 says an American Express survey. “A study from American Express OPEN revealed that while more than half of small business owners pay themselves a regular salary, they are receiving an average salary of $68,000 annually, down from $72,000 a year ago. In addition, nearly…

October 23, 2013 By Bob Coleman Editor, Coleman Report New York Small Business Lending Blogger Ami Kassar posts an excellent blog about lien knowledge from the borrower’s standpoint. However, the article is equally as important to lenders. Especially for SBA lenders who contract with SBA exactly the UCC collateral position of the loan. Ami writes.…

October 23, 2013 By Bob Coleman Editor, Coleman Report One of 14. Get one of these licenses and you are a nationwide SBA lender. A printing press to mint millions? Probably not. The landscape is littered with failed SBLCs – the acronym for small business lending companies. Why only 14 licenses? Once SBA realized that…

By Bob Coleman Editor, Coleman Report This provocative article from down under caught my attention, and there isn’t too much wrong with the observations. 1) No new customers 2) Haphazard accounting 3) Serial price cutting 4) Debt dependency 5) Dysfunctional sales 6) High staff turnover Note, your borrower only needs to have one of these…