Posts Tagged ‘Bob Coleman’
Preparing the Herndon SBA 7(a) Ten Tab Guaranty Package
Preparing the Herndon SBA 7(a) Ten Tab Guaranty Package Tuesday, July 23rd, 2013 2:00 p.m. to 3:15 p.m. Eastern Price: $289.00 Sponsored by PCFS 2000 Use our “email address only” order form! SBA’s Guaranty Purchase Package. Seems simple enough to put together…but if you don’t do it right, you don’t get the money and it…
Read MoreSBA Eligibility 101 – An In-depth Review
SBA Eligibility 101 – An In-depth Review Monday, July 29th, 2013 2:00 p.m. to 3:15 p.m. Eastern Price: $289.00 Use our “email address only” order form! The number one reason SBA denies its guaranty payment to a lender is the lender did not correctly determine the borrower’s eligibility for the federal government guaranty. Join Coleman…
Read MoreMug Shot Monday – A Twofer – Fraud Against TARP and the SBA
July 8, 2013 By Bob Coleman Editor, Coleman Report A former Georgia bank president and CEO will get 5 ½ years in a fed pen for replacing non-performing bank loans with a SBA loan. Under the “wow, this is too good to be true rule,” Gary Hall has sadly found out refinancing bad conventional bank…
Read MoreFraud Friday – Borrower Siphons $40 Million for Private Jet, Private Island, NBA Tickets, Pleads Guilty to Bribing a Bank Officer
July 5, 2013 By Bob Coleman Editor, Coleman Report Guy Mitchell borrowed more than $40 million from the now-failed Florida based Integrity Bank in 2005 and 2006 supposedly to finance his interests in various hotels around the country. One of these loans was to acquire and renovate the Casa Madrona Hotel, a luxury property overlooking…
Read MoreBest Practices: NEW SBA Change of Ownership Rules
July 3, 2013 By Ethan W. Smith, Partner Starfield & Smith, P.C. On July 1, 2013, SBA released a revision to SOP 50 10 5(E) that revised and clarified SBA’s requirements for financing change of ownership transactions with SBA guaranteed loans. Prior to this revision, SBA had restricted SBA financing for change of ownership transactions…
Read MoreSpokane Based Sterling Bank Expanding SBA Lending Big Time in California Market
July 3, 2013 By Bob Coleman Editor, Coleman Report After acquiring SBA #1 micro lender, Borrego Springs Bank, Sterling Bank is adding Orange County’s Commerce National Bank to its portfolio. The Biz Journal reports, “Sterling paid $6.5 million to acquire American Heritage Holdings, parent company of Borrego Springs. While the bank was relatively small, with…
Read MoreTen Expenses your Restaurant Borrowers can Cut
July 2, 2013 By Bob Coleman Editor, Coleman Report I ran across this interesting article on ten expense items restaurant owners should be all over. Bring some of them up next time you talk to your restaurant customers. 1) Menu Streamlining 2) Develop and have Operating Standards 3) Alternative Energy Sources 4) Rethinking Layout and…
Read MoreMark Feathers Disputes SEC Forensic Accounting Report about Small Business Capital
July 2, 2013 By Bob Coleman Editor, Coleman Report One year ago, the SEC seized Mark Feather’s Small Business Capital, a nonbank SBA lender. The SEC called SBC a “ponzi-like” scheme and said investor payments could only be made from new investor capital. During the past year, Feathers has contested the SEC action, going so…
Read MoreDebt vs Equity – Are you a Moron?
July 1, 2013 By Bob Coleman Editor, The Coleman Report Anybody who starts a business with borrowed money is “a moron.” So says Mark Cuban. And New York Times blogger Ami Kassar doesn’t like the characterization. Ami writes, “There are three ways to finance the start of a company: one is by giving away equity,…
Read MoreSmall Business Capital Investor Losses Total $13 Million
July 1, 2013 By Bob Coleman Editor, Coleman Report One year after seizure by the SEC, the SEC receiver has calculated the losses to investor to exceed $13 million in the “Ponzi-like scheme,” perpetrated by SBA non bank lender Small Business Capital. The most damning stat is SBC earned $4 million in profits, but paid…
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