Posts Tagged ‘dodd frank’

November 13, 2013 By Bob Coleman Editor, Coleman Report My last installment of last June’s SBA Inspector General Audit released last June about six loans SBA paid to lenders for its guaranty purchase. The OIG disagreed with SBA’s payments and is seeking to clawback $4.6 million from the lenders. All six loans were SBA 7(a)…

October 31, 2013 By Bob Coleman Editor, Coleman Report Scott Coleman joins Quantum National Bank of Suwanee’s SBA Team Quantum National Bank announced that it hired Scott Coleman as vice president/business development officer of the bank’s small business lending division. “We are thrilled to have hired one of the very best in the business,” said…

October 31, 2013 By Karen McHugh 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 few months, now is the time to review, interpret, and commit it to memory. There is a lot to…

October 30, 2013 By Bob Coleman Editor, Coleman Report One of the better blogs written for the small business entrepreneur is the New York Time’s “You’re the Boss.” Gene Marks does a nice job selecting important stories each day that can help Main Street run their small businesses. Check out the following topics from one…

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…