Posts Tagged ‘Main Street’

October 4, 2013 By Bob Coleman Editor, Coleman Report A hotel owner who received a SBA 504 loan is suing the bank as a whistle blower under the Federal False Claims Act. The borrower says the bank made false statements to SBA when it certified there were no material changes in the borrower’s financial condition…

October 4, 2013 By Karen McHugh As we all are aware now, 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…

September 30, 2013 SBA’s Contingency Plan for Governement Shutdown If Congress and the President are not able to reach an eleventh hour agreement to fund the government, only SBA’s Inspector General audit team and the disaster loan programs will continue to operate as business as usual. If the following SBA programs are interrupted, that will…

September 26, 2013 By Bob Coleman Editor, Coleman Report Capital Access Network Appoints GE Capital Veteran As Its New CFO Capital Access Network, Inc. (CAN), the largest and most-experienced small business finance specialist, has appointed GE Capital Veteran Shiladitya (“Shila”) Ray as the company’s new Chief Financial Officer. Ray succeeds former CFO Daniel DeMeo, who…

September 26, 2013 New York, NY– September 3, 2013 – Capital Access Network, Inc. (CAN), the largest and most-experienced small business finance specialist, has appointed GE Capital Veteran Shiladitya (“Shila”) Ray as the company’s new Chief Financial Officer. Ray succeeds former CFO Daniel DeMeo, who is now CAN’s Chief Executive Officer. “Shila is a top-notch…

September 25, 2013 By Ethan W. Smith, Esquire Starfield & Smith P.C. On September 24, 2013, SBA released SOP 50 10 5(F) to the SBA lending community. This SOP will become effective on January 1, 2014 and contains several significant changes to SBA’s requirements in connection with its loan programs. Many of the revisions reflect…

September 23, 2013 By Bob Coleman Editor, Coleman Report Another sentence is in for the Bank of Commonwelth fraud convictions. A borrower co-defendant will serve a little over four years in jail. The sentence was announced the same week as a former senior loan officer drew a 17 year sentence. Unlike other borrowers, which the…

September 20, 2013 By Bob Coleman Editor, Coleman Report The first sentence is in from the Bank of Commonwealth fraud trial that netted guilty verdicts of three Virginia community bankers.  And it is stiff – 17 years for 49 year-old former EVP Stephen Fields. As if it matters, he was also ordered to pay $331…