Posts Tagged ‘Main Street’
Crowdfunding 101 — What You Need to Know
April 9, 2013 Entrepeneur’s Cat Clifford gives an excellent overview of the explosive growth in crowdfunding – computer online platforms that match investors with entrepreneurs. First the stats. There are 308 crowdfunding platforms that raised $2.7 billion last year, an 81% increase over 2011. Here are Cat’s three themes 1) More groups are using crowdfunding…
Read MoreMonday Morning Quarterbacking on Small Business Loan Decisions
April 9, 2013 Yesterday we wrote about a federal prosecutor who is going after four Virginia ex-community bankers and criminalizing bad loan decisions. Today, we cover a Dayton Daily News hit piece that shockingly (yes, note the heavy sarcasm) reveals a $1.3 billion loss in SBA 7(a) loans over a 13 year period. Buried in the story…
Read MoreWhen the Entrepreneur’s “Never Take No for an Answer” Meets the Banker’s “No”
April 8, 2013 By Bob Coleman Editor, Coleman Report New York Times blogger Ami Kassar has penned a thoughtful piece reminding all of us that despite the relentless drive to boil everything down to buckets, social media ratings and credit scores, small business lending is still an art. He writes about his recent encounter with…
Read MoreMug Shot Monday – Criminalizing Bad Loan Decisions
April 8, 2013 By Bob Coleman Editor, Coleman Report Stung by criticism no one individual on Wall Street is being held accountable for the mortgage meltdown mess, federal prosecutors are looking for others to fry. While civil penalties of billions and billions of dollars have been imposed on banks, “Too Big to Jail” has been…
Read MoreFraud Friday – Borrower Defendants Testify Against Their Bankers in Bank of Commonwealth Collapse
April 5, 2013 We have been following this fraud trial in Norfolk that involves a $71 million fraud against the now defunct Bank of Commonwealth. In its third week, three former bank executives are among the five defendants on trial for numerous counts of bank fraud. The case involves the usual tale of chummy relationships…
Read More80% of Small Businesses Will Not Add Employees in the Next Two Years
April 5, 2013 By Bob Coleman Editor, Coleman Report So says the Chamber of Commerce first quarter 2013 Small Business Outlook Study. The findings · 70% say their business is headed in the right direction · 79% say the US economy is in the wrong direction · 20% say they will add employees in the…
Read MoreAlternative Small Business Lenders Continue to Invade Small Business Lender Brick & Mortar Turf
April 4, 2013 Paypal continues to experiment with online merchant financing. In the UK, PayPal offers merchants up to £25,000 based on their past PayPal sales receipts. It’s pricy – in the 30% range. However, new is the concept to re-pay the money as a percentage of their daily sales. PayPal offers a 12% rate,…
Read MoreHouse Small Business Chair Wants SBA Sequester Answers From Mills
April 4, 2013 Demanding SBA travel records, House Small Business Chairman Sam Graves has asked SBA Administrator Karen Mills what she plans on doing to mitigate the impact of sequestration of the agency’s core mission. Congressman Graves is concerned over a letter Mills’ has sent to the Senate where she said sequestration would cut the…
Read MoreAmending Note Terms Under SOP 50 57
April 3, 2013 By: Kimberly A. Rayer, Esquire Starfield & Smith P.C. While most Lenders are well versed on SBA loan eligibility and loan closing conditions, many are not as familiar with the SBA’s requirements when it comes time for loan servicing requests from their Borrowers. The new SOP 50 57 sets out that the…
Read MoreBaseball’s Opening Day and Small Business Commonality — Stats
April 3, 2013 Aficionados of baseball love stats. Being able to quantify output is key in evaluating and predicting success or failure. With that theme, this morning we are reporting on some small business performance stats by Intuit, which gathers the information from their clients. These numbers are not massaged like some government indices —…
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