Posts Tagged ‘SBA Lending’

February 18, 2014 By Bob Coleman Editor, Coleman Report Writes our friend Ami in the Wall Street Journal, “A small percentage of small-business owners are bankable either with an SBA loan or a traditional bank loan. From the population of small-business owners that we work with at our loan brokerage, this group is about 15%.…

February 14, 2014 By Bob Coleman Editor, Coleman Report A lender relying on a contractor’s certification of completion, disbursed $1.7 million to a father/son team, who coolly pocketed about $1.3 million for non-existent work. Dad was president and the son was CFO of a company that purchased a manufacturing facility out of bankruptcy. (Oh, and…

February 13, 2014 By Bob Coleman Editor, Coleman Report Deborah Possick Herron Joins GA Resource Capital “Deborah will certainly be an asset to GA Resource Capital as she has over 20 years of direct lending experience to small business owners with a primary emphasis on SBA 504 loans, commercial real estate and C&I lending. We…

February 12, 2014 By Bob Coleman Editor, Coleman Report Playing off SBA Administrator Phil Lader’s quote 20 years ago that “This is not your Father’s SBA,” Maria Contreras-Sweet emphasized the point in her Senate Confirmation hearing today that SBA continues to evolve its programs to support Main Street. And she wants to be part of…

February 12, 2014 By Bob Coleman Editor, Coleman Report The Committee on Small Business and Entrepreneurship will hold the Nomination Hearing for Maria Contreras-Sweet, who has been nominated by President Obama for the position of Administrator at the Small Business Administration, today at 10:30 a.m. Eastern. View the hearing live here Writes Kent Hoover, “The…

February 10, 2014 By Bob Coleman Editor, Coleman Report A KeyBank loan officer from Maine who ran a sophisticated multi-million loan fraud during the course of his career is heading to prison. Scott Fox started his scam in 1995 by using the identities of others to fund his side boating supply business, a house for…

February 7, 2014 By Bob Coleman Editor, Coleman Report Okay, okay, I start with all the usual “alleged statements” caveat, and the “everyone is presumed innocent” statement, but SBA is certainly not using those terms in their 44 page enforcement action seizing SEM Resource Capital’s license and 504 loan portfolio. SBA uses terms as “substantial…

February 6, 2014 By Bob Coleman Editor, Coleman Report Industry Mourns Passing of SBA Legislative Giant, Tom Powers By Jim Baird Past Chair, NADCO Our industry and our nation’s small businesses have lost a true champion with the passing of Tom Powers. Tom came to Washington in 1971 after receiving law degrees from both Drake…

February 5, 2014 By Bob Coleman Editor, Coleman Report “A formal enforcement action is warranted because the record demonstrates that there are significant problems in SEM’s systems or controls, substantial law violations, serious compliance problems, and serious reporting failures.” “Substantial law violations.” That’s a very serious statement by SBA in their 44 page enforcement order…