Posts Tagged ‘SBA OIG’
CORRECTED: SBA Hot Topic Tuesday — OIG Estimates $28 Million in Improper 7(a) Guaranty Purchases in FY17
May 15, 2018 CORRECTED: SBA Hot Topic Tuesday — OIG Estimates $28 Million in Improper 7(a) Guaranty Purchases in FY17 This corrected version corrects an embarrassing typo highlighted below. By Bob Coleman Editor, SBA Hot Topic Tuesday Last year SBA purchased $661 million in 7(a) guaranties from lenders. OIG estimates 4.3% of purchases were “improper”…
Read MoreFraud Friday — Two Borrowers Jailed for Loan Fraud, Lying to SBA
April 20, 2018 Fraud Friday — Two Borrowers Jailed for Loan Fraud, Lying to SBA By Bob Coleman Editor, Fraud Friday On Tuesday, Harold Halman, II, 58 got 36 months. Alexander Schaap, 62, got 30 months. Craighton Boates, 44, received five years’ probation. The three were principals of Global Medical Equipment of Arizona. They defrauded…
Read MoreC-Suite Wednesday — SBA OIG Targets Live Oak Bank’s Poultry SBA 7(a) Lending
June 1, 2016 By Bob Coleman Editor, C-Suite Wednesday C-Suite Wednesday — SBA OIG Targets Live Oak Bank’s Poultry SBA 7(a) Lending Live Oak Bank’s SBA niche lending strategy is drawing the attention of SBA’s Inspector General. The bank entered the poultry farm market in 2014 — approving $611 million of loans to 309 farms…
Read MoreC-Suite Wednesday — SBA OIG Continues to Hammer the Agency on Improper SBA 7(a) and 504 Guaranty Payments
May 25, 2016 By Bob Coleman Editor, C-Suite Wednesday C-Suite Wednesday — SBA OIG Continues to Hammer the Agency on Improper SBA 7(a) and 504 Guaranty Payments In its May 13, 2016 report, the SBA Inspector General says SBA continues to make mistakes on SBA 7(a) loan guaranty purchases by not identifying lender documentation errors.…
Read MoreSBA Hot Topic Tuesday — SBA OIG Says 68% of Early Default 7(a) Loan Guaranties Should be Repaired/Denied
April 19, 2016 By Bob Coleman Editor, Hot Topic Tuesday SBA Hot Topic Tuesday — SBA OIG Says 68% of Early Default 7(a) Loan Guaranties Should be Repaired/Denied SBA’s Inspector General continues its commitment to review SBA 7(a) loans over $500,000 that default within 18 months of approval. In its April 2016 auditing division work…
Read MoreSBA Hot Topic Tuesday — New Inspector General Audit Denies Another $2.7 Million SBA 7(a) Guaranty
March 22, 2016 By Bob Coleman Editor, SBA Hot Topic Tuesday SBA Hot Topic Tuesday — New Inspector General Audit Denies Another $2.7 Million SBA 7(a) Guaranty Continuing cost overruns pushed the construction of a fitness club from $5 million to $12.3 million. In 2011, California Bank & Trust approved a $2.7 million SBA 7(a)…
Read MoreFaulty Lender Cash Flow Analysis a Target for SBA 7(a) Loan Guaranty Denials
May 25, 2015 By Bob Coleman Editor, Coleman’s SBA Inspector General Report Coleman’s SBA Inspector General Report Good bye to SBA Stats Tuesday and hello to Coleman’s weekly SBA Inspector General Report. A new weekly column every Tuesday morning devoted to the SBA OIG. For the next couple of reports I am focusing on the…
Read MoreSBA Inspector General Denys Three More ARAA Loan Guaranties
March 19, 2014 By Bob Coleman Editor, Coleman Report SBA’s Inspector General has issued a second audit of early defaulted ARAA SBA 7(a) loans. Nine loans were reviewed, and three loan guaranties were deemed to have been improperly purchased from lenders by SBA. We’ll examine each of the three loans in separate Coleman Reports. Today’s…
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