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Coleman SBA Lender Daily | | |
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Work at Coleman Publishing | | |
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Source: Small Business Administration
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 SBA Releases ARC Loan Approvals Per State
SBA has released the total number of ARC loans approved per state. Minnesota posted the most with 181 as of August 12.
Minnesota (181), Wisconsin (154), Utah (66), Iowa (57), Ohio (55) . . . keep reading
LL INVESTIGATION: SBA loan program 'designed to fail' - Part I
Neal Gordon, who is the principal for the Business Borrowers Alliance, is currently assisting 25 customers with their ARC loan paperwork. He said the ARC loan program is "just a clunker without the cash at this point" because lenders are just not participating. Gordon said this is because the volume of paperwork involved in these $35,000 loans is almost as much as for SBA-backed loans for up to $2 million . . . keep reading
LL INVESTIGATION: SBA loan program 'designed to fail' - Part II
Gordon said there really isn't enough money in it for banks to participate because they can't charge an application fee for these types of loans, which would have covered at least some of the lenders' costs. "Even if the banks want to do the right thing, they are having trouble doing it because of this program," he said. "Their hands are tied in many ways, or they have to make decisions that are counter to what is considered to be good business just because of the way this works." . . . keep reading
 TMC Closes $10.5 Million Deal for Service West, Inc.
"Service West is a perfect example of how recent changes to the SBA 504 loan program make this type of financing an even better fit for larger projects," said Barbara Morrison, President of TMC Development. "With a high loan-to-value ratio, significant fee reductions as part of the President's effort to stimulate the economy with the ARRA, and SBA's new energy policy, it is truly an ideal time for businesses to take advantage of available 504 financing." . . . keep reading
 Esther H. Vassar Named SBA's National Ombudsman
"With her experience managing a state regulatory agency, Esther Vassar brings to the National Ombudsman's office first-hand knowledge of what it takes to build partnerships between government and business," said Administrator Mills. "The office of the National Ombudsman is a good match for Esther's talents, and I have no doubt she will contribute greatly to improved cooperation between small business and federal regulatory agencies." . . . keep reading
MALC 2009 Coverage
Reporting from the 2009 Mid-America Lenders Conference in Houston, TX, senior SBA staff along with Congressional staffer from the Senate Small Business Committee gave lenders some promising news. Coleman is offering exclusive coverage of the event, you can follow along on twitter.com/bobcoleman. . . . keep reading
 July CPR Report: Prepayments Fall Below CPR 8%
Overall prepayment speeds hit another 2009 low in July, falling 3.51% to CPR 7.82%. This represents the first sub-8% reading since December of last year. "The decrease in the Default CPR for the third month in a row was another pleasant surprise and an indication that the worst of the recession may be behind us." Bob Judge, Partner, Government Solutions. . . . keep reading
 Kurt Chambliss Joins Heritage Commerce Corp as Vice President, SBA
Heritage Commerce Corp , the parent company of Heritage Bank of Commerce, today announced that Kurt A. Chambliss has joined the bank's SBA division as Vice President and will be operating out of their Walnut Creek office. "Kurt brings a high level of Small Business Administration (SBA) lending and banking knowledge to our team, and we are delighted to have him on board," said Roxann M. Burns, Senior Vice President, SBA Department Manager. "We continue to reach out to the communities we serve, and Kurt will be playing a key role as we develop our East Bay markets and expand our SBA division." . . . keep reading
 SBA Lending Shows Signs of Improvement - James Kosci, NJ SBA District Director
"The numbers are improving, and that is a positive sign, but we are still significantly behind the previous year," Kocsi said. The credit crunch and the recession have combined to reduce both the supply and demand for business credit, he said. "Some of our lending partners are still a little strict with regard to their credit criteria, and there are still concerns about the overall health of the economy on the part of small businesses." . . . keep reading
SBA Chief: I Know 'What It Will Take' - WSJ
Four months into her term, the new Small Business Administration chief says there's been measurable progress in getting financing and other assistance to the country's 27 million entrepreneurs. Since the passage of the Recovery Act in February, the SBA has approved $5.7 billion in loans and seen 840 financial lenders renew their participation in the agency's 7(a) or ARC loan programs. . . . keep reading
Undercover Video Discussion Gains an Audience
Having watched Chris' hidden camera interviews and read the anonymous comments and Chris' response, I believe there is both positive and negative information to be gleaned. First, the responses Chris received in his interviews are probably representative of what many potential borrowers would receive from walking in to their local branch. It is not indicative, I suspect of what they would hear from an experienced SBA loan officer (or maybe any other commercial lender). . . . keep reading
 Obama's Progress: Small business still struggling - CNN Money
As President Obama approaches his 200th day in office, here's a look back at his promises and programs intended to help small companies pull through the recession.
The rescue plan: The SBA is backing more loans than it was before the Recovery Act, but less than it did before last fall's financial meltdown
Secondary market recovery: Many said "no thanks" to that deal.
The ARC loan program Relatively few banks are making the loans.
Credit card reform The legislation excludes corporate credit cards from the provisions. . . . keep reading
Lender Responds to Hidden Camera Undercover Investigation Videos - "Not an accurate portrayal of the industry"
Last week, Chris Hurn of Mercantile Capital Corporation released four youtube videos depicting an undercover operation on unsuspecting SBA 7(a) and 504 lenders. Hurn said he, "Went to four banks in May of last year posing as a business owner trying to get financing for a commercial condo." Hurn secretly taped each encounter with a hidden camera. We received a response today refuting Hurn's results, so we decided to post it. . . . keep reading
 CDC Small Business Finance July 504 Volume Up In CA & NV
CDC Small Business Finance, the nation's largest CDC, reported that SBA-504 total project dollars for loans approved in July in California were $251.2 million, up 13 percent over June's $222.3 million. Loan unit volume dipped to 118 in July, down slightly from 127 in June. Total project volume gains were more modest in Nevada -- $6.2 million in July, up from $4.3 million in June. . . . keep reading
 Landrieu to Hold Confirmation Hearing for SBA Inspector General
Thursday, August 6, 2009, United States Senator Mary Landrieu, D-La., Chair of the Senate Committee on Small Business and Entrepreneurship, will hold a confirmation hearing for Peggy E. Gustafson to be the Small Business Administration's (SBA) Inspector General and Winslow Lorenzo Sargeant to be the Agency's Chief Counsel for Advocacy. . . . keep reading
Resource: New Guaranty Purchase Flow Chart
Ethan Smith, Partner at Starfield & Smith, P.C. provided the new guaranty purchase flow chart for Coleman's Audio conference yesterday on Herndon denials and repairs. As a closing attorney for commercial lenders, Ethan prepares and reviews loan files for conventional, SBA 7(a) and 504, and USDA B&I loans, confers with loan processors and in-house counsel, and drafts, analyzes and negotiates loan documents. . . . keep reading
 Small Business Administration chief: 'We're the popular kid'
Getting attention at the highest levels in Washington isn't a problem, Mills said in a recent interview with CNNMoney: "The world has changed, and everyone has realized that it is small businesses that are going to drive the economy and the recovery," Mills said. "We're the popular kid at the dance. Our objective is to get money into people's hands, and we're starting to see that." . . . keep reading
 GovGex Reports Record Premiums and Volume for July
SAN DIEGO, CA--(August 05, 2009) GovGex reports a record month for July 2009, with both premiums and volume hitting new highs. GovGex.com, the fair and open exchange for buying and selling government guaranteed loans, saw premiums reach the mid 109% level on select loans. July volume also grew, with 109 loans worth $42,759,581 presented for sale on GovGex.com. . . . keep reading
 Southland EDC 504 Loan Finances Dental Surgery Center for U.S. Army Veteran
Robert Dodge of Southland EDC provided 40% of the project financing with a 20 year fixed rate SBA 504 loan at a below market interest rate. The owners provided the 10% cash injection. The total project cost was approximately $600,000. The real estate purchase was handled by Jeffrey Beers of Cornerstone Financial Network. This project allowed a veteran owned small business to purchase their building and construct a state of the art Dental Surgery Center and resulted in the retention of 3 jobs and the creation of 3-4 new jobs. This project resulted in Economic Development and Revitalization of an existing building within the City of Brea. . . . keep reading
 Public Savings Bank Launches SBA Division
HUNTINGDON VALLEY, Pa., Aug. 4, 2009 -- Public Savings Bank, Huntingdon Valley, PA, focuses on lending to Small Businesses in the 5-county Philadelphia area in Southeastern Pennsylvania and New Jersey. Ari Miller said that the SBA is an excellent way to finance a business and in this market it's one of the least expensive ways to do it. The programs not only have great rates but the terms are much more favorable than traditional bank financing being offered now. . . . keep reading
Federal Help for Boat Dealers: All at Sea - Time Magazine
Although the program started almost a month ago, the SBA says it has yet to make any actual loans. "We're still somewhat in a ramp-up period," SBA press secretary Hayley Matz said last week, adding that the agency is still working with lenders to get the program rolling. Earlier this year, lawmakers from Indiana lobbied the government for months to get financing for RV and boat dealerships. "We don't see this as a bailout," said Indiana Rep. Joe Donnelly. "What we see these are loans to businesses who have always paid their loans back." . . . keep reading
 Chris Hurn is "Blowing the Whistle on the Banking Industry"
Chris Hurn, President of Mercantile Capital Corporation, went to four banks in May of last year posing as a business owner trying to get financing for a commercial condo, and secretly taped each encounter with a hidden camera. Hurn said, "What these undercover operations revealed was so insidious, so horrific, about the state of the banking industry -- particularly when it concerns small business lending -- that I was hesitant to put it out there for the entire world to see." . . . keep reading
 USC Credit Union Awarded SBA Preferred Lender Status
"Growing our SBA program is one of USC Credit Union's key strategic objectives," stated Dave Mellman, Vice President of Commercial Services. "We launched our Small Business Lending program just over a year ago, and since then, we've added the SBA Express Program to our lending products offered, received a Med Week Award as a Top Lending Advocate and now have received PLP designation. We are committed to serving small to mid-sized businesses and professionals, most of whom are looking to obtain funding quickly. The PLP status will reduce the time it takes us to fund loans from weeks to days, giving us a distinct advantage." . . . keep reading
 Granite Commercial Management to Exhibit Funds Administration Services and SBA Site Visit Services at Mid-America Lender's Conference in Sugarland, Texas
Denver, Colorado (PRWEB) August 3, 2009 -- Granite Commercial Management (GCM) will attend and host an exhibit booth at the 2009 Mid-America Lender's Conference (MALC) presented by the Houston Association of Government Guaranteed Lenders (HAGGL) at the Sugar Land Marriott Town Square in Sugar Land, Texas on August 10-11, 2009. As the experts for construction lending, GCM will showcase their full suite of risk mitigation services including: funds administration, SBA deferment site visit services, property condition assessment reports, Special Asset management services, contractor acceptance, project review and recommendation, draws disbursement, national construction inspections, statutory compliance in mechanics' lien laws, REO inspections, and Special Asset inspections. . . . keep reading
 ARC Loan Update: Colorado Banks Least Likely to Approve ARC Loans - Denver Post
Colorado is lagging behind most states in delivering federal stimulus aid to small businesses with emergency financial needs, issuing only six of the 919 loans made so far under a new national program. "Despite the government's good intent, this is a program where banks stand to lose," said Don Childears, president of the Colorado Bankers Association. . . . keep reading
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Please E-mail them to bob@colemanpublishing.com
Contact Information
Robert Coleman
P.O. Box 546
La Canada, CA 91012
(818)790-4591
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