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"Wilmington-based Live Oak Bank, announced Monday that it was the most active lender of SBA 7(a) loans for the sixth consecutive year, according to the U.S. Small Business Administration. A 7(a) loan is the SBA’s primary business loan program. It can be used by small businesses for refinancing, acquiring or improving real estate buildings and can be short- or long-term working capital. Live Oak Bank was the top lender by dollar amount during the SBA’s fiscal year, which ended Sept. 30. This means Live Oak lent the most money to small businesses through the SBA 7(a) loan program. Live Oak lent $1.8 billion, almost $50 million more than the runner-up, Huntington National Bank in Ohio, which lent $1.37 billion. Live Oak approved 1,215 SBA 7(a) loans nationwide this fiscal year. The bank did not have the most loans nor the largest average loan size of the group, according to the SBA." READ MORE https://www.wilmingtonbiz.com/banking_and_finance/2023/11/20/live_oak_bank_tops_small_business_lending_list_again/25043

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(NewsNation)(https://www.newsnationnow.com/) — There’s a new push in Congress to finally hold those who committed fraud (https://www.newsnationnow.com/us-news/covid-19-fraudster-stolen-relief-aid/)using COVID-19 pandemic relief funds (https://www.newsnationnow.com/crime/indiana-man-nearly-stole-670k-in-covid-unemployment-loan-scheme/)accountable. Florida Rep. Aaron Bean introduced (https://bean.house.gov/media/press-releases/we-want-our-money-back-act)the PPP/EIDL Fraud Report Act of 2023,(https://bean.house.gov/sites/evo-subsites/bean.house.gov/files/evo-media-document/ppp_report_02_xml.pdf) otherwise known as the “We Want Our Money Back Act,” earlier this year, and now, a vote to pass the bill is coming in the House. Over the years, more than $200 billion in coronavirus aid (https://www.newsnationnow.com/crime/woman-pleads-guilty-to-fraud-for-359-million-covid-test-scheme/)may have been stolen, according to a Small Business Administration (SBA) inspector general report.(https://www.sba.gov/document/report-23-09-covid-19-pandemic-eidl-ppp-loan-fraud-landscape) The bill would require the House Small Business Committee (https://smallbusiness.house.gov/)to investigate fraud within the SBA’s COVID-19 pandemic relief programs. It would require the SBA’s inspector general to submit quarterly reports to Congress on updates on the ongoing Paycheck Protection Program (PPP) and Economic Injury Disaster Loans (EIDL) fraud investigations, according to the bill’s press release.(https://bean.house.gov/media/press-releases/we-want-our-money-back-act) “First of all, we’re all sick of fraud. We’re sick of seeing people cheat, lie, steal — these mobs that run into stores and steal — we’re sick of it,” Bean said. “I don’t want it swept under the rug.” He continued, “We want our money back and to all these fraudsters, we’re coming after you.” Bean explained that the testimony from SBA officials hinted that the administration was only going to go after big frauds,(https://www.newsnationnow.com/health/health-headlines/ap-california-tech-ceo-convicted-in-covid-19-and-allergy-test-fraud-case-sentenced-to-8-years-in-prison/) but it was discovered that one in five of the loans given were suspected to be fraud. “What it does is put fraud on the front burner where it says, ‘We’re not going to forget about it,'” he said. Read Full Story: https://www.newsnationnow.com/politics/covid-relief-fraud-bill-vote/

PacWest (PACW) stock jumped more than 8% Monday morning as the embattled regional bank offloaded real estate loans. The lender will sell a $2.7 billion portfolio of 74 real estate construction loans to Kennedy Wilson Holdings, according to a filing. Kennedy Wilson will be buying the real estate at a $300 million discount, per the company’s filing. The deal will also include six more loans totaling $363 million, pending approvals. The bank said the agreement is "consistent with the previously announced strategy of PacWest Bancorp to pursue strategic assets sales and focus on our core community banking business." The move comes after several regional banks have struggled during a period of turmoil triggered by rising interest rates, deposit outflows and precipitous pressure on their stocks following the collapse of Silicon Valley Bank, Signature Bank and First Republic. Those fears have lessened in the last week, though. Last week, Western Alliance announced it grew deposits by more than $2 billion since the end of the first quarter. The news sent regional banks higher. PacWest's announcement has had a similar effect, with shares of Western Alliance (WAL) and Zions (ZION) following the lender higher. Those stocks have individually risen no less than 20% in the last five days. Link to story

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British payments startup SumUp has raised 285 million euros ($306.6 million) in an investment led by Sixth Street Growth and Bain Capital Tech Opportunities. SumUp Chief Financial Officer Hermione McKee said the fresh capital gives the company "more firepower to act on opportunities" including acquisitions and new country launches. SumUp confirmed the company is worth more than it was when it raised 590 million euros ($635.3 million) at an 8 billion euro ($8.6 billion) valuation in summer 2022. Read more about their lending products: https://www.cnbc.com/2023/12/11/sumup-defies-fintech-funding-slump-with-307-million-fundraise.html

UPDATE: In a hearing on Monday, June 3rd, the court has denied release for Kris Roglieri because he is 'a danger to the community'. The Defense also waives the preliminary hearing at this time. A public defender now represents Mr. Roglieri since he doesn't have the financial capability to pay attorneys. https://www.funderintel.com/post/kris-roglieri-arrested-by-fbi-for-wire-fraud-faces-20-years-in-prison

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Yelp reports that the amount of new businesses started in the US increased 20% year over year in 2023. "In fact, each month in 2023 set a new all-time high in business openings for its respective month since 2019", the report states. The total new businesses started for the year 2023 was 762,227. With more than 33 million businesses and growing, this report should give you some insight into the market for the near future. Read the full report here: https://data.yelp.com/business-openings-report-2023

Small business loan approval percentages at big banks dipped from 13.5% in April to 13.4% in May, according to the latest Biz2Credit Small Business Lending Index™. Meanwhile, approval ratings at small banks remained at 18.7%. Essentially, bank lending to businesses has stalled. Banks are having a hard time getting new deposits, and when they do they have to pay higher interest rates to get deposits. The banks are getting hit on both sides of the equation, so they are not lending. They began to tighten their lending parameters last year, and then the collapse of Silicon Valley Bank, Signature Bank and First Republic Bank raised concerns about liquidity throughout the industry earlier this year. Small and midsize banks are losing deposits to big banks in the aftermath of the multiple bank failures. A recent study by the Federal Reserve reported lending policies tightened for commercial and industrial (C&I) loans to large, midsize and small firms in the first quarter of 2023. Meanwhile, banks reported weaker demand for all commercial real estate (CRE) loan categories, according to the Fed’s Senior Loan Officer Opinion Survey (SLOOS) on Bank Lending Practices. Why have the banks become stingier? According to the Fed, they cited an uncertain economic outlook, reduced tolerance for risk, deterioration in collateral values, and concerns about banks' funding costs and liquidity positions. The banks also reported concerns about funding costs, liquidity positions, and deposit outflows as reasons for tighter lending standards for the rest of 2023. CONTINUE READING 👇

Inside Isabella Casillas Guzman's plan to remake the Small Business Administration, to better serve all entrepreneurs. Update: The Small Business Administration finalized rules on April 12, 2023 lifting the cap on Small Business Lending Companies and removing its loan authorization requirement, among other changes. Long before Isabella Casillas Guzman took over at the Small Business Administration in 2021, while the agency was still pumping roughly $1 trillion of emergency aid into the heart of the American economy, she helped out her father as he grew his veterinary hospital in East Los Angeles into a small area chain. After school and during breaks, she checked in customers and their pets at the front desk while her siblings--all of whom became doctors--tended to tasks in the back of the house. Working among the menagerie of cats, dogs, birds, and the occasional iguana, she marveled at how her father juggled the dueling responsibilities of business owner and practitioner. "That was the experience of a lifetime," Guzman told Inc. in a recent interview. Watching him "being the veterinarian all day long and then having to manage staff and growth and multiple offices--that framed my interest in making sure that everybody has that opportunity to pursue their American dream." Read the rest of the article below: https://www.inc.com/magazine/202304/diana-ransom/the-sba-after-ppp.html