Latest news with #AdamCraig
Forbes
7 days ago
- Business
- Forbes
Meeting SBA Demand Challenges
Currently the CEO of GoDocs, Adam Craig has more than two decades leading technology-driven B2B organizations. Small Business Administration (SBA) lending is entering an era defined by increased demand, rising defaults and sweeping regulatory changes. For banks and credit unions, this presents both a major opportunity and a heightened responsibility when it comes to SBA-backed lending. I believe succeeding in this environment will require a renewed focus on sound lending practices, protective documentation for lenders and modernized systems built for compliance. A Surge In SBA Lending And A Higher Bar For Compliance As economic uncertainty persists, small businesses are increasingly relying on SBA loans for refinancing, working capital and expansion. In the first quarter of 2025, loan approvals soared 38% year over year to $8.8 billion. These loans remain popular due to their accessibility and the SBA guarantee, which covers up to 85% of loans under $150,000 and up to 75% for larger ones. That guarantee reduces lender risk, but only if program requirements are strictly followed. Recent rule changes that took effect June 1 will complicate compliance for both lenders and borrowers. Financial institutions have an opportunity to support their local economies through SBA loans, but only if they understand and adapt to these changes. Why The SBA Made Changes Most of the SBA rule changes aim to stabilize a program serving higher-risk borrowers. With SBA 7(a) default rates hitting 3.7% and early defaults tripling since 2022, adjustments such as increased credit score thresholds are intended to protect the fund and improve loan outcomes. Other rules, like changes to equity stake provisions, may seem to discourage the transfer of small businesses via SBA loans. The intent is to keep former owners involved in post-sale operations to support business continuity and increase the likelihood of continued success. However, sellers are unlikely to retain even minor equity stakes if they remain liable for defaults. On its face, the rule change seems to discourage continued participation in the organization, but it's true goal is to encourage alternative financing initially and SBA loans only after stability is proven. While this may limit some borrower activity up front, I think it improves the long-term viability of the program. Lender Response: Sound Lending Practices In a lending environment marked by volatility and shifting regulatory expectations, sound lending practices are not just 'best practices.' They are the foundation of SBA program integrity and lender viability. The increased complexity of SBA rules, coupled with higher borrower risk profiles, demands that financial institutions elevate their standards in every phase of the lending life cycle. Due diligence cannot be superficial. Creditworthiness assessments must be based on robust financial analysis, industry trends and clear documentation of the borrower's ability to repay. Lenders must avoid the temptation to over-rely on the SBA guarantee as a safety net. The guarantee is not a substitute for solid underwriting. In fact, it's contingent on it. Approving marginal loans without a defensible underwriting rationale not only increases default risk but jeopardizes guarantee recoverability if SBA requirements aren't fully met. In the event of a default, the SBA will scrutinize every aspect of the loan file. Ambiguities or omissions can result in a denial of the guarantee. That's why documentation must clearly define eligibility criteria, borrower representations and compliance responsibilities. Clear audit trails and organized, digitally accessible records are now essential. Lenders should view every file as if it will be examined by regulators, because increasingly, it will be. Sound lending doesn't stop at origination. Post-closing, lenders must maintain strong portfolio oversight through proactive monitoring. Financial covenants should be tailored to each borrower and enforced consistently. Early warning signs like declining revenues, missed payments or management turnover should trigger timely outreach and corrective action. These actions protect both the lender as well as the borrower and make it possible to course correct before a default becomes inevitable. Annual financial statement reviews, site visits and borrower check-ins are also critical. These steps create opportunities to identify risks early, support struggling businesses and maintain compliance with SBA servicing requirements. The legal and financial experts I work with recommend integrating representations and warranties (rep & warranty clauses) into loan agreements. These clauses require borrowers to affirm their eligibility and ongoing compliance with SBA requirements. If a borrower misrepresents their status or violates program rules, these clauses shift liability back to the borrower and help preserve the lender's eligibility for the SBA guarantee. They also create a stronger legal position for recovery in case of a loan failure. Perhaps most importantly, financial institutions must foster a culture where compliance is embedded in every level of the lending process. Staff should be trained regularly on SBA updates, and management must reinforce the importance of adhering not only to the letter but also to the spirit of the program. In today's environment, cutting corners is a risk few can afford. Regulatory environments are fluid, and manual processes can't keep pace. Lenders must adopt automation, particularly for SBA loan document generation. Automated tools ensure compliance with the latest SBA rules, reducing human error and avoiding use of outdated forms that could invalidate a guarantee. These systems also enforce best practices by inserting up-to-date clauses around borrower accountability, citizenship status and financial covenants. This not only ensures compliance but creates defensible, audit-ready files. Modernizing loan documentation processes isn't just about efficiency. It's about survival. With SBA oversight intensifying, lenders must embrace automation to protect portfolios and continue supporting small businesses. A Call To Action The SBA guarantee is a privilege, not a fallback. It must be earned and protected, and therefore, I believe lenders must lead, not just comply. That means reinforcing underwriting standards, clearly assigning compliance responsibilities and adopting technology to make SBA lending smarter and more secure. Now is the time for financial institutions to step up and build resilient SBA programs that are ready for whatever comes next. Forbes Business Council is the foremost growth and networking organization for business owners and leaders. Do I qualify?
CBC
26-05-2025
- General
- CBC
Temporary Essex County library branch to open this summer after mysterious smell closure
Social Sharing The library branch within the small southwestern Ontario community of Stoney Point is getting a temporary location. It's expected to be up and running in late June or early July, according to Lakeshore municipal staff. Council recently approved the $80,000 mobile unit, equipped with a bathroom, to be housed in the parking lot of the former Stoney Point Tavern. That land was purchased by the municipality two years ago. The community is about a 40-minute drive east of Windsor. In late April, the branch was closed for an indefinite period so that a mysterious smell plaguing the library over the past year could be investigated, according to Essex County's top librarian, Adam Craig. The branch serving the Lake St. Clair community had only been open for two years and was a semi-permanent option, with a long-term library space undecided. Since last spring, that facility was plagued by a funny smell, prompting several rounds of closures and air quality testing. "What's really bizarre about the whole thing is it's never really been consistent," Craig previously told CBC News. Both staff and library-goers have reported the scent and accompanying irritation, but each time the air quality testing came back with no problems. Permanent branch possible: councillor Ward 6 Lakeshore Coun. Larissa Vogler says the branch serves more than 2,000 residents, including Lighthouse Cove and people who head to area beaches. The next closest library is about an eight-minute drive to the community of Comber. Vogler says residents are "certainly frustrated," and she shares their frustration, saying libraries are more than just books — offering "essential services" to small communities that people might not be able to get elsewhere. "Whether a child needs to complete a report on a computer ... It's a gathering site," she said. "I know that residents have felt the absence of those amenities and those services and are very eager to see them come back." According to Vogler, it was important for Lakeshore to get a temporary rental in place ahead of the summer. "The soccer season is approaching. There's going to be a lot of kids in our park. We want to make sure that they can access that library before or after soccer or [that] mom can bring the little ones into that space while the bigger ones are playing." Vogler says it's council's intention to develop a community hub with a permanent library. "Some steps have been taken, and additional conversations are being had, and there is a report coming to council in the coming months, which I think will give residents a little bit more detail about what the options might be there, and I think we should all be very excited about the future." Safe space? Laura Wilkinson welcomes the temporary library hub in Stoney Point. The president of CUPE Local 2318, which represents Essex County library workers, says she's been advocating for a long-term solution that will keep workers and the public safe in a space she calls "very important" to the community. "It makes sense to use [municipal] reserve funds for a situation like this, where an extraordinary step needs to be taken because of a contamination issue," she said. "We're looking forward to moving the books and materials into the new, temporary facility while the municipality and library board figure out a long-term solution." The union says only one employee works in the branch, splitting time between Stoney Point and another location. Before it closed, the branch was open for 18 hours per week, on Tuesday, Thursday and Saturday. Frank Jeney is the municipality's corporate leader of community health and safety. He says the project to get a temporary library up and running has been prioritized "to ensure they can access the library branch as soon as possible." It remains unclear how long testing of the original mobile unit will last.
Yahoo
22-03-2025
- Entertainment
- Yahoo
3rd annual Trussville Heritage Days set for April 1-6
TRUSSVILLE, Ala. (Trussville Tribune) — The Cahaba Homestead Heritage Foundation is getting set to host its third annual Heritage Days festival, celebrating Trussville's historic district, from April 1-6. The weeklong event will feature Alabama artists painting the historic area, the Gee's Bend Quilters, music at The Gateway, historic home tours, and more. Most events are free to the public. Heritage Days will kick off on Tuesday, April 1 with the Alabama Plein Air Artists painting scenes across the Cahaba Project neighborhood, which they will do throughout the week. Trussville will then welcome the Gee's Bend Quilters, who share a unique Great Depression origin with the Cahaba Project, for a free meet and greet at the library on Thursday, April 3 at 6 p.m. The quilters will then host a two-day quilting workshop Friday, April 4 from 9 a.m. to 4 p.m. and Saturday, April 5 from 9 a.m. to 4 p.m. at the Trussville Public Library. This year, workshop participants can choose to attend Friday only, Saturday only, or both days. Tickets are $50 per workshop day. On Friday, April 4 from 7 p.m. to 9 p.m., country music singer/songwriters Adam Craig, Ray Fulcher, and Jordan Walker will take the stage at the Trussville Entertainment District. Maps show when allergy season will peak in Alabama Craig has written songs recorded by Jason Aldean, Dustin Lynch, Montgomery Gentry, Parmalee, George Strait, Kane Brown, and Cody Johnson, among others. Fulcher has co-written six No. 1 songs and has had more than 25 songs recorded by Luke Combs, along with cuts by Chris Young, Zac Brown Band, Riley Green, Kameron Marlowe, and Dillon Carmichael, among others. Walker, formerly of the country music duo Walker McGuire, has had songs recorded by Combs, Johnson, Brown, Cold Swindell, Jordan Davis, Trace Adkins, and Drew Baldridge, among others. He was a co-writer on the multi-week No. 1 single 'When It Rains, It Pours' by Combs, which has been certified by RIAA as a diamond single. On Sunday, April 6, attendees will have the chance to tour four unique Trussville homes–an original four-room cottage, a renovated one-story, a recently renovated two-story home on the Mall, and a new home that embraces its links to the past. The tours will run from 1 p.m. to 4 p.m. with parking and check-in at Cahaba Elementary School. Accent Limo will shuttle guests to the homes and back to parking. Tickets are $20 and are available through the Trussville Area Chamber of Commerce's website here. This event will also feature two raffle basket giveaways, each totaling $500 worth of gift cards to local businesses. All tickets purchased for the home tour before April 5 are eligible to win the raffle baskets. Tickets may also be purchased at the home tour check-in table on April 6. For more information, visit Copyright 2025 Nexstar Media, Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.
