Bob Coleman
speaker
955 appearances
2 recordings
1 series
first heard Jan 2012
last heard Mar 2012
Bob Coleman’s voice in public audio — every appearance, attributed to the second.
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Appearances
of the applicant and the character of how this person's going to operate that franchise.
Absolutely.
When I was criticizing the president for what he did in the State of the Union, you have to give him the definite accolades for elevating SBA to a cabinet position.
absolutely.
Steve has done a wonderful job in reaching out to the lenders and starting just the dialogue in terms of, hey, this is what's going on in a franchise and educating the lenders about where they can get access to information that can make their job easier, absolutely.
And when you're talking about the coding, that is a function that's very difficult because that is something that's done at the bank level, and they have to instruct SBAs.
that, hey, this is a franchise loan for all their computer systems.
But it's very simple.
You had alluded to earlier that one of the problems that the banks have, or excuse me, I apologize, one of the problems that the franchisees have is the banks aren't lending them enough money, and when there's not enough money, it's a lower dollar amount for the banks to make a lot of income.
So the problem is they have a limited amount of time to underwrite these loans.
And, unfortunately, preconceptions and biases can come into it.
And we all know this.
I talked to a lender yesterday, excuse me, to a franchise system yesterday with JPMorgan Chase, and they said, hey, you are on our list of no lending list.
And the guy called me up, was all concerned.
I said, well, that's just a – there is no national no lending list, but that's JPMorgan will not lend to that system.
And very simply, they went to the statistics and saw that they had, over the last 10 years, they had a 40% charge-off rate, where the average is 20%.
Now, don't get too excited by those numbers.
That seems like big numbers, but 20% over 10 years is 2% a year, and that's perfectly fine, and that's an acceptable level of loss.
But the problem is if you do not, in your system, you may have 50 of them get financing through SBA loans
and you may have another $250,000 that got conventional financing or someone just paid cash for them.
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