Paycheck Protection Program

READOUT: SBA Administrator Isabella Casillas Guzman visits Kansas City

Retrieved on: 
Tuesday, October 18, 2022

The Administrator was also joined by SBA Kansas City District Director Michael Barrera and Deputy District Director Ram Basnet.

Key Points: 
  • The Administrator was also joined by SBA Kansas City District Director Michael Barrera and Deputy District Director Ram Basnet.
  • Kansas City small business owners and local leaders continue to inform how the SBA does our work supporting local entrepreneurs to build resilient businesses and create good jobs.
  • Administrator Guzman traveled to 1889 Pizza Napoletana, a small business in Kansas City, KS for dinner.
  • Administrator Guzman joined Senator Roger Marshall for a full small business roundtable that focused on capital access with local Kansas businesses.

UB Bancorp Releases Results for the Quarter and Nine Months Ended September 30, 2022

Retrieved on: 
Friday, October 21, 2022

UB Bancorp (OTCQX: UBNC), (the Company) the parent of Union Bank (the Bank), is pleased to report its results for the quarter and nine months ended September 30, 2022.

Key Points: 
  • UB Bancorp (OTCQX: UBNC), (the Company) the parent of Union Bank (the Bank), is pleased to report its results for the quarter and nine months ended September 30, 2022.
  • The Companys return on average assets and average tangible equity (*) for the third quarter of 2022 was 1.05% and 17.25%, respectively.
  • Net pretax revenue from PPP fees totaled $8,000 for the three-month period ended September 30, 2022, versus $632,000 during the third quarter of 2021.
  • Our level of nonperforming assets relative to total assets was 0.06% at the end of the third quarter of 2022.

GBank Financial Holdings Inc. Announces Third Quarter 2022 Financial Results

Retrieved on: 
Friday, October 21, 2022

Net income increased 54% to $2.6 million, compared to $1.7 million for Q2 2022.

Key Points: 
  • Net income increased 54% to $2.6 million, compared to $1.7 million for Q2 2022.
  • Total net revenues (net interest income plus noninterest income) increased 15% to $10.7 million, compared to $9.3 million for Q2 2022.
  • The Company recorded a $464 thousand provision for loan losses during the third quarter of 2022, compared to a $767 thousand provision during the preceding linked quarter.
  • The Company held $6.8 million in allowance for loan losses at both September 30, 2022 and June 30, 2022.

CCA Industries, Inc. Reports Financial Results for the Quarter and Nine Months ended August 31,2022

Retrieved on: 
Wednesday, October 19, 2022

LITTLE FERRY, N.J., Oct. 19, 2022 /PRNewswire/ -- CCA Industries, Inc. (OTC: CAWW), announced today its results for the three and nine months ended August 31,2022.

Key Points: 
  • LITTLE FERRY, N.J., Oct. 19, 2022 /PRNewswire/ -- CCA Industries, Inc. (OTC: CAWW), announced today its results for the three and nine months ended August 31,2022.
  • Net loss was $114,047 for the three months ended August 31, 2022 as compared to a net loss of $82,109 for the three months ended August 31, 2021.
  • Net income was $139,604 for the nine months ended August 31, 2022 as compared to net income of $273,445 for the nine months ended August 31, 2021.
  • Such forward-looking statements are subject to risks and uncertainties, which would cause actual results to differ materially, from estimated results.

Thousands of "Mystery" Companies Got PPP Loans, New Study Suggests

Retrieved on: 
Wednesday, October 12, 2022

"For many companies, there will be innocent explanations for both of these findings," said SMR President Jim Kasprzak.

Key Points: 
  • "For many companies, there will be innocent explanations for both of these findings," said SMR President Jim Kasprzak.
  • SMR maintains a database of over 34 million U.S. companies, chain store locations, schools, and government facilities.
  • In the PPP study, SMR did not look at loans made to self-employed individuals or sole proprietors.
  • The study also showed major differences among lenders in the number of corporate customers whose companies could not be confirmed.

Biz2Credit to Host Oct. 13 Online Forum Examining the Future for Small Businesses with Rep. Ritchie Torres (D-NY) and Rep. Andrew Garbarino (R-NY)

Retrieved on: 
Monday, October 10, 2022

NEW YORK, Oct. 10, 2022 (GLOBE NEWSWIRE) -- Biz2Credit will host an online panel featuring U.S. Rep. Ritchie Torres (D-NY) and Rep. Andrew Garbarino (R-NY) entitled Examining the Future for Small Businesses on Thursday, Oct. 13, at 12 p.m. (EDT).

Key Points: 
  • NEW YORK, Oct. 10, 2022 (GLOBE NEWSWIRE) -- Biz2Credit will host an online panel featuring U.S. Rep. Ritchie Torres (D-NY) and Rep. Andrew Garbarino (R-NY) entitled Examining the Future for Small Businesses on Thursday, Oct. 13, at 12 p.m. (EDT).
  • The virtual forum will explore topics including:
    Biz2Credits annual Latino-Owned Business Study for 2022 , and other topics.
  • U.S. Rep Ritchie Torres, of New Yorks 15th Congressional District in the Bronx, serves on the House Committees on Financial Services and Homeland Security.
  • Now serving his first term in Congress, Rep. Garbarino was recently awarded the National Federation of Independent Businesses Guardian of Small Business Award in September 2022.

Seacoast Completes Acquisitions Of Apollo Bancshares, Inc. and Drummond Banking Company

Retrieved on: 
Friday, October 7, 2022

STUART, Fla., Oct. 07, 2022 (GLOBE NEWSWIRE) -- Seacoast Banking Corporation of Florida (NASDAQ: SBCF) ("Seacoast" or the "Company"), the holding company for Seacoast National Bank, announced today the completion of its acquisitions of Apollo Bancshares, Inc. (Apollo), parent company of Apollo Bank and of Drummond Banking Company (Drummond), parent company of Drummond Community Bank effective October 7, 2022.

Key Points: 
  • STUART, Fla., Oct. 07, 2022 (GLOBE NEWSWIRE) -- Seacoast Banking Corporation of Florida (NASDAQ: SBCF) ("Seacoast" or the "Company"), the holding company for Seacoast National Bank, announced today the completion of its acquisitions of Apollo Bancshares, Inc. (Apollo), parent company of Apollo Bank and of Drummond Banking Company (Drummond), parent company of Drummond Community Bank effective October 7, 2022.
  • The mergers of Apollo Bank and Drummond Community Bank with and into Seacoast National Bank were also effective October 7, 2022 with Seacoast National Bank being the surviving financial institution.
  • The minority interest holders in Apollo Bank received 1.195651 shares of Seacoast common stock for each share of Apollo Bank common stock.
  • Under the terms of the merger agreement, Drummond shareholders received 51.9561 shares of Seacoast common stock for each share of Drummond common stock held immediately prior to the merger.

Wolters Kluwer Compliance Solutions’ Steven Meirink named a 2022 HousingWire Vanguard Award honoree

Retrieved on: 
Friday, October 7, 2022

Steven Meirink , Executive Vice President and General Manager for Wolters Kluwer Compliance Solutions , has been selected by HousingWire as one of its 2022 Vanguard Award honorees, representing the top executives in the U.S. housing industry.

Key Points: 
  • Steven Meirink , Executive Vice President and General Manager for Wolters Kluwer Compliance Solutions , has been selected by HousingWire as one of its 2022 Vanguard Award honorees, representing the top executives in the U.S. housing industry.
  • These actions accelerated Compliance Solutions overall growth, while further enhancing its operational and technology capabilities in the digital lending space.
  • Wolters Kluwer Compliance Solutions is a market leader and trusted provider of risk management and regulatory compliance solutions and services to U.S. banks, credit unions, insurers, and securities firms.
  • GRC offers a portfolio of technology-enabled expert services and solutions focused on legal entity compliance, legal operations management, banking product compliance, and banking regulatory compliance.

Funding Circle Applauds Biden-Harris Administration’s Plan to Allow Fintech Participation in SBA Flagship 7(a) Program

Retrieved on: 
Friday, October 7, 2022

In addition, since 1982, just 14 SBLC licenses have been issued, further limiting access to funding for many U.S. small and medium businesses (SMBs).

Key Points: 
  • In addition, since 1982, just 14 SBLC licenses have been issued, further limiting access to funding for many U.S. small and medium businesses (SMBs).
  • Expanding the program to include fintech lenders serving the populations SBA is aiming to reach means more small business owners will have access to alternative, government-backed options for funding.
  • Since 2010, Funding Circle has originated $4.1 billion to 40,000 small businesses in the U.S. and $19.4 billion to 130,000 globally.
  • For financial institutions, Funding Circle provides a digital end-to-end lending-as-a-service solution enabling quicker, lower cost financing for their small business customers.

Aehr Test Systems Reports 89% Revenue Growth Year over Year in First Quarter of Fiscal 2023 on Strength of Wafer Level Test and Burn-in of Silicon Carbide Devices used in Electric Vehicles

Retrieved on: 
Thursday, October 6, 2022

Fiscal First Quarter Financial Results:

Key Points: 
  • Fiscal First Quarter Financial Results:
    Net sales were $10.7 million, up 89% from $5.6 million in the first quarter of fiscal 2022.
  • This need for additional capacity is being driven by increased demand for silicon carbide semiconductors for electric vehicles.
  • This new customer is one of the worlds largest suppliers of silicon carbide devices serving several significant markets including the electric vehicle industry.
  • We see demand building for wafer level burn-in of silicon carbide devices and specifically for traction inverters and onboard and offboard chargers for electric vehicles.