Monthly Archives: June 2017
We’re pleased to announce that Jeff Hildebrandt has joined our Government Guaranteed Lending Department as Vice President and SBA/USDA Business Development Officer.
He is responsible for originating and developing Small Business Administration (SBA) 7a and 504 loans and United States Department of Agriculture (USDA) loans for real estate transactions, commercial debt refinance, business purchases, working capital and franchises.
“Jeff has spent the last 10 years specializing in government guaranteed loans and even teaches SBA financing courses for banking and real estate professionals,” said Leticia Scearce, Senior Vice President and Government Guaranteed Lending Manager. “When we pledge to our clients to exceed their expectations, it’s because we have a high standard for the caliber of professionals we bring onto our team, and Jeff is a great example.”
Jeff most recently served as Vice President at Umpqua Bank in Los Angeles, where he was responsible for SBA business development. He is a member of Toastmasters International, Rotary International and the Los Angeles Chamber of Commerce (where he often conducts educational classes about government guaranteed financing).
“Government guaranteed loans are a great option, offering lower payments and longer terms than conventional loans,” says Jeff. “Many banks pursue large loans rather than focusing on the small business owner. Grandpoint really supports my efforts to help small and mid-sized businesses secure these loans – most businesses with net income under $5 million of net income can apply.”
Many people assume that securing a government guaranteed loan is an onerous process. “We make it easy,” Jeff says. “The application is simple – we need some basic facts and figures and financial information.”
Our government guaranteed lending department handles the rest of the process, from letter of intent stage to closing, and typically responds to clients within a few days of receiving enough preliminary information to see if we can finance the request.
“Part of what attracted me to Grandpoint Bank is that it’s a bank catering to business owners and entrepreneurs,” he said. “We are strong supporters of our communities and growing businesses.”
Jeff’s passion for finance has also inspired him to volunteer with Junior Achievement, where he has spent time teaching elementary students about starting and operating a business. With Grandpoint Bank’s well-established support of Junior Achievement, Jeff will find plenty of opportunities to continue his involvement with this great educational organization that focuses on entrepreneurship, work readiness and financial literacy.
For fun, Jeff, his wife and two kids head to amusement parks, especially Six Flags Magic Mountain, where they like to let loose about once a month. “I’m a fan of the Full Throttle roller coaster,” Jeff said. “It clears your mind and is a great stress reliever.” The Hildebrandt family also enjoys swimming, tennis and music – especially singing, playing the guitar and piano.
We’re very pleased to add Jeff to our team and to offer our clients deep expertise in government guaranteed lending. We hope you’ll reach out to us if you’re interested in securing a SBA or USDA loan.
Through our work in cyber and information security, we have formed relationships with professionals at Secure the Village and Citadel Information Group. They have kindly allowed us to post on our blog site some of the articles they have authored about cyber security. This article provides a great overview of the business email compromise scam and how to avoid being taken in by it.
Business E-mail Compromise: Don’t Be a Victim
By Stan Stahl, PhD, President of Citadel Information Group, Inc. & Founder and President of Secure the Village
What to Do: Implement very strong controls on wire transfers
Assume all email or fax requests from a vendor to change bank accounts are fraudulent. Assume all email or fax requests from the company President or others are fraudulent. Assume all email or fax requests to set-up a new vendor are fraudulent. Pick up the phone, call the party in question and verify the request is legitimate.
If you discover you are a Business Email Compromise victim, immediately contact the FBI’s Southern California Cyber Fraud unit at firstname.lastname@example.org. They have established banking relationships and are often able to recover funds if they are notified within 72 hours.
And talk to your banker. Make sure they have your back.
It’s also a good idea to check with your insurance broker to ensure that business email compromise losses are covered.
Not too long ago, email scams were relatively easy to detect. They were often from unknown contacts and referenced bank or credit card information which was clearly incorrect. Sometimes, the emails would simply contain a link. As time has passed, fraudulent attempts to gain control of your online banking, your critical information, and your identity have become more skillful and harder to spot. These days’ emails often appear to come from recognized accounts, are well written, and–at least at first glance–seem legitimate.
The newest — and one of the costliest — in a long line of fraudulent e-mail scams is “Business E-Mail Compromise” (BEC).
Business Email Compromise (BEC) is a very sophisticated attempt to induce a business to willingly hand over their money to a cybercriminal. In Business Email Compromise (BEC), crooks spoof communications from executives or vendors at the victim firm in a bid to initiate unauthorized wire transfers.
According to the FBI, thieves stole nearly $750 million in such scams from more than 7,000 victim companies in the U.S. between October 2013 and August 2015. Business Email Compromise cost Ubiquiti Networks $46 million.
Collectively, Business Email Compromise has resulted in actual and attempted losses of over a billion dollars worldwide. The FBI reports, “…since the beginning of 2015 there has been a 270 percent increase in identified BEC victims. Victim companies have come from all 50 U.S. states and nearly 80 countries abroad.”
BECs can target businesses working with foreign suppliers or regularly performing wire transfer payments, although they have also targeted some that do not strictly fit this criterion. In order to solicit unauthorized transfers of funds, the scams compromise legitimate business e-mail accounts through social engineering or computer intrusion techniques. Prior to making contact, the scammers learn enough about their target to create emails that use language specific to the company and request wire transfers that seem legitimate.
For more information on BECs, see https://www.fbi.gov/news/stories/2015/august/business-e-mail-compromise/business-e-mail-compromise and http://krebsonsecurity.com/2015/08/fbi-1-2b-lost-to-business-email-scams/
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