A business development officer at Pinnacle Real Estate Group, Inc., Bruce Nosanchuk possesses more than two decades of experience in commercial lending. Well-versed in negotiating with lending institutions, Bruce Nosanchuk is particularly knowledgeable about Small Business Administration (SBA) loans.SBA loans give entrepreneurs cash flow to run their businesses, something many lenders consider risky. While the SBA does not make the loans itself, it guarantees loans given to entrepreneurs by lending institutions. Whenever an entrepreneur is about to or has defaulted on an SBA loan, it is advisable to take steps to remedy the situation with the lender rather than wait to deal with the government. Here’s why. When the entrepreneur defaults, the lender will summon him or her. If the two do not come up with an agreement to satisfy the lender, the lender will start executing the recovery options available. These include selling collateral assets, closing the business, and foreclosing the property.After the lender exhausts all options available, it will move to collect the portion of the loan the SBA guaranteed by filing with the agency. The SBA will meet its end of the bargain but that doesn’t mean the entrepreneur is out of the woods. Far from it. He or she will have to repay the SBA the money it paid to the bank. If he or she doesn’t settle the debt or provide an acceptable offer in compromise, then the SBA will forward the debt to the US Treasury Department, which has a broader range of recovery options at its disposal including garnishing wages, withholding tax refunds, and filing suit.Businesses do face tough times. However, when the risk of default arises, it is better to reach out to the lender and negotiate an agreement that will benefit the two. Lenders will be inclined to agree if the terms are favorable to them.
An expert in Small Business Administration lending, Bruce Nosanchuk serves as a business development officer with Pinnacle Real Estate Group in Detroit. Each year, Bruce Nosanchuk attends the convention of the International Council of Shopping Centers (ICSC) in Las Vegas. The ICSC has more than 70,000 members in more than 100 countries. The organization aims to promote the interests of the shopping center industry by encouraging the distribution of consumer goods and services. The ICSC facilitates this by way of its annual convention and its numerous educational programs, which include the full-immersion Executive Education Tour.This program teaches non-finance professionals the basics of retail real estate finance via an intensive one-day seminar with experienced faculty. Touchstones of the program include how to interpret financial statements, how to analyze important data, and principles of finance and accounting.The program concludes with a mock business deal exercise, based on a real-life case study.
A business development officer at Pinnacle Real Estate Group, Inc., Bruce Nosanchuk has been working in the lending industry for more than 20 years. Over the years, Bruce Nosanchuk has become familiar with a variety of lending options, and he is particularly knowledgeable about SBA loans.To ensure small businesses receive the help they need, the Small Business Administration (SBA) maintains several loan programs. Below are a few common types of SBA loans available to qualifying businesses:- SBA 7(a): These loans are primarily used to assist small businesses and startups with financing for general business purposes, such as working capital or the purchase of furniture. Offering a significant amount of flexibility, SBA 7(a) loans may last for seven to 25 years and are available in amounts up to $5 million.- CDC/SBA 504: Largely used to cover the purchase or improvement of a company’s assets, CDC/504 loans can be obtained for up to $20 million. The SBA backs only about 40 percent of 504 loans, and the interest rate is typically in line with the five- and 10-year United States treasury rates.- Microloan: On average, microloans feature interest rates between 8 and 13 percent and are made in the amount of $13,000. However, they can be made in amounts up to $50,000. Many microloans are given out through community-based, nonprofit organizations. If the loan defaults, the SBA pays money to these organizations.
A business development officer with Pinnacle Real Estate Group, Inc., in Detroit, Bruce Nosanchuk connects startup companies and other businesses with commercial lending solutions. In an effort to stay up to date on the latest developments in the lending industry, Bruce Nosanchuk regularly attends events such as Michigan’s Great Lakes Lenders Conference. Focused on SBA lending programs and other related topics, the conference attracts bankers and other lending professionals from throughout the Midwest. Each year, over 300 attendees take part in the event to network with industry experts and government officials and advance their knowledge of SBA lending processes. The 19th annual Great Lakes Lenders Conference was held July 26-28, 2017, at the Motor City Casino and Conference Center in Detroit. The three-day event featured an education program comprising breakout sessions on 7(a) loans, construction lending, business acquisition, loan fraud, and a range of other topics. Additional program highlights included presentations from the event’s keynote speakers Linda McMahon, the 25th administrator of the US Small Business Administration, and David G. Sowerby, CFA, a Loomis Sayles vice president. Outside of the learning activities, conference participants had the opportunity to attend a reception, an awards program, and outings in downtown Detroit. Attendees were also able to meet exhibiting companies while browsing the latest lending products and services on display in the event’s exhibit hall. For more information about the Great Lakes Lenders Conference, visit www.greatlakeslenders.com.
An alumnus of Michigan State University, Bruce Nosanchuk possesses a wealth of experience in bridge lending and Small Business Administration (SBA) lending. An active member of his professional community, Bruce Nosanchuk regularly attends the annual Great Lakes Lenders Conference.Held from July 26 through 28, the 2017 Great Lakes Lenders Conference brought together loan packagers, credit analysts, attorneys, as well as other professionals from the lending community. This year’s event, which took place in Detroit, Michigan, involved educational workshops on topics such as state capital access programs, lender oversight, franchise financing, prudent liquidation, and loan fraud, among many others.This year’s conference featured several key speakers from the public sector, including Latifa Bradwell, a lender relations specialist at the SBA Michigan District Office, and Tamara Morgan, a special agent at the SBA Office of Inspector General. In addition, the event also brought in speakers from the private sector. These include Mark Brant of the First Community Bank and Scott Miedema, COO at the Miedema Asset Management Group.The organizers of the Great Lakes Lenders Conference are currently preparing for their 2018 event. Interested individuals may check www.greatlakeslenders.com for further announcements.
Bruce Nosanchuk has served as business development officer with Detroit’s Pinnacle Real Estate Group for 25 years. Active in the broader lending community, Bruce Nosanchuk regularly attends the Great Lakes Lenders Conference in Michigan. The 2017 Great Lakes Lenders Conference took place in downtown Detroit from July 26 through 28. The event featured a number of prominent speakers, including keynote speaker Linda McMahon, administrator of the US Small Business Administration (SBA), and Romualdo (Romy) Ancog, the acting lead lender relations specialist at the SBA Michigan District Office. Attendees also heard from Sara Coulter from the US Department of Commerce and Jane Butler, vice president of the National Association of Government Guaranteed Lenders. The conference offered numerous breakout sessions, including “Lending and the Veteran Community,” “Debt Refinancing,” “SBA Form 1502 Reporting,” “Real Estate Market Update and SBA Lending,” and “Asset Management in Tumultuous Times.” It closed with an address from special guest speaker Michigan Lieutenant Governor Brian Calley.
An expert in SBA lending, Bruce Nosanchuk serves as business development officer for the Pinnacle Real Estate Group, Inc., in Detroit, Michigan. Every year, Bruce Nosanchuk attends the annual conference of the International Council of Shopping Centers (ICSC) in Las Vegas.Known as RECon Las Vegas, the ICSC's annual convention brings retail real estate professionals together from across the globe. More than 37,000 attendees come to the event to network, craft deals, and engage in educational opportunities. As the biggest convention in the shopping center industry, RECon also draws more than 1,200 exhibitors to showcase their services.The 2018 RECon Las Vegas will take place from May 20 through May 23 at the Las Vegas Convention Center. Participants can stay at the Westgate Las Vegas Resort & Casino just down the road from the convention center.To register for the 2018 RECon Las Vegas or to find out more about similar ICSC offerings in other parts of the country, visit www.icsc.org.
