United Bank & Trust Blog

Kathy McCrate

Webopedia.com defines phishing as (fish´ing) (n.) The act of sending an e-mail to a user falsely claiming to be an established legitimate enterprise in an attempt to scam the user into surrendering private information that will be used for identity theft. The e-mail directs the user to visit a Web site where they are asked to update personal information, such as passwords and credit card, social security, and bank account numbers, that the legitimate organization already has. The Web site, however, is bogus and set up only to steal the user’s information.

Phishing, also referred to as brand spoofing or carding, is a variation on “fishing,” the idea being that bait is thrown out with the hopes that while most will ignore the bait, some will be tempted into biting.

Pretty scary stuff. So how can you protect yourself? There are some basic tips to always remember that can help protect your identity and your accounts.

1. Never send personal or financial information via email and never provide this information during an unsolicited telephone call – no matter how authentic the institution or person sounds.
2. Know the companies you deal with. If you receive an email or message from a company you have never heard of, do not provide any information without doing your research first.
3. Do not reply or click on any links in an e-mail message from an unknown sender.
4. If you have antivirus software, use it and keep it up to date. If you don’t have it, get it.
5. Regularly review your account statements for unauthorized transactions.

There are a lot of great resources out there to help you learn more about phishing or other identity theft scams, how to protect yourself against them, and how to respond if you fall victim to one. The Federal Trade Commission is a great first place to start. Their website Fighting Back Against Identity Theft is a great resource for consumers, businesses, and law enforcement alike.

Don’t Get Caught! If you are a victim of Identity Theft Report It immediately.

Kenny Leonard

As of right now the funds allocated for the elimination or reduction in certain SBA loan programs are exhausted prior to the February 28th time frame set out in the
original legislation. As I write this post there is hope that Congress will take action this week or next week to extend the Recovery Act provisions, including authority for the higher guaranty (up to 90%), for an additional 30 days, and to provide additional funding to support these initiatives.

There is even further hope that Congress will take up other pending legislation that will extend these provisions through the end of the year.

Please stay tuned for further developments regarding this matter.

Kenny Leonard

After a large decline in SBA lending last year in the state of Michigan due to the tumultuous conditions in the credit markets, I am pleased to report an 80%  increase  in SBA loan volumes through the first fiscal quarter in 2010 (10/1/09-12/31/09) and a 147% increase in loan dollars throughout the state. I am proud to report that United’s affiliate United Structured Finance Company (USFC) is once again the number one lender in Washtenaw, Lenawee and Livingston counties.

That being said we are still committed to doing more for our community and our local businesses. With the reinstatement of provisions in the American Reinvestment and Recovery Act, both the temporary elimination fees and the 90 guaranty we anticipate continued growth in our SBA lending.

Legislation is pending to extend both of these provisions throughout the remainder of the calendar year as well as an increase in the maximum SBA loan amounts.

There is no doubt that our local businesses serve a vital role in our state’s economic success and we are committed to utilizing these SBA programs to assist our state in this economic recovery.

Join us on March 17 at 11:00am for a FREE webinar as we discuss recent market condition and provide tips on navigating the small business lending arena. Register today!

Kenny Leonard

Earlier today President Obama made a statement about changes he would like to see to the U.S. Small Business Administration’s (SBA) lending programs. He also reiterated changes he has already asked congress to make law. Read the full statement here: http://www.whitehouse.gov/briefing-room/statements-and-releases.

While we are encouraged by the President’s announcement we understand that this is just a  proposal. Congressional leaders still need to take action on the matter. There are several bills floating through various committees but nothing has surfaced as of yet for a full vote.

In the meantime we are committed to utilizing the existing parameters of the SBA loan programs to make sound loans to our local community businesses.

Tell us what you think of these proposed changes.