US Small Business Administration Alaska District Office Announces Lender Awards for Fiscal Year 2018
ANCHORAGE—The US Small Business Administration (SBA) Alaska District Office announced the top lenders of the SBA Loan Program in Alaska during Fiscal Year 2018 in four categories: Lender of the Year, Community Lender of the Year, 504 Lender of the Year, and Community Development Company of the Year.
SBA Alaska District 2018 Lender of the Year: Wells Fargo Bank NA
This award recognizes the SBA lender that achieves the overall highest number of SBA loan approvals to businesses located in Alaska during FY 2018, which ended September 30, 2018.
Wells Fargo Bank approved 35 loans totaling $15,849,300 million in Alaska during the FY 2018.
“Helping our small business customers is one of the most important things we do at Wells Fargo. It’s an honor for us to help Alaskan entrepreneurs realize their dreams and create jobs in our communities. We applaud the SBA for their efforts to provide innovative financing options to help our Alaskan small businesses succeed,” said Wells Fargo Alaska Commercial Banking Market Executive Joe Everhart.
SBA Alaska District 2018 Community Lender of the Year: Alaska Growth Capital BIDCO, Inc.
This award recognizes the SBA lender that offers services and engages in other activities that promotes and support community development in Alaska and that achieves the highest number of SBA loan approvals to businesses located in Alaska during the fiscal year.
Alaska Growth Capital approved 13 loans totaling $13,499,000 million during FY 2018.
“Alaska Growth Capital is proud to again be recognized as the SBA Alaska Community Lender of the Year. Our talented team underwrites, closes, and services SBA loans right here in Alaska and is focused on working closely with our customers to get them the capital they need, often when other financial institutions aren’t willing to do so. The SBA loan guarantee program allows Alaska Growth Capital to provide loans to small businesses across the state and we are extremely proud of the job creation, community empowerment, and economic impact our customers deliver”, said Logan Birch, Alaska Growth Capital President & CEO.
SBA Alaska District 2018 504 Lender of the Year: First National Bank Alaska
This award is given to the participating third party lender with the highest number of 504 approved loans during the fiscal year. The SBA 504 Loan Program provides long-term, fixed-rate, subordinate mortgage financing for acquiring or renovating capital assets including land, buildings and equipment.
First National Bank Alaska approved seven SBA 504 loans totaling $4,010,350 million during FY 2018.
“First National has helped small businesses overcome the unique challenges of doing business in Alaska for almost 100 years,” said First National Senior Vice President Stacy Tomuro. “We work hard to calculate risk and opportunity as if they were our own businesses. And in a way they are, because when they succeed, so do we. Thanks so much to SBA for recognizing our efforts to support Alaskans and their small businesses.”
SBA Alaska District 2018 Community Development Company (CDC) of the Year: Evergreen Business Capital
This award recognizes the CDC that achieves the overall highest number of SBA loan approvals to businesses located in Alaska during the fiscal year.
Evergreen Business Capital and its affiliate Evergreen Business Capital Community Finance approved 23 loans totaling $8,034,300 in Alaska during FY 2018.
“Evergreen Business Capital is honored to be recognized by the U.S. Small Business Administration Alaska District. Together, with our affiliate Evergreen Business Capital Community Finance, we continue helping small businesses start, expand and create jobs in Alaska through the use of the SBA 504 and Community Advantage Guaranteed Loan Programs”, said Evergreen Business Capital CEO Patti Kibbe.
The SBA Loan Program provides lenders with a loan guarantee which lowers the risk of lending to small businesses and enables lenders to provide financing to small businesses and entrepreneurs in situations they are unable to do conventionally.
“Wells Fargo Bank, Alaska Growth Capital, First National Bank Alaska, Evergreen Business Capital and our other SBA lending partners play vital roles in financing new Alaskan small businesses and facilitating the expansion of existing businesses,” SBA Alaska District Director Nancy Porzio said. “We are proud to recognize these lenders for their success in using the SBA Loan Guarantee Programs to provide our small business community with access to capital.”
For more information about SBA Loan Programs visit https://www.sba.gov/funding-programs/loans.
This year the Alaska Railroad is celebrating 100 years of transportation people and cargo around Alaska. While the railroad is one of the states oldest transporters, it certainly isn’t the only one, and in this issue of Alaska Business we also check in on the Marine Highway, Span Alaska, and the White Pass & Yukon Route. For those interested in Southeast, our focus on that region provides updates on Kensington Mine, Tongass FCU, the troll fishery, and Juneau’s growing landfill.