SBA Alaska District Recognizes Local Lenders as Part of Annual National Small Business Week
The US Small Business Administration (SBA) Alaska District Office announces the top lenders of the SBA Loan Program in Alaska during FY2019 in four categories: Lender of the Year, Community Lender of the Year, 504 Lender of the Year, and Community Development Company of the Year.
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 so conventionally.
“We appreciate the hard work and dedication of our lenders. They play a vital role in financing the startup, growth and recovery of Alaska’s small businesses. Thanks to local lenders, Alaska small businesses accessed more than $65 million in loans they wouldn’t have been able to otherwise,” SBA Alaska District Director Steve Brown said. “Congratulations to all the top SBA Alaska lenders for their outstanding contribution to the economy of our great state.”
Lender of the Year: Wells Fargo Bank N.A.
This award recognizes the SBA lender that achieves the overall highest number of SBA loan approvals to businesses located in Alaska during FY2019, which ended September 30, 2019.
Wells Fargo Bank approved twenty-three loans totaling nearly $6.6 million in Alaska during the FY 2019.
“We know small businesses have been especially hard hit by the impacts of COVID and our support today is more critical than ever. Wells Fargo continues to work closely with Alaskan business owners and the SBA to connect our customers to much-needed funding intended to keep their doors open and jobs retained. We applaud the SBA for their innovative financing solutions and we applaud small businesses for their resilience through these challenging times,” Wells Fargo Alaska Commercial Banking Market Executive Joe Everhart said.
Community Lender of the Year: Northrim Bank
This award recognizes the SBA lender that offers services and engages in other activities that promote and support community development in Alaska and that achieve the highest number of SBA loan approvals to businesses located in Alaska during the fiscal year.
Northrim Bank approved twenty loans totaling nearly $5.9 million during FY 2019.
“At Northrim, we focus on serving the needs of Alaska and our neighbors who live here. As a community bank, Northrim is a reflection of our economy. Our Proud to Be Alaskan values hinge on strongly supporting our communities and having a sincere appreciation for our customers. We are committed to assisting the small businesses that make up our communities and power Alaska. Working with the SBA Guarantee Loan Program provides us with opportunities to meet the needs of our small business neighbors,” Northrim Bank President Joe Schierhorn said.
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 five SBA 504 loans totaling nearly $2.3 million during FY2019.
“First National Bank Alaska is committed to our community by helping people obtain their dream of building a successful business. A key component to this success is owning the real estate where they do business and, for some, this may not be possible without the SBA 504 program that offers a low down payment, long loan terms, and a low market rate of interest. The collaborative effort of experienced local community lenders and the strength of the SBA 504 program helped make First National Bank Alaska the top lender in 2019,” First National Bank Alaska President Doug Longacre said.
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 ten loans totaling $3.5 million in Alaska during FY 2019.
“It is our pleasure to help the small businesses in Alaska. We also want to thank our Third Party Lending Partners, SBA, SBDC, SCORE for their continued partnership. At Evergreen Business Capital it is our mission to help small businesses to create jobs that help our communities to grow and thrive,” Evergreen Business Capital CEO Patti Kibbe said.
For more information about SBA Loan Programs visit www.sba.gov/loans.
In This Issue
Automating & Advancing
Imagine hosting an event with an array of prospective clients in attendance, and the first slide of your presentation reads: “Here Is Exactly How Not to Hire Us.” It seems counterintuitive, but this is precisely what ARM Creative has done with its educational event series: SOTI.