US Small Business Administration Alaska District Office Announces Top SBA Alaska Lenders for FY 2020
The US Small Business Administration (SBA) Alaska District Office announces the top lenders of the SBA Loan Program in Alaska during Fiscal Year (FY) 2020 in four categories: Lender of the Year, Community Lender of the Year, 504 Third Party Lender of the Year, and Community Development Company-504 Lender 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.
“Our lenders play such an important role in financing the startup and growth of Alaska’s small businesses. Especially this past year, they were critical in offering funds to so many struggling businesses. We appreciate their hard work and dedication in helping Alaska small businesses with loans they wouldn’t have been able to access otherwise,” SBA Alaska District Director Steve Brown said. “Thank you to all of our lending partners statewide and congratulations to all the top SBA Alaska lenders for their outstanding contribution to the economy of our great state.”
Lender of the Year: Northrim Bank
This award recognizes the SBA lender that achieves the overall highest number of SBA loan approvals to businesses located in Alaska during FY 2020, which ended September 30, 2020.
Northrim Bank approved 17 loans totaling $4,042,300 in Alaska during the FY 2020.
“As a community bank, Northrim is a reflection of our economy and we are honored to be recognized by the SBA for our work in 2020. For over 30 years, we have had a sincere appreciation for our customers and community. Providing Superior Customer First Service to all is at the core of our value system. We are committed to assisting the small businesses that make up our communities and power Alaska. Northrim is Proud to Be Alaskan and remains focused on serving the needs of Alaska and our neighbors who live here,” Northrim Bank Chairman, President and CEO Joe Schierhorn said.
Community Lender of the Year: Alaska Growth Capital, BIDCO
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.
Alaska Growth Capital approved 11 loans totaling $7,118,500 during FY 2020.
“Alaska Growth Capital appreciates the Small Business Administration’s recognition as 2020 Alaska Community Lender of the Year. As a 10-time award recipient, Alaska Growth Capital through the support and partnership of the SBA is committed in providing small businesses access to needed capital. The past year has been challenging for many Alaska small businesses. The SBA 7(a) loan program is an essential part of Alaska Growth Capital’s efforts to provide creative credit solutions to small businesses in Alaska,” Alaska Growth Capital President and CEO Taka Tsukada said.
504 Third Party Lender of the Year: KeyBank
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.
KeyBank approved four SBA 504 loans totaling $2,490,100 during FY 2020.
“I am incredibly proud of our results. We had a very strong year in supporting small businesses through SBA 504 loans in FY2020. Small business owners are turning their focus back to the normal process of SBA loans after relying on PPP financing to get through the worst of the pandemic. What continues to propel us is a strategic focus and partnership we have with our clients, along with the SBA. We’re here to help in the economic rebound of many small businesses and the communities we serve. We are proud to be a true relationship bank, providing holistic financial solutions for business and their employees,” KeyBank Alaska President, Alaska Market Commercial Banking Sales Leader Lori McCaffrey said.
Community Development Company (CDC) – 504 Lender of the Year: Evergreen Business Capital
This award recognizes the CDC that achieves the overall highest number of SBA 504 loan approvals to businesses located in Alaska during the fiscal year.
Evergreen Business Capital approved nine loans totaling $5,626,000 in Alaska during FY 2020.
“Thank you to SBA and our Lending Partners for your partnership, we all have a shared goal of helping Alaskan Small Businesses to thrive and grow. The SBA 504 Loan Program gives our small business borrower up to a 25 year fixed rate loan, this has been a true help to them this past year,” Evergreen Business Capital President and CEO Patti Kibbe said.
For more information about SBA Loan Programs visit www.sba.gov/loans.
Architecture & Engineering Special Section + Small Business
In the February 2024 issue of Alaska Business, we engineered a special section that inspects the many ways architecture and engineering enrich our lives, from creating beautiful and functional spaces to crafting functional and safe transportation corridors. In addition to the built world in which we live, this issue celebrates small businesses and the many functions they provide, whether they're developing tools in the healthcare industry or opening new dining locations.