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U.S. Small Business Administration Loans on the rise in FY 2015

SBA Lending Opens Opportunities for Alaska’s Small Businesses
Release Date: 
Friday, November 27, 2015
Release Number: 
AK16-Nov27
Contact: 
Scott Swingle (907) 474-4878 | (800) 755-7034

Anchorage – Alaska saw a 34% increase in SBA Loan volume in fiscal year 2015 Which ended October 1st. 2015, this is the largest jump in several years.   SBA’s loan programs are designed to provide small businesses with the most comprehensive type of financial assistance to cover the vast majority of business expenses, such as short and long-term working capital, exports, and refinancing existing debt under certain conditions. 

For the Seventh year in a row, Wells Fargo Bank N.A is the top SBA lender in Alaska with 85 loan approvals during the fiscal year ending September 30, 2015, totaling $19,359,700.00, Wells Fargo Bank has truly been a key ingredient to the success of the many Alaskan small businesses. 

The Top Alaska Community Lender was Alaska growth Capital, BIDCO with at 14% increase in FY2015, 32 loans totaling $29,760,500.00.  Community lenders are those headquartered in Alaska.

The top Alaska 504 program third party lender was Northrim Bank with 8 loans totaling $7,037,000.  The 504 program helps make buildings and fixed equipment more affordable by mixing fixed and variable rates and extending loan terms.

“Thanks to the hard work and outreach by our lending partners, SBA staff, and our resource partners, as well as the small business owners themselves, we have been able to put more capital into the hands of Alaska’s entrepreneurs,” said Sam Dickey, District Director SBA Alaska District Office.

For more information about the SBA’s Loan Programs and other financial assistance as well as services, please visit http://go.usa.gov/GQh3.

Lenders

# of Loans

$ Value

WELLS FARGO BANK NATL ASSOC

85

$          19,359,700

ALASKA GROWTH CAP. BIDCO INC.

32

$          29,760,500

EVERGREEN BUSINESS CAPITAL

23

$          15,732,000

KEYBANK NATIONAL ASSOCIATION

7

$            1,523,700

NORTHRIM BANK

6

$            2,580,700

EVOLVE BANK & TRUST

2

$            1,327,000

MT. MCKINLEY BANK

2

$            4,809,000

ALASKA USA FCU

1

$               120,200

BANK OF AMERICA NATL ASSOC

1

$               100,000

BANNER BANK

1

$                  40,000

BBCN BANK

1

$               100,000

CELTIC BANK CORPORATION

1

$                  50,000

CROSSROADS SMALL BUS. SOLUTION

1

$                  25,000

HANA SMALL BUS. LENDING INC.

1

$            1,809,000

LIVE OAK BANKING COMPANY

1

$            1,200,000

NEWTEK SMALL BUS. FINANCE INC.

1

$            4,295,000

NORTHWEST BUS. DEVEL ASSOC

1

$            3,391,000

NORTHWEST FCU

1

$            1,590,000

OPEN BANK

1

$            2,683,000

PACIFIC WESTERN BANK

1

$            1,052,000

THREE RIVERS BANK OF MONTANA

1

$               420,000

YADKIN BANK

1

$               895,400

Grand Total

172

$         92,863,200

 

SBA 504 Third Party Lender:

Third Party Lender

# of Loans

$ Value

Alaska USA FCU

7

$7,232,000

BBCN Bank

1

$2,631,000

First National Bank Alaska

5

$1,483,000

KeyBank National Association

1

$380,000

Northrim Bank

8

$7,037,000

Spirit of Alaska FCU

1

$114,000

Wells Fargo Bank, National Association

1

$246,000

Grand Total

24

$19,123,000