ANCHORAGE, Alaska (1/12/16)--Alaska USA FCU of Anchorage has found a niche serving its members through U.S. Small Business Administration (SBA) 504 loans of late, so much so that the agency was named a leading lending institution.
Evergreen Business Capital, a firm specializing in SBA 504 loans in the Northwest, gave Alaska USA awards for top Alaska community lending institutions, and commercial loan officer Joe Donahue was recognized as top producer. Recognition was given to the lender with the most approved SBA loans as of Sept. 30, 2015
“Alaska USA is honored to receive these awards,” said Dave Hamilton, Alaska USA's executive director for business and commercial services. “We strongly support the SBA 504 loan program, as it provides a significant alternative to traditional commercial financing for business members.”
SBA loans can be guaranteed for up to 85% of the loan amount, and are an important tool for credit unions because the guaranteed portion of the loan does not count against the statutory 12.25% member business lending cap.
The SBA’s 504 loan program provides long-term, fixed-rate financing for major fixed assets, such as equipment and real state.
Credit unions have seen success with SBA programs in recent years, and in some cases it doesn’t take the institution long to get the program up, running and serving local member businesses.
HawaiiUSA FCU of Honolulu became the first SBA lender in its district to top 200 SBA loans in a year in 2015. HawaiiUSA was named district SBA Lender of the Year in November 2015, barely more than a year after first starting its SBA program in September 2014.