North American Banking Company Named Small Business Association's Third Party Lender of the Year
Press Release 11/01/2016
Roseville, MN (November 1, 2016) – North American Banking Company today announced the bank was named the Third Party Lender of Year by the Small Business Administration (SBA) of Minnesota. The award recognizes North American Banking Company for providing the best overall support of SBA’s 504 loan program, both in number of loans and dollar value, from July 1, 2015 to June 30, 2016.
“SBA’s lenders work hard every day to help small businesses start, grow and succeed,” said Nancy Libersky, SBA’s Minnesota District Director. “We guarantee the loans, but it is the banks, credit unions and our incredibly strong community-based lenders, who put money in the hands of business owners. These dollars are creating new businesses and new jobs in the state every day.”
The SBA 504 loan program is designed to provide small businesses with loan rates and term that are more favorable than market to finance new construction or existing buildings as well as machinery and equipment. The loans work by requiring as little as 10% equity from the business owner, and a loan from a Certified Development Company (non-profit) and a conventional lender (North American Banking Company).
“We are thrilled to be recognized by the SBA as the top third party lender in the state of Minnesota,” said Brad Huckle, North American Banking Company President. “Our role is to help small businesses start and grow and we know their success hinges on strong financing packages. We are able to bring significant benefit to our clients, including long-term, below-market fixed rates, by offering the SBA 504 loan as part of our small business loan offerings.”
Above: North American Banking Company President Brad Huckle (center) accepting the Small Business Association of Minnesota's Third Party Lender of the Year award from District Director Nancy Libersky (left) and Lead Lender Specialist Mel Boser.