North Dakota lenders recognized for small business loans

Eight North Dakota lenders have earned the 2016 Director’s Award from the U.S. Small Business Administration North Dakota District Office, honoring their participation with SBA in supporting the growth and expansion of small businesses in their communities.

The winners are: Dakota Certified Development Corp., U.S. Bank, Capital Credit Union, Choice Financial, VISIONBank, Starion Financial, Town and Country Credit Union, and Wells Fargo Bank.

In fiscal year 2016, Dakota Certified Development Corp. approved 23 loans and $13.82 million in small business financing under SBA’s 504 loan program, which is used to finance fixed assets. U.S. Bank approved 26 loans and $2.28 million; Capital Credit Union approved 21 loans and $2.12 million; Choice Financial approved 16 loans and $1.43 million; VISIONBank approved 15 loans and $2.14 million; Starion Financial approved 13 loans and $2.17 million; Town and Country Credit Union approved 10 loans and $1.06 million; and Wells Fargo Bank approved 10 loans and $2.2 million in small business financing under SBA’s 7(a) General Business Loan Program.

“We are truly grateful for the commitment these lenders made in providing needed financing to small businesses,” says Michael Gallagher, district director of the SBA’s North Dakota District Office, in a statement. “In Fiscal Year 2016, SBA was able to help small businesses in North Dakota through 225 loans valued at over $60.3 million. These loans were made by 37 different lenders in 42 different communities.”

From Prairie Business