North American Banking Company earns small business award
North American Banking Company announced this week the bank was named the Third Party Lender of Year by the Small Business Association (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. North American Banking Company has a location in Hastings, located at 1620 S. Frontage Road.
“SBA’s lenders work hard everyday 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 terms 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 percent equity from the business owner, and a loan from a Certified Development Company (nonprofit) 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. By offering the SBA 504 loan as part of our small business loan offerings we are able to bring significant benefit to our clients, including long-term, below-market fixed rates.”