SBA 504 Lending and Small Business News: March 24, 2016
A Maine business owner has been named Young Entrepreneur of the Year by the SBA. James T. Gallagher, owner of Whoopie Pie Café in Bangor, was celebrated for selling over 10,000 whoopie pies in a month. He did it, according to a report, at fairs and local shows over the summer.
A former winner of the SBA Financial Service Champion of the Year Award for his SBA lending activities joined First Resource Bank as a Senior Vice President in its lending group. Jeffrey B. Pugh will continue his SBA lending along with commercial real estate and business loan origination and servicing activities. Mr. Pugh has a vast array of financing skills in commercial real estate, commercial business and SBA loans, which he has acquired over his 25 years of his Delaware Valley banking experience. “We are a community bank that focuses on highly personalized service with experienced bankers,” said First Resource Bank’s President and CEO Glenn Marshall. “The addition of Jeff is just one more example of our commitment to our community bank lending activities.”
Technology Credit Union announced that it funded a $22.4MM SBA 504 loan, its largest to date. The loan provided financing to assist a commercial tenant’s purchase of a 112,000 square-foot, multi-tenant office building located in Burlingame, California, according to a report. “This allows Tech CU to continue to grow and diversify its commercial loan portfolio,” said Joe Anzalone, EVP and Chief Banking Officer at Tech CU. “We started our commercial banking group less than five years ago and are focused on lending to both owners and developers of commercial real estate projects throughout the Bay Area and its adjacent counties. This marks another successful milestone.”
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