Spring 2017 Newsletter

Message from the President

It's only Spring but 2017 is already shaping up to be a busy year with many exciting opportunities ahead.

In February, Linda McMahon was confirmed by the US Senate as our 25th Small Business Administration Administrator. In my capacity as a Board Member of NADCO, I look forward to working closely with Ms. McMahon and her staff on initiatives such as simplifying the 504 program and ensuring small businesses have access to capital through all the SBA's lending programs including the Community Advantage program.

We are happy to announce our newest office location at 421 West Riverside Avenue in Spokane where Senior Loan Officer, Tal Williams is based. To learn more about Tal, keep reading as we have a short introduction below. We'll be having an open house to celebrate so stay tuned for more details to be announced soon.

Earlier this month SBA officials announced at the NADCO Spring Summit that they have cleared the way for offering 25 year term 504 debentures. A longer maturity option for the 504 product will benefit small businesses by preserving working capital. There is not an official date as to when the 25 year debentures will be available but we'll be sending an announcement as soon as we receive more details.

As always, we value your feedback and look forward to speaking with you.

Patti

Wendy Avila accepts the Diamond Award at the NADCO Spring Summit in Washington DC

Seattle Business Wins NADCO Diamond Award

Evergreen Business Capital was honored to accept the 2017 NADCO Diamond Award for Job Creation on behalf of Dhruv Agarwal, owner of True Fabrications dba True Brands at the Spring Summit held in Washington DC this month.

Dhruv Agarwal graduated from the University of California, Berkley in 2003; he had just finished college when his father returned from overseas bearing reusable gift bags designed to hold wine bottles. Dhruv’s young, inspired mind saw a million-dollar business potential and so it was then that he formed True Fabrications, selling wholesale wine bags out of the family’s garage. As product demand grew, Dhruv moved the company to Seattle, Washington where, over the next five years they added 40 new jobs.

In 2012 the company applied for an SBA 504 Loan for a building acquisition and tenant improvements in order to move to a larger location. Their eligibility was through Job Creation (25 new jobs), Expansion of an Export Business and Minority Ownership. They were also identified in the Puget Sound Business Journal as one of the “Fastest Growing Minority-Owned Businesses” in Seattle. True Fabrications has to date created over 150 jobs and will hire 75 new employees in the next two years.

Dhruv explains, “In the beginning we financed our company with credit cards and the support of our parents to help us through. However we outgrew that, and there were few options for us out there with traditional lending. Bankers were not going to put their necks on the line for a few kids working hard”

“The SBA program was a lifesaver for us and broke that cache-22 cycle in traditional banking. It allowed us who started with nothing to break through and get the support we needed. It stepped in at key moments to provide us with capital we needed to keep growing even though the years right after the financial meltdown of 2009”.

New Faces

Tal Williams joins Evergreen in Spokane

We are pleased to announce that Tal Willams has joined Evergreen as our newest Senior Loan Officer. Tal covers Central and Eastern Washington as well as Northern Idaho out of our new office in Spokane. You can reach Tal at 509-230-6539 and at Tal.Williams@evergreen504.com . Or better yet, stop by our new office at 421 West Riverside Avenue in Spokane and say hello!

Borrower Spotlight

Everett Logging Firm Named 2017 SBA Washington Small Business Exporter of the Year

Forest Marketing Enterprises, (Formark) Inc. and its President, Eric Warren, was named 2017 Top Exporter in Washington as well as the SBA Region 10 Exporter of the Year. He is one of 10 finalists for the SBA National Exporter of the Year.

As the largest raw log container loading facility on the West Coast, Formark uses a unique machine to strip logs of their bark, loads them into shipping containers and exports them to China, Japan, Korea and Pakistan.

Formark was introduced to Senior Evergreen Loan Officer Ben Reed in 2015. They had a leased location at the Port of Tacoma, but with an expiring lease they needed to relocate the log yard to another location. They found an undeveloped 17 acre parcel in Tacoma that would suit their needs and allow expanded room for growth. Evergreen partnered with Coastal Community Bank for the project, which included the land acquisition, site development and construction of a new building. The project created 7 new jobs and retained 12. The project was eligible for the SBA 504 loan by assisting the expansion of an export business.

Congratulations to Eric and the entire team at Formark.

May 2017 504 Rates

10 Year Term - 4.50%

20 Year Term - 4.67%

20 Yr Refinance - 4.70%

The SBA 504 loan term is fixed for the entire length of the loan - ten or twenty years, the actual rate is determined in the month the loan is funded. Contact us for more information.

Opportunities at Evergreen

Loan Officer Position available at Evergreen

Do you or someone you know have a passion for helping small businesses? We are looking for an individual who understands the importance of building relationships and wants to make a difference in their community. Evergreen is looking for a Loan Officer to assist small businesses from underserved markets with commercial loans up to $250,000. Contact Gregg Swanson to find out more about this opportunity.