BOISE, ID / ACCESSWIRE / April 26, 2021 / Eight months into a heady investment in SBA lending, Bank of Idaho (OTCQX:BOID) is already a leader in the market. SBA rankings show Bank of Idaho as the Boise District Office's top dollar-lender of Small Business Administration 7(a) loans.
"This is exactly what we've been working toward," said Bank of Idaho Vice President and SBA Department Manager Tony Vahsholtz. "The market for SBA services is under-served, so we're happy to step up and fill the void."
With the first half of the fiscal year reported, Bank of Idaho has topped or tied its peers in 7(a) dollars lent and number of loans approved. Adding 504 Part loans to the totals shows Bank of Idaho ranked in the top three in both categories.
SBA lending is a boon to small business owners, which are Bank of Idaho's key clients. So to better serve that clientele and capitalize on its expertise in the realm, the bank established a stand-alone SBA lending department last fall.
"Whether it's through PPP lending or its more traditional programs, the SBA can be a valuable resource," said bank President and CEO Jeff Newgard. "So when the pandemic hit, our priority was to help as many small business owners as possible navigate the system and secure the help they needed."
Bank of Idaho wrote more than a year's worth of loans in just three weeks. And while other lenders eventually shied away from PPP lending, Bank of Idaho has never balked. The new SBA Department is an extension of that mindset.
SBA lending has always been a passion of mine, and I've been doing it since 1998." Vahsholtz said. "Right now, the SBA is offering some great incentives, but they're only valuable if they get to the people who need them. We work hand-in-hand with small businesses to make sure that happens."
To learn more about Bank of Idaho's SBA offerings, go to bankofidaho.com/sba-loans.
CONTACT:
Tyler Kraupp
Phone: 1.208.524.5500
[email protected]
SOURCE: Bank Of Idaho Holding Co