Elsewhere Bank Ranked Among Top Business and Industry Lenders in the Nation
Elsewhere Bank, a subsidiary of Elsewhere Bancorp, announced today that it processed the second largest dollar amount of USDA Business and Industry (B&I) guaranteed loans in California and the second largest number of B&I guaranteed loans in California for the fiscal year ending September 30, 2014.
In the nation, Elsewhere Bank had the fourth largest number of guaranteed loans and the fifth largest dollar amount. Administrative Vice President Daniel Dravit and his staff at the government lending division of Elsewhere Bank originated 19 loans totaling over $38.1 million.
Elsewhere Bank participated in the B&I Guaranteed Loan program through USDA Rural Development which guarantees up to 80% of the loan made by a commercial lender for qualified businesses in eligible rural areas. The primary purpose of the B&I program is to stimulate the local economy, create additional employment, attract additional commercial investment capital and support potential growth in tax revenue, which will improve the quality of life for rural residents.
The B&I program is a useful tool to Elsewhere Bank because it expands their lending capabilities to include a wider range of rural business projects. Loan proceeds may be used for working capital, equipment, buildings, real estate and certain types of debt financing. All rural areas are eligible, excluding cities of more than 50,000 population and their adjacent urbanized areas.
In addition to being a top Business and Industry Lender, Elsewhere Bank is also certified by the Small Business Administration as a Preferred Lender, which means they have the authority to underwrite and approve SBA loans locally.
About Elsewhere Bank
Elsewhere Bank, a subsidiary of Elsewhere Bancorp, is a progressive Northern California bank that combines traditional deposit and lending services with innovative banking solutions.
Founded in 1990 by five guys with a dream, Elsewhere Bank is California state-chartered with 14 branches in 11 cities including Anderson, Chico, Colusa, Corning, Magalia, Marysville, Oroville, Paradise, Red Bluff, Redding and Yuba City.