Ameritrust helps small business owners, their businesses, and economies prosper
Seattle, WA — Coleman Reports, the leading provider of information to small business bankers to help them make less risky small business loans, has named Ameriturst CDC as one of its SBA 504 Lenders of the Year for 2017. Winners were chosen from community nominations. Chris Hurn, President of Fountainhead Commercial Capital, nominated Kim Willis, President, and CEO of Ameritrust CDC:
“As the founder, President, and CEO of Ameritrust CDC, Kim has been active in nearly all aspects of the company, which currently holds a loan portfolio of over $175 million. What makes this truly astonishing is the fact that she started the company in 2007 right before the crash and emerged from its depths by promoting a strong mission, professional communication, and developing an effective workforce – her three keys to success. The true beauty of her efforts lies not only in the fact that she has built her company to be as strong as it is but also in the fact that the inherent nature of her business is to help small business owners, their businesses, and economies prosper through the 504 program.”
Fountainhead Commercial Capital is a nationwide, non-bank, direct commercial lender specializing in financing owner-occupied commercial real estate with the SBA 504 loan program. Chris Hurn and his executive team have collectively funded more than $26 billion in SBA 504 projects over the past 20 years making Chris and his team one of the most experienced in SBA lending.
The US Small Business Administration 504 Loan or Certified Development Company program is designed to provide financing for the purchase of fixed assets, which usually means real estate, buildings, and machinery, at below-market rates. As part of its mission to promote the development of businesses, the SBA offers different loan programs tailored to specific capital needs of growing businesses. The 504 program works by distributing the loan among three parties. The business owner puts a minimum of 10%, a conventional lender (typically a bank) puts up 50%, and a so-called Certified Development Company (CDC) puts up the remaining 40%. Certified Development Companies are established under the 504 code as non-profit corporations set up to support economic growth in their local areas. There are a few hundred such CDCs nationwide. The maximum amount of the loan is $5 million ($5 million for meeting SBA-defined policy goals, and $5.5 million for manufacturers and some energy-related policy goals), and if the borrower defaults, the private sector lender is paid off first, reducing the risk to the lender and encouraging loans.
Phone interviews and in-person appearances are available by contacting Andrea Sherwood at 206-402-3971.
Ameritrust CDC is a Certified Development Company, promoting the profitability and prosperity of small businesses in Washington State by providing low cost, fixed-rate commercial real estate financing in partnership with the US Small Business Administration.
The Small Business Administration established the SBA 504 Loan Program, which is a unique financing tool utilized for the purchasing or constructing of commercial real estate and equipment for small businesses. The loans are financed in partnership with one of the many commercial lenders in the state.
Certified Development Companies (CDC’s) are regional economic development organizations that are licensed by the U.S. Small Business Administration (SBA). The CDC processes, approves, closes and services the loans. Funding is arranged by the CDC issuing a bond, and in all ways, the CDC is the direct lender for the SBA 504 loan program. This product has enjoyed great success over the past 25 years, providing thousands of small businesses the opportunity to own their locations and secure their futures.