The Bank of Lovell and its parent company, the Bank of Bridger, were honored recently for their lending practices through the U.S. Small Business Administration.
The SBA’s Wyoming District Office hosted a Small Business Saturday Kick-off event and lender awards presentation in Casper on Tuesday, Nov. 20.
The event recognized the importance of small businesses to the economy and Wyoming’s top SBA lending partners based on volume of SBA loans approved during fiscal year 2018.
“The capital that lenders provide to Wyoming entrepreneurs and small businesses, independently and through SBA and other government loan guaranty programs, enables them to start, grow and succeed,” said SBA District Director Amy Lea. “This makes our lenders such an important part of our Small Business Saturday celebration.”
SBA lending in Wyoming continued to be strong in FY18, with 107 total loan approvals totaling more than $36.4 million.
Approximately $26.5 million or 73 percent of Wyoming SBA loans were made in rural communities.
Lender awards honor lenders who distinguished themselves in the SBA loan marketplace. For performance during FY 2018, SBA honored the following lenders:
SBA Wyoming Lender of the Year – Bank of Bridger, doing business in Wyoming as Bank of Greybull, Bank of Lovell, Bank of Powell and Bank of Thermopolis: Approved 23 loans; 22 percent of the total 7a loans in the district during fiscal year 2018.
SBA Wyoming Rural Lender of the Year – Bank of Bridger, doing business in Wyoming as Bank of Greybull, Bank of Lovell, Bank of Powell and Bank of Thermopolis: Approved 23 loans; 100 percent were made in rural areas of Wyoming.
SBA Wyoming District Office Director’s Award – Bank of the West:
Approved 2.5 times more loans in FY18 than the
SBA Wyoming 504 Lender of the Year – WIDC Frontier CDC: Approved over $4.1 million dollars through 10 separate 504 loans.
“We’re proud of the Bank of Bridger for winning the two awards this year,” said Bank of Lovell Branch Manager Mike Jones. “Mainly it’s our Wyoming branches, because it’s the Wyoming division of the SBA. We’re always proud of the way we work with the businesses in our community, and we use the SBA as a financing tool to help them.
“We were pretty happy about winning the award. Typically, it’s a larger banking institution.”