SBA Honors Numerica Credit Union as Region’s ‘Outstanding Community Lender’
December 17, 2020
Numerica Credit Union was honored as Outstanding Community Lender for the U.S. Small Business Administration’s Seattle District, which covers all of Washington state and North Idaho. The award celebrates the community bank or credit union that closed the most standard SBA loans in the district during the recently concluded SBA fiscal year (October 2019-September 2020).
Numerica AVP and SBA Team Lead, Mike Shortell, has attended the annual SBA awards gala since 2008. He said while this honor isn’t typically received by a credit union, the nature of SBA lending synchs perfectly with Numerica’s core purpose.
“When I compare Numerica to peers, we are willing to take a look at things that reflect the mission of the credit union to serve our members instead of serving the bottom line,” he said. “From a data standpoint, our average SBA loan is $330,000, which is lower than the average SBA overall loan size of $485,000. This distinguishes us because many others aren’t interested in doing smaller SBA loans, but for us it’s simply about listening to the needs of our members and finding ways to help.”
Shortell characterized the typical Numerica SBA loan as fitting in with Numerica’s core purpose of “fulfilling dreams” by helping local, family-owned businesses grow a current operation or purchase a new business.
“It’s my favorite type of loan to do,” Shortell said. “You get to meet a lot of good people. If you do it well, you make relationships for life with SBA financing, because they tend to remember that you are the one that gave them that chance.”
Notably, the Outstanding Community Lender award measures only traditional SBA 7(a) loans. This doesn’t include the Paycheck Protection Program (PPP) loans that resulted from COVID-19 legislation and represented the lion’s share of SBA funding in 2020.
“Even though we made more than 1,000 PPP loans, taking up the majority of our time this year, we were still able to meet the needs of regular borrowers,” Shortell said. “I’m pretty proud of our Numerica team.”
Posted in Member News.