SBA 504 Loan Program

First National, Evergreen align to help grow Alaska business

When First National Bank Alaska and Evergreen Business Capital team up, it often leads to an Alaska business owner coming out a winner.

That’s the beauty of the Small Business Administration’s 504 loan program. It is designed to provide financing for the purchase of fixed assets, which usually means real estate, buildings or machinery, at below-market rates.

The 504 program meets SBA’s mission to promote the development of business. It does so by distributing the loan among three parties. The business owner puts down a minimum of 10 percent of the loan to start, a conventional lender like First National puts up 50 percent and a Certified Development Company (CDC) like Evergreen puts up the remaining 40 percent.

This results in the business owner retaining more working capital to use to to grow the business.

“You never go into business thinking everything is going to be easy or hassle free,” said Carl Propes, owner of Anchorage’s Scan Home office and home furnishing stores. “I had the opportunity to purchase the building our home store is in, and doing so with First National, Evergreen and the SBA proved to be a hassle free.

“I couldn’t be happier with the experience.”

Evergreen is a private, nonprofit organization dedicated to offering business capital services that enhance small business growth.

Since the company’s start in 1980, Evergreen has connected businesses in Washington, Oregon, Alaska and Northern Idaho with financing solutions that lower barriers to commercial real estate ownership and boost economic development.

Through the 504 program, Evergreen has helped small businesses create more than 37,000 jobs and make more than $2 billion in capital improvements in its coverage area in the last four decades. The company has advanced small-business development by providing loans totaling upward of $800 million.

The largest CDC in the Pacific Northwest, Evergreen is also actively involved with industry affairs and other organizations aimed at improving economic vitality in Northwest communities.

In the fiscal year ending September 2014, Evergreen and First National approved eight SBA 504 loans, totaling $9,688,378. 

In recognition, Evergreen Business Capital presented First National Bank Alaska two Partnership Awards in 2014:  Community Lending Institution of the Year and Northwest Lending Institution Community Bank of the Year.

“We work shoulder-to-shoulder with small business owners in all regions of the state to offer local expertise to help Alaskans overcome challenges and work toward financial success,” First National President Betsy Lawer said. “We are proud to play a vital role in financing new small businesses in Alaska and helping existing businesses expand.”

To learn more about First National, Evergreen and the SBA 504 program, visit or call 777-4362/1-800-856-4FNB (4362) for communities outside Anchorage.

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PO Box 100720 · Anchorage, Alaska 99510-0720
Local Phone: 907-777-4362 · Toll Free: 1-800-856-4362