Frontier Bank, a subsidiary of Frontier Financial, has opened a new SBA loan department located at its administrative headquarters in Washington. Local banker Robert Bryce will establish the department. He was president and CEO of another local community bank from 1988 to 2006 and has been a business consultant and proponent of SBA lending for many years.
Assisting Mr Bryce will be Philip Castillo. He was formerly senior vice president at another local community bank, where he worked with Mr Bryce for 13 years.
The department will focus on making US small business administration (SBA) 7(a) loans to eligible business and professional firms throughout its branch network.
Reportedly, 7(a) loans are the basic and commonly used type of SBA-guaranteed loans. They are flexible, since financing can be obtained for a variety of general business purposes, including working capital, machinery and equipment, furniture and fixtures, land and building, leasehold improvements and debt refinancing (under special conditions). Loan maturity is up to 10 years for working capital and generally up to 25 years for fixed assets.
