Bank of Idaho Shows Leadership in SBA Lending

Rhea-AI Summary

Bank of Idaho (OTC PINK:BOID) has emerged as a leading lender in SBA 7(a) loans, according to SBA rankings from the Boise District Office. The bank's establishment of a dedicated SBA lending department has paid off, with impressive results in the first half of the fiscal year. Bank of Idaho is recognized for its high volume of loans approved and total dollar amounts lent, placing it among the top three lenders in the region. The bank has also actively engaged in PPP lending during the pandemic to support small businesses.

Positive

• Bank of Idaho ranks as the top lender for SBA 7(a) loans in the Boise District.
• Established a dedicated SBA lending department to better serve small businesses.
• Performed well in the first half of the fiscal year, topping peers in loan amounts and approvals.
• Wrote a year's worth of loans in just three weeks, demonstrating strong operational capacity.

Negative

• None.

BOISE, ID / ACCESSWIRE / April 26, 2021 / Eight months into a heady investment in SBA lending, Bank of Idaho (OTC PINK:BOID) is already a leader in the market. SBA rankings show Bank of Idaho as the Boise District Office's top dollar-lender of Small Business Administration 7(a) loans.

"This is exactly what we've been working toward," said Bank of Idaho Vice President and SBA Department Manager Tony Vahsholtz. "The market for SBA services is under-served, so we're happy to step up and fill the void."

With the first half of the fiscal year reported, Bank of Idaho has topped or tied its peers in 7(a) dollars lent and number of loans approved. Adding 504 Part loans to the totals shows Bank of Idaho ranked in the top three in both categories.

SBA lending is a boon to small business owners, which are Bank of Idaho's key clients. So to better serve that clientele and capitalize on its expertise in the realm, the bank established a stand-alone SBA lending department last fall.

"Whether it's through PPP lending or its more traditional programs, the SBA can be a valuable resource," said bank President and CEO Jeff Newgard. "So when the pandemic hit, our priority was to help as many small business owners as possible navigate the system and secure the help they needed."

Bank of Idaho wrote more than a year's worth of loans in just three weeks. And while other lenders eventually shied away from PPP lending, Bank of Idaho has never balked. The new SBA Department is an extension of that mindset.

SBA lending has always been a passion of mine, and I've been doing it since 1998." Vahsholtz said. "Right now, the SBA is offering some great incentives, but they're only valuable if they get to the people who need them. We work hand-in-hand with small businesses to make sure that happens."

To learn more about Bank of Idaho's SBA offerings, go to bankofidaho.com/sba-loans.

CONTACT:
Tyler Kraupp
Phone: 1.208.524.5500
Tyler.Kraupp@bankofidaho.net

SOURCE: Bank Of Idaho Holding Co

View source version on accesswire.com:
https://www.accesswire.com/642337/Bank-of-Idaho-Shows-Leadership-in-SBA-Lending

FAQ

What position does Bank of Idaho hold in SBA lending?

Bank of Idaho is the top lender for SBA 7(a) loans in the Boise District.

How has Bank of Idaho performed in the first half of the fiscal year?

Bank of Idaho has topped peers in both loan amounts and the number of loans approved.

What new department has Bank of Idaho established?

Bank of Idaho established a stand-alone SBA lending department last fall.

How did Bank of Idaho respond to the pandemic regarding SBA lending?

Bank of Idaho actively engaged in PPP lending to support small businesses during the pandemic.