Alaska's business banking services: helping small to mid-sized companies thrive.

• Author: Barbour, Tracy
• Position: FINANCIAL SERVICES

As with most companies, the banking needs of Snug Harbor Seafoods have evolved with the growth of its operations. The Kenai-based business, founded by Paul and Brenda Dale in 1990, has used an assortment of banking services from Wells Fargo to support its expansion. Today, Snug Harbor has about 250 seasonal employees and processes millions of pounds of fish from Prince William Sound and Cook Inlet.

Five years ago, the Dales tapped Wells Fargo for a half-a-million-dollar loan to purchase a fish tender vessel. Last year, the bank financed $850,000 for another vessel. The couple has also borrowed about $150,000 from Wells Fargo to buy automated machinery to help modernize their plant. "They have truly helped us grow," says Brenda. "We wouldn't be where we are without them."

Given its seasonal nature, Snug Harbor needs bankers, vendors, and other partners who can move swiftly, says Paul. Wells Fargo does just that. "They're easy to get a hold of and respond quickly to our requests," he says.

Alaska businesses like Snug Harbor have a wide range of banking needs that include checking and savings accounts, payroll direct deposit, online banking, automated clearing house (ACH) processing, cash management, lines of credit, equipment financing, commercial real estate loans, and building improvement loans. Many businesses bank with a single institution, while others use multiple resources to meet their comprehensive needs.

Snug Harbor, for instance, has dealt primarily with Wells Fargo (via the former National Bank of Alaska) since its inception for everything from deposit services to well-timed equipment financing. "Working with small to mid-sized business owners is one of the most important things we do here at Wells Fargo," says Kenai Peninsula Business Banking Manager Tim Redder. "We're proud to have been able to partner with Snug Harbor Seafoods."

Redder characterizes Wells Fargo as a "relationship" bank that strives to understand its customers. "It allows us to better serve them and help them with the applicable services they need," Redder says.

Wells Fargo offers a myriad of commercial banking services beyond the standard deposit and financing solutions. Popular options in Alaska include treasury management, merchant and foreign wire services, insurance, payroll, and desktop deposit services. Recently, the bank launched The Business Plan Center as a free resource available on the Wells Fargo Works for Small Business website. And due to the...