Non-traditional lenders: helping businesses start and expand around the state.

• Author: Barbour, Tracy
• Position: FINANCIAL SERVICES

Ernie Christian had always dreamed of owning a business. Last year, the Glennallen resident was finally able to realize that dream, thanks to about $500,000 worth of financing through the Small Business Administration (SBA) 7(a) Loan Program.

Christian was able to purchase the land, building, and business assets of Glennallen Building Supply. He also expanded the store several thousand square feet, boosting sales space and inventory. The business--officially renamed Glennallen Hardware & Lumber LLC--operates as Glennallen True Value Hardware.

Christian's dream purchase was facilitated by National Cooperative Bank (NCB), a preferred vendor of True Value. NCB turned out to be the ideal partner for Christian. "They are familiar with how the True Value stores operate and perform," Christian says. "We only had to submit [our information] once. They were easy to work with."

That was a major relief for Christian, who previously had spent five frustrating months trying to secure financing through a different lender. After resubmitting his information several times and trying to work through multiple levels of management, he switched to NCB. "We got the loan closed in a matter of three or four weeks," he says. "I was happy with the process."

Christian's experience with NCB is a prime example of how non-traditional lenders are helping Alaska businesses finance the start and growth of their operations.

National Cooperative Bank

NCB provides a full spectrum of financial products and services to help businesses streamline their banking operation and consolidate accounts. Chartered by Congress in 1978, NCB was privatized in 1981 as a cooperatively-owned financial institution. It is currently owned by more than 3,100 customer/owners.

NCB was created to address the financial needs of a traditionally underserved market: cooperative-owned organizations that operate for the benefit of their members--not outside investors. NCB serves a variety of cooperatives and like-minded, socially-responsible organizations, with a strong focus on housing, healthcare, hardware, food, and renewable energy.

According to Earl Carson, vice president of NCB Alaska, the bank is uniquely qualified to serve its target market. "As a cooperative organization, NCB understands member-owned organizations and small businesses and can act quickly in providing banking solutions to meet their needs," Carson says.

NCB is a full-service bank that offers term loans, real estate loans, working capital lines of credit, and SBA loans for business owners looking to expand, renovate, or refinance. The bank also has an online banking and cash management platform to streamline banking operations and consolidate accounts regardless...