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November 03, 2010
Central Pacific Bank has been named a Small Business Administration (SBA) Lender of the Year (Category II) for 2010. CPB earned the award by providing more SBA loans than any other financial institutions in Hawaii of its category to small businesses statewide, according to the recently released 2010 fiscal year loan activity report by the Hawaii District Office of the U.S. Small Business Administration. SBA divides financial institutions into three categories based on asset size.
In the 12 months ending September 30, 2010, Central Pacific Bank approved 56 SBA loans to small businesses in Hawaii, leading all other financial institutions of its category in the state. Over the last five-year period, Central Pacific Bank has cumulatively made more small business loans to Hawaii businesses than any other bank in the state, according to SBA Hawaii statistics. CPB was also named Small Business Lender of the Year in its category in four of the last five years.
“SBA loans play a crucial role in helping our small business community get rooted, grow and expand," said David Hudson, CPB Senior Vice President and Community Banking Manager. "We are proud to be a part of this process which serves as an economic stimulus in our state."
The SBA Hawaii District Office will also present Lending Officer Awards to CPB’s David Chen, Assistant Vice President and Business Banking Officer of Main Branch; Kathy Miyake, Assistant Vice President and Branch Manager of Lihue Branch; Greg Idemoto, Business Banking Officer of Keeaumoku Branch; Lea Park, Financial Service Representative of Keeaumoku Branch; Greg Sokolowski, Vice President and Senior Business Banking Officer of Kapolei Branch; Debra Tangonan, Assistant Vice President and Branch Manager of Kaneohe Branch and Evan Watarida, Business Banking Officer of Kapalama Branch.
SBA loans are partially guaranteed by the U.S. government and made by lenders, such as Central Pacific Bank, on behalf of the U.S. Small Business Administration. SBA loans are designed to help small businesses owners who may not otherwise qualify for a conventional business line of credit.