ChoiceOne Financial Services, Inc., and ChoiceOne Bank (NASDAQ: COFS) (“ChoiceOne”) are honored to receive the SBA Michigan District 504 Third Party Lender of the Year Award from the U.S. Small Business Administration (SBA) Michigan District Office. The SBA Michigan District Lender Awards were given for outstanding achievements in SBA lending during Fiscal Year 2023, ending September 30, 2023.
“We are honored to receive the SBA Michigan District 504 Third Party Lender of the Year Award,” said ChoiceOne Executive Vice President, Chief Lending Officer Bradley Henion. “As the local community bank, ChoiceOne has a longstanding commitment to the entrepreneurs and small business owners in our communities. Promoting business expansion and strong economic growth in Michigan are at the forefront of our business partnerships including our relationship with the SBA. Our ability to offer the SBA 504 Loan Program has allowed many of our small business customers to finance their commercial loans with more competitive interest rates, longer terms and smaller down payments.”
Executive Vice President, Chief Lending Officer Bradley Henion
ChoiceOne is part of the SBA’s Preferred Lender Program, also known as a “delegated lender.” Unlike conventional term loans, an SBA 504 Loan is a government-backed term loan. An SBA Loan offers business owners the opportunity to take advantage of favorable terms as part of the SBA program, while removing some of the barriers to traditional financing options. The SBA 504 primarily assists healthy, expanding businesses that have been in operation for more than two years. In certain instances, the SBA 504 may be used to finance start-up businesses.
“As a Preferred SBA Lender, we can customize SBA loans based on the unique needs of our business customers,” said ChoiceOne Vice President, SBA Lending Officer Aaron Griffin. “Our goal is always to develop a relationship with our customers so we can recommend the best solutions for their business needs. With an SBA 504 Loan, we can provide small business customers with long-term, fixed-rate financing for the acquisition of major fixed assets such as land, buildings, vehicles, machinery and equipment. At the end of September 2023, ChoiceOne made seven SBA 504 Loans totaling nearly $7 million. ChoiceOne was selected for this award because we produced the highest quantity of SBA 504 Loans, by a Michigan based lender, used for businesses in Michigan.”
Vice President, SBA Lending Officer Aaron Griffin
“ChoiceOne is a full-service community bank offering business banking, borrowing, treasury services and wealth management,” said Henion. “We have built a reputation for being a local, tech-savvy community bank for small businesses in Michigan. Our customers appreciate the best technology along with our face-to-face local service. We are committed to seeing Michigan grow, our businesses and neighbors prosper, and our communities thrive.”
About SBA
Created in 1953, the U.S. Small Business Administration (SBA) continues to help small business owners and entrepreneurs pursue the American dream. SBA is the only cabinet-level federal agency fully dedicated to small business and provides counseling, capital, and contracting expertise as the nation’s only go-to resource and voice for small businesses. For more information please see https://www.sba.gov/about-sba.
About ChoiceOne
ChoiceOne Financial Services, Inc. is a financial holding company headquartered in Sparta, Michigan, and the parent corporation of ChoiceOne Bank. Member FDIC. ChoiceOne Bank operates 35 offices in parts of Kent, Ottawa, Muskegon, Newaygo, Lapeer, St. Clair, Macomb, and Oakland counties. ChoiceOne is an approximately $2.6 billion-asset bank holding company making it the eighth largest bank holding company in Michigan based on asset size. ChoiceOne Bank offers insurance and investment products through its subsidiary, ChoiceOne Insurance Agencies, Inc. ChoiceOne Financial Services, Inc. common stock is quoted on the Nasdaq Capital Market under the symbol “COFS.” For more information, please visit Investor Relations at ChoiceOne’s website choiceone.bank.