Division Reports Record Year for Loans
Imperial Bank’s small business lending division
provided more than $100 million in Small Business Administration loans nationwide… .
BY RITA FENNELLY
After a record-setting year, Imperial Bank is gearing up to open new small business lending offices across the country.
With many offices of Imperial Bank’s Small Business Lending Division already established across the state and country, plans are under way to open eight additional division offices nationwide.
The local office of Imperial Bank’s Small Business Lending Division is in Carlsbad, but currently there are no plans for additional offices in San Diego.
Based in Los Angeles, the Imperial Bank’s small business lending division provided more than $100 million in Small Business Administration loans nationwide to set a record for the bank last year, according to Dennis Lacey, president of the division.
The division also provided nearly $70 million in other loans, including participant and conventional loans last year.
– Volume Of Loans
Expected To Increase
“Imperial’s Small Business Lending Division achieved a 51 percent increase in SBA loans and a 200 percent leap in other loans compared to 1998 dollar amounts,” Lacey said.
Maid-Service Franchise Awarded for Sales and Business Growth
A maid-service franchise run by two locals recently garnered companywide honors.
The Maids, owned by George and Beverly Ottiano, had outstanding sales and business growth for 1999. Due to the undisclosed gains, the franchise was selected from more than 170 international franchise owners for the President’s Club award.
The award was presented at The Maids annual meeting in Florida in March.
The Ottianos’ business serves residents in Scripps Ranch, Mira Mesa, Rancho Penasquitos, Tierrasanta and University City.”We anticipate that these numbers will continue to grow in 2000,” he said.
The division recently experienced a very successful month. In March, the division funded more than $27 million in loans and about $19 million of that consisted of SBA loans, according to Brian Carlson, senior vice president and general manager of the division.
The quarter ended with more than $40 million in SBA loans, he added.
Last year, Imperial intensified its investments and resources toward the small business lending division and restructured the division’s upper management. Lacey was named president and Carlson was appointed senior vice president and general manager.
Due to the division’s success, the bank plans on opening eight offices nationwide by the end of the year, Carlson said.
– Office Locations
Not Yet Identified
Although no specific locations have been earmarked yet, he said that the bank usually tries to find the right person to represent the division. Once that person is hired an office will be set up and expanded as necessary.
So far, the bank has found this to be the quickest and most cost-effective way to get established in the marketplace, Carlson said.
Using this method, an office was opened in Knoxville, Tenn., about six months ago, he said. The office is now staffed with six people.
The Imperial division, an SBA preferred lender, typically accommodates loans from $100,000 to $2 million and provides financing primarily under the SBA’s 504 and 7(a) loan programs.