Native American Bank Makes DOT Loan to Asian American Company
Native American Bank approves a line of credit under the U.S. Department of Transportation's Short Term Lending Program to J. Harper Contractors, an Asian American company located in Maple Valley, Washington.
DENVER, CO (PRWEB) March 4, 2004 -- Native American Bank recently partnered
with J. Harper Contractors, Inc., an Asian American company, for a line of
credit under the U.S. Department of Transportation's Short Term Lending Program.
J. Harper Contractors, Inc. is a minority owned demolition contractor
located in Maple Valley, Washington. Owned by Stan Kawamoto, the company has
been in business for 13 years in the State of Washington and recently expanded
into Oregon.
According
to Mr. Kawamoto, start-up costs and retentions on any given project impaired
cash flow for the company. At a small business conference in Tacoma, he learned
that the U.S. Department of Transportation has a short term lending and bonding
assistance program available for transportation projects. Native American Bank
has been named to serve as one of the six Short Term Lending Program banks,
which offer lines of credit to disadvantaged business enterprises (DBEs),
allowing them to successfully compete for U.S. Department of Transportation
contracts.
"What this means to Native Americans and other minority
populations," said Pam Nesius, NAB Vice President, "is the opportunity to open a
maximum credit line of $750,000 to meet the short-term costs of a contract with
the Department of Transportation.
Mr. Kawamoto met with Ms. Nesius to
discuss the program after talking to Alan M. Collinge with the William M.
Factory Small Business Incubator in Tacoma.
Through a cooperative
agreement with the DOT, NAB serves fifteen states forming the Northern Plains
and Southwest United States, including Washington, Oregon, Montana, The Dakotas,
Arizona, Utah, Kansas, New Mexico, Colorado, Wyoming and
California.
"Along with other banking services, we welcome business
owners of all minority populations to take advantage of our services and
assistance in obtaining Short Term Lending Program loans," said Ms.
Nesius.
Mr. Kawamoto states that the company will utilize the line of
credit on a Sound Transit Project in Federal Way and plans to apply for funds to
support a transportation project in Ferndale, Washington.
"We've had a
very positive experience with Native American Bank," said Mr. Kawamoto. Other
businesses should take the time to look into this program. It's a great
opportunity to maintain cash flow."
For more information on Native
American Bank and the Short Term Lending Program , call 303-988-2727.
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Source : http://www.prweb.com/releases/2004/3/prweb108909.htm