Local credit union building new digs

Air Academy Federal Credit Union is creating a little more elbow room for the 100 employees at its Colorado Springs headquarters.
In July, construction started on a building that will more than double its office space.
The 45,000-member financial institution has grown by nearly 60 percent during the past five years to $385 million in assets spread among 12 branches. Glenn Strebe, Air Academy’s chief executive. said the credit union searched for nearly two years to find a centrally located site of the right size to accommodate Air Academy’s growth for decades before finding a 13-acre parcel at 9810 N. Union Blvd., northeast of Powers and Union boulevards.
Air Academy officials hope to move into the 52,000-square-foot, four-story headquarters during the third quarter of 2009 and sell their 20,000-square-foot headquarters at 1355 Kelly Johnson Blvd. that the credit union built in 1980 after moving off academy grounds..
The new building will include a branch with drive-up facilities, meeting rooms, a fitness center, storage and space to expand information technology operations, he said.

Local SBA lending on pace to set record

Government-backed lending to small businesses in El Paso County is on a pace to set a record in for a second consecutive year, according to data from the U.S. Small Business Administration for the first three quarters of the fiscal year.
Thirty-four lenders have made 193 loans in the county totaling $44.8 million, which is on a pace to break last year’s county record of $57.5 million in SBA-backed lending. SBA lending, measured by the amount loaned, is down about 10 percent from the period a year ago both statewide and nationwide. The SBA measures its lending based on the federal government’s fiscal year, which ends Sept. 30.
“This is remarkable because lending is down across the nation. It shows that businesses in El Paso County still have access to capital,” said Becky Fuller, who organized a program in 2006 to boost local small-business lending by training bankers on how to make the government-backed loans. She also is southern Colorado business development manager for Colorado Lending Source, the state’s top SBA lender so far this year, based on the amount loaned.
U.S. Bank is the top local SBA lender so far this year with 42 loans totaling $3.62 million, ranking it ahead of Chase Bank with 36 loans for $3.88 million and Wells Fargo Bank with 24 loans for $4.31 million. Wachovia SBA Lending Inc. is the top lender based on the amount loaned with 12 loans for $8.02 million, followed by Colorado Lending Source with 13 loans for $6.41 million and Pikes Peak Regional Development Corp. with 13 loans for $5.88 million.

Springs lending initiative nets award

The American Western Lenders Conference recently honored the Small Business Administration’s Colorado district office for an initiative that started in Colorado Springs. The office was presented the Best Practices in Partnering With Small Business Lenders in Region Eight award. (Region Eight consists of Colorado, Montana, Utah, North Dakota, South Dakota and Wyoming.)

The Colorado office won for a pilot initiative developed in cooperation with the Greater Colorado Springs Chamber of Commerce, the Colorado Springs Small Business Development Center and the Springs chapter of SCORE. The goal was to increase the number of active SBA participating lenders in the area by cultivating smaller regional banks that were not participants in the SBA loan guaranty program. The Springs Chamber worked with member banks to actively promote SBA loan program requirements to the nonparticipating banks.

“The Colorado Springs pilot initiative has been a success and we are beginning to see the positive results — more small-business lending in El Paso County,” said Patricia Barela Rivera, SBA Colorado district director.

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Stewart Title emphasizes Hispanic homeowners in the Springs

The Colorado Springs division of Stewart Title of Colorado has launched a full-service title and closing team targeting Hispanic home buyers and sellers. The Hispanic team will be based out of Stewart Title's downtown Springs office in the Plaza of the Rockies office complex, 111 S. Tejon St., Suite 111.

The Springs' rising Hispanic population was cited as a reason for offering the services. In addition to offering escrow documents and closing materials in Spanish, Stewart Title will have Spanish speaking employees and a "culturally relevant approach to servicing Hispanics," the company said. Stewart Title is committed to making its services “more welcoming to the Hispanic community,” said Tammy Perez-Baca, regional multicultural markets director for Stewart Title Guaranty Co.

Ken Barela, chairman of the Colorado Springs Hispanic Chamber of Commerce's board of directors, said businesses must understand the markets they serve. “There are rapid changes in our community's demographics occurring and the overall consumer base is requiring businesses to better understand the culture, values and different perspectives associated with this new era of diversity,” Barela said.