Helps Bend-based Centratel prepare to add 20 new jobs.
Bank of the Cascades continues to expand its lending to small businesses, moving up in Oregon’s latest Small Business Administration (SBA) rankings to number five in total loans generated in the first half of 2014. The ranking reflects the bank’s long-term commitment to invest deposits back into local economies and help small businesses grow.
Last year, Bank of the Cascades established its SBA Government Guaranteed Loan Department, which significantly enhances its ability to serve Central Oregon. Since 2013, the bank has helped nearly 80 businesses secure SBA financing worth more than $30 million—including roughly $9 million in funding to Central Oregon businesses.
“We want people to know that when they bank with Bank of the Cascades, their deposits are reinvested back into their local communities, helping companies expand and create jobs,” said Cathie Hendrix, Bank of the Cascades vice president and manager of the government guaranteed loan department. “Our SBA program and expertise sets us apart from many other financial institutions and gives our customers access to low-cost financing that preserves cash flow and enables growth.”
One Bend-based company, Centratel, recently partnered with Bank of the Cascades to purchase an office building in anticipation of future growth. Centratel is a national answering service with major clients across the country and currently employs 40 workers at its call center in Bend. Celebrating its 30-year anniversary this December, the company is experiencing tremendous growth in 2014—each month setting new record-high gross revenues. According to CEO and owner Sam Carpenter, Centratel’s recent financing through Bank of the Cascades allows him to add 20 new employees in 2015 and prepare for even more future expansion.
“Without Bank of the Cascades’ knowledge of our business, personal attention to detail and quick turnaround, the deal to purchase much-needed office space would have never happened,” said Carpenter. “Our loan officer helped us secure a 20-year fixed interest SBA loan, which offers significant long-term savings and preserves our cash flow in the short term. Most importantly, we are now poised to expand our operations and add jobs to the local economy.”
Earlier this year, Bank of the Cascades merged with Home Federal Bank, expanding its presence in Oregon and Southwest Idaho. To celebrate its growth, and as part of its commitment to all the communities it serves, Bank of the Cascades has pledged to lend nearly $2 billion to local businesses over the next three years.
About Bank of the Cascades
Bank of the Cascades is the principal subsidiary of Cascade Bancorp (NASDAQ: CACB). Headquartered in Bend, Oregon, Bank of the Cascades delivers personalized relationship banking, competitive financial products and advanced technology applied for the convenience of customers. Founded in 1977, Bank of the Cascades offers full-service community banking through 40 branches in Central Oregon, Southern Oregon, Willamette Valley/ Eugene/ Portland/Salem and Southwest Idaho. Throughout its history, the bank has been recognized for its long-standing tradition of corporate philanthropy.
For more information, visit www.botc.com.
