ChoiceOne Bank Earns Esteemed 2023 Lender of the Year Award
ChoiceOne Financial Services, Inc., along with its banking branch, ChoiceOne Bank (NASDAQ: COFS), has been honored by the Michigan Certified Development Corporation (MCDC) as the 2023 Lender of the Year. This accolade reflects the bank's steadfast commitment to fostering economic growth in local communities by supporting small business financing.
Recognizing Individual Accomplishments
In addition to the bank's overall recognition, Bradley Bissett, who serves as Vice President and Commercial Loan Officer at ChoiceOne, was awarded the MCDC 2023 Individual Lender of the Year. This recognition underscores the significant impact individual contributions make within the lending industry, highlighting ChoiceOne's dedication to delivering excellent service.
A Focus on Community Development
Bradley Henion, the Executive Vice President and Chief Lending Officer at ChoiceOne, spoke proudly of the bank's achievements, stating, "Receiving the MCDC 2023 Lender of the Year Award is a testament to Aaron Griffin's hard work and dedication. Our mission has always been to cultivate strong relationships with entrepreneurs and small business owners while promoting business growth and economic development in our communities."
Understanding the Role of SBA Loans
In today's competitive landscape, the SBA 504 loan program stands out as a crucial resource for business owners aiming to expand. Unlike conventional loans, the SBA 504 loan is backed by the government, which allows borrowers access to more favorable terms to help them grow their operations and invest in essential resources.
Customized Solutions for Local Businesses
Eric Kehler, Vice President of SBA 504 Lending at MCDC, praised ChoiceOne for its impressive performance as a top lending partner. He noted their client-focused approach and innovative lending solutions. ChoiceOne's success in the 2023 SBA 504 Loan Program showcases their in-depth understanding of what borrowers need, setting a high standard in the industry.
Highlighting Bradley Bissett’s Contributions
Since joining ChoiceOne in 2022, Bissett has made exceptional contributions, drawing on nearly 20 years of experience in commercial lending. He has held key positions, including that of Chief Credit Officer, which equips him to make savvy decisions that benefit clients. His educational credentials from Central Michigan University and further training at the Graduate School of Banking in Madison, Wisconsin, emphasize his expertise.
Community Engagement and Contribution
Apart from his professional duties, Bissett actively gives back by engaging in local economic development efforts and volunteering for youth sports initiatives. His commitment to building relationships extends beyond banking, promoting a well-rounded approach to community service.
The Effects of ChoiceOne’s Lending Initiatives
Aaron Griffin pointed out that ChoiceOne’s mission revolves around understanding the specific challenges faced by small businesses. The bank's SBA 504 loan program, which offers long-term, fixed-rate financing for significant assets, has been instrumental in helping many customers obtain the necessary resources for growth. In 2023, ChoiceOne Bank received acknowledgment as the community bank with the highest volume of SBA 504 loans processed with MCDC.
Success That Goes Beyond Awards
This year, the bank was also honored as the SBA Michigan District 504 Third-Party Lender of the Year, further cementing its role as a reliable financial ally for small businesses. With a total of seven SBA 504 loans reaching nearly $7 million, ChoiceOne remains dedicated to supporting the local economy.
About the Michigan Certified Development Corporation
Founded in 1982, MCDC has established itself as the leading partner for facilitating SBA loans throughout Michigan, aiding thousands of small businesses in obtaining financial support to achieve their growth objectives. Their mission focuses on driving economic development and job creation across the state.
About ChoiceOne Financial Services
ChoiceOne Financial Services, Inc. is headquartered in Sparta, Michigan, and is a well-regarded financial holding company. With 35 branches spanning multiple counties, it has made a significant mark in the Michigan banking sector. Through its subsidiary, ChoiceOne Insurance Agencies, Inc., the company offers not just banking services but also insurance and investment options.
Frequently Asked Questions
What award did ChoiceOne Bank receive in 2023?
ChoiceOne Bank was honored with the MCDC 2023 Lender of the Year Award.
Who was recognized as the Individual Lender of the Year?
Bradley Bissett received the MCDC 2023 Individual Lender of the Year award.
What is the SBA 504 loan?
The SBA 504 loan is a government-backed financial product designed to help small businesses acquire fixed assets and expand operations.
What are some community contributions of Bradley Bissett?
Bradley Bissett is active in local economic development and volunteers in children's sports programs.
How many SBA 504 loans did ChoiceOne complete in 2023?
ChoiceOne Bank completed seven SBA 504 loans, amounting to nearly $7 million in total financing.
