June 11, 2020
By Caity Witucki
Contributing Editor, Coleman Movers & Shakers
Coleman Movers & Shakers — Jim Barnett, Hercules Capital, and Fernanda Pedraza
Summit State Bank Welcomes Jim Barnett as Vice President and Small Business Lending Officer
Jim Barnett has joined Summit State Bank’s SBA team as Vice President and Small Business Lending Officer. He brings with him over 16 years of experience in the finance industry and vast knowledge about commercial and SBA lending. Most recently, he was Vice President and Business Development Officer for Exchange Bank where he was recognized as a top performer in SBA 504 and 7(a) loan production.
“We feel fortunate to add another experienced Small Business Administration lender to our robust SBA team,” says Brian Reed, President and CEO of Summit State Bank. “Jim has been highly successful in establishing relationships with small businesses throughout the greater North and East Bay Areas. His knowledge and customer focus are welcome and aligned with meeting the Bank’s strategic direction for growth.”
Jim is a graduate of St. Mary’s College earning his Bachelor of Arts Degree in Communication. He is also a graduate of the Pacific Coast Banking School of Executive Management and Leadership. Jim is actively involved with the Chamber of Commerce in both Brentwood and Walnut Creek. In his spare time, Jim enjoys spending time with family and traveling for his children’s competitive sporting events.
Hercules Capital Gets SBA Green Light Letter for SBIC License
Hercules Capital, Inc. recently received a “green light” letter from the Small Business Administration approving the corporation to finalize its application process to obtain the license for the purpose of operating a third Small Business Investment Company (“SBIC”) subsidiary.
Final approval of the license is expected by fourth-quarter 2020. Once Hercules Capital obtains the third SBIC license held by its subsidiaries, it will be able to access additional growth capital of $175 million of long-term debentures. This will bring the company’s combined borrowing capacity through the SBIC program to $285.3 million of capital.
“We are extremely pleased to receive the ‘green light’ approval from the SBA. Our long-standing partnership with the SBIC program remains an important and strategic component to maintaining a highly liquid and diversified balance sheet and it provides us with further flexibility to be able to continue to support small and growth oriented businesses including those that are minority, women or veteran owned or managed,” says Hercules Capital’s CEO, Scott Bluestein. “This third license will provide us with favorable long-term financing further enhancing our already strong liquidity position in a cost-effective manner.”
Springfield Branch Manager Joins SBA Illinois District Team
Fernanda “Fhernie” Pedraza has joined the U.S. Small Business Administration’s Illinois District Office as the Springfield Branch Manager. As Branch Manager, Pedraza will provide resources to small business owners who are seeking assistance with government contracting opportunities, counseling, and capital to start or grow their businesses.
“I am very excited for this opportunity to work with Illinois small business owners,” says Pedraza. “SBA has resources for businesses at every stage, and I’m looking forward to helping entrepreneurs in all corners of the state access the services they need to achieve their goals.”
Pedraza will play an essential role in the agency’s increased efforts in 2020 to connect with rural entrepreneurs. To promote economic diversification and empower entrepreneurs, the SBA is working to ensure small businesses are aware of opportunities through Historically Underutilized Business Zones and Opportunity Zones. Rural small businesses may also have fewer options for conventional loans, but the SBA is working to ensure they have access to the capital they need to start, grow or expand a business.
“We’re thrilled to have a small business expert like Fhernie join the SBA Illinois District team,” says SBA Illinois District Director, Robert Steiner. “She has a passion for our mission and a wealth of experience that will prove invaluable to small business owners across the state.”