August 2019
Issue 26

The SBA 504 Program and Cheesecakes


SBA 504 Effective Rates for August 2019

25-year4.01% / 4.04% Refi
20-year3.91% / 3.95% Refi
10-year3.94% / 3.98% Refi

Chuckanut Bay Foods specializes in creating cheesecakes, tiramisu, and fruitcake with fresh natural ingredients from local dairies and farms all over the Pacific Northwest. When making their desserts, they put approximately 200 pounds of ingredients in one bowl and when they create their small, 3 inch cheesecakes, they can produce about 40,000 of them a day! Their desserts are in high demand for grocery stores all over, however, Chuckanut Bay Foods had reached production capacity in their building. The lack of space was beginning to negatively impact manufacturing efficiencies and production.

The owner, Jim Gibson, was able to utilize the SBA 504 Program through NWBDA and Peoples’ Bank to buy larger building that is closer to Canada where they plan to expand exports to Canada. 

Watch a video on how their iconic cheesecakes are made:

Teresa from Peoples’ Bank worked seamlessly with Elizabeth Rusnak of the NWBDA to develop, explain and implement a financing package for our new state-of-the-art bakery that met all of our needs around cost of capital, timing and flexibility. Elizabeth met with us several times and was always available to provide updates and answers about the SBA loan process. In fact, Elizabeth was one of our most enthusiastic guests during the grand opening of the bakery. Both the NWBDA and Peoples’ Bank have excellent team members behind the scenes that worked to make our transaction run smoothly from start to finish.

The success of our business relies, in large part, on the partnerships we form. We count the NWBDA and Peoples’ Bank among those essential partnerships. I’d recommend Elizabeth and her team to anyone exploring long-term financing alternatives.” Jim Gibson

The SBA is Now ONLY
Accepting Electronic Fingerprints

ALL Fingerprint background check submissions for 504 loans must be completed through an FBI approved, SBA contracted channeler and will ONLY be accepted electronically.

Fingerprints are not needed for every borrower. They are only needed after a CDC has determined that a fingerprint
background check is required and has obtained the supporting documentation. The CDC will refer the potential borrower to the approved channeler’s website, if needed.

The channeler will submit the fingerprints electronically to the FBI/SBA, which will expedite the process for faster loan approvals.

Please contact a Business Development Officer if you have any questions about this new SBA 504 Program procedure.

Business Development Officers

  Eastern Washington/
Northern Idaho
Evan Heriot

Central Washington
Lisa Vincent

Western Washington
Elizabeth Rusnak
Mark Beppler

Southwestern Washington/
North Oregon
Jim Bight
Mike Miller

July’s Loan Fundings

NWBDA funded 4 new
projects for the total amount of $10,146,600.00

July’s Loan Approvals

NWBDA approved 7 new
projects for the total amount of $19,049,474.00

In the month of July, 
NWBDA helped
create 9 new jobs
in the local communities
(509) 458-8555
(800) 540-1748 (Toll Free)


Achieving BIG Dreams for SMALL Businesses