B:Side Capital and B:Side Fund
Annual Report 2021
Reaching New Heights
in small business lending
2021 was a year like no other our organization has seen. We experienced record high SBA volume through B:Side Capital, increased access to responsible lending through B:Side Fund, grew our team to nearly 50 members, implemented a powerful new technology stack, enhanced our internal processes, and moved our office to an exciting new location in Denver.
With the long-term goal of becoming the largest, best-run CDC (Certified Development Company) in the western United States, B:Side Capital is now a multi-state organization operating in Colorado, Utah and Arizona, with future plans of expansion into New Mexico.
Under our new brand as B:Side Capital and B:Side Fund we remain steadfast in our mission to foster the economic growth of diverse small businesses. The progress we have made in 2021 is allowing us to reach new heights in small business lending and is positioning ourselves for continued success now and well into the future.
A Message from the CEO Chris Myers
Loan Programs and Impact
A Monumental Year in SBA Lending
In 2021, B:Side Capital had a monumental year with record high volumes in both SBA 504 and 7(a) loan programs. Our growing team of loan experts tackled the year with gusto; we were even recognized by the Small Business Administration as one of the Top 9 Certified Development Companies in the nation for First Pass Rate. This recognition and unprecedented loan volume means that we were able to impact more small businesses and help lenders process loans with quicker turnaround times.
SBA 504
242
Loans Approved
$564,687,216
Total Project Costs
1,398
Jobs Created
SBA 7(a)
45
Loans Approved
$49,681,473
Total Project Costs
355
Jobs Created
Transformational Change for B:Side Fund
Our team has been hard at work rebuilding the foundation of our Direct Lending options. With the 2021 rebrand, we began amplifying our sister organization, B:Side Fund. As a 501(c)3, B:Side Fund has been able to re-imagine the lending system in a way that increases accessibility and promotes transparency. We have been supporting small businesses with non-SBA lending for 10 years now, and this transition supports the transformative impact we will have in the years to come. Check out the impact we have had in 10 years of Direct Lending below.
updates:
created an intentional credit policy with flexible collateral requirements
converted to an online application
built out a robust network of resources and referrals
363
Loans Approved
$21,582,294
Total Project Costs
1,786
Jobs Created
Underserved Businesses Impacted
47% WOMAN OWNED
7% VETERAN OWNED
35% RURAL BASED
25% MINORITY OWNED
27% EARLY STAGE
Small Business Success Stories
Every year we highlight a small business borrower from each of our loan programs who has overcome adversity, built a thriving business, or has inspired fellow entrepreneurs, lenders, and our staff! Read on to learn more about each of these inspiring business owners and how our loan programs helped them reach new heights.
2021 Partner Lenders
Top 3 SBA 504 Lenders
FirstBank
Bank of Colorado
ANB Bank
Top 3 SBA 7(a) Lenders
Bank of Colorado
Mountain View Bank of Commerce
Collegiate Peaks Bank
Our Award Winning Lenders
Top 504
Emerging 504
Top 7(a)
Emerging 7(a)
Trailblazing Lender
B:Side Board of Directors
"2021 was a tremendous year for B:Side. The organization reached new heights unlike ever before with a new brand identity, expansion into new markets, technology and process improvements, along with a 60% increase in SBA 504 loan approvals. During my tenure as Board President, what stood out the most was a renewed sense of confidence, collaboration, and the team's ability to adapt that has made them so successful. It was my pleasure having the opportunity to serve this organization during such a monumental year. I would like to especially thank my fellow board members, in addition to the entire B:Side community, for their continued support all in the name of helping small businesses grow and prosper." -Rick Whipple, Whipplewood, CPAs
PRESIDENT
Rick Whipple, Whipplewood, CPAs
PAST PRESIDENT
Tanner Tweten, FirstBank
VICE PRESIDENT
Tom Francis, InBank
TREASURER
Daniel Ryley, Arvada EDA
SECRETARY
Luke Davidson, Land Title Guarantee Company
BOARD MEMBERS
Jonathan Woodward, Aurora EDC
Jill Mendoza, Town of Superior
Bill McQuinn, Fulcrum Financial
Kathe Mehlbach, Independent Bank
Susana Salamun, Alpine Bank
Jessen Perko, Rudy Gregory, Attorneys at Law
Matthew Brunkow, Commerce Bank, N.A.
James King, J.P. Morgan Chase
Gil B. Selinger, Fairfield & Woods, P.C.
Loan Review Committees
SBA 504 Committee
SBA 504 Committee
Direct Lending Committee
Dan Bennett, Rock Canyon Bank
Patrick Riley, FirstBank
Hayden Thomson, FirstBank
Larry Stewart, Alpine Bank
Ryan Panariso, ANB Bank
Jonathan Lay, Vectra Bank
Val Moring, Elevations Credit Union
Katelin Cook, Mountain Valley Bank
Scott Davenport, Independent Financial
Zion Spurgeon, Commerce Bank
David Adzema, PB&T Bank
Brian Bare, Rock Canyon Bank
Jackie Bogdan, Farmers & Stockmens Bank
Nathan Tervort, Rock Canyon Bank
Hudson Beasley, FirstBank
Hunter Railey, Colorado Department of the Treasury
Shelbi Bauer, Alpine Bank
Mark Favro, ANB Bank
Bill Unrein, Vectra Bank Colorado
Felicia Aguilar, Premier Members Credit Union
Brian Rose, Region 9 Economic Development District of Southwest Colorado, Inc.
John Autry, Air Academy Federal Credit Union
Halden Kaneb, Huntington Bank
Joe Short, First Western Trust Bank
Drew Johnson, Adams Bank & Trust
Theodore (Ted) Mentry, Independent Financial
Jay Finesilver, Finesilver Business Consulting Services
Blake Zumbrunnen, Zions Bank
Ryan Hutchins, Peak Business Valuation
Evan SmithAcuna, FirstBank
Stefan Katsampes, Redstone Bank
Lucas Workman, Town of Erie
Lindsey Vigoda, Small Business Majority
Sean Waybright, Evolve Bank and Trust
Lonnie Weaver, Kirkpatrick Bank
Christine Dickensheet, Dickensheet & Associates, Inc.
Benjamin Martin, Collegiate Peaks Bank, a division of Glacier Bank
Matthew Propst, ANB Bank
Lauren Money, Vaco
Eric Donnelly, Crossroads
Matt Nuñez, Colorado Office of Economic Development and International Trade
Shane Mahoney, Community Banks of Colorado
Phuong Nguyen, Colorado Housing and Finance Authority
Thank You to Our Team
None of this impact in 2021 would have been possible without the hard work and dedication of our amazing staff, so a special thank you goes out to the B:Side Capital and B:Side Fund teams for their work in supporting small businesses this past year. We are excited to see how we will reach new heights in small business lending together into 2022!