Independent Banker - May 2020 - 63

department on the Olympic Peninsula. The
financing underwrote the purchase of a new
fleet of fire engines, hydraulic rescue tools and
an emergency response vehicle, providing the
800 residents of Brinnon, Wash., with a fully
equipped fire department. This work exemplifies
Kitsap Bank's family legacy and its enduring ties
with the communities of western Puget Sound.
The funding of the Brinnon fire department
also reflects Kitsap Bank's expertise in municipal
and specialty financing. " The great big banks
pull out of the rural markets, so there's a real
opportunity for municipal lending in these
areas, " says Steve Politakis, CEO of Kitsap Bank,
" but some community banks don't develop
the expertise. "
" Whether it's a city,
a county or a fire
district, we are very
sensitive to the needs
of the greater western
Puget Sound. "
-Steven Politakis,
Kitsap Bank
With Politakis' leadership, Kitsap Bank has
a flourishing municipal and specialty financing
portfolio, to the notable benefit of several small
communities. For example, a recent line of credit
made on a grant anticipation note will provide
banking services to Allyn, Wash., a small village
on Puget Sound that lacked any banking services.
Kitsap Bank also made a seven-figure loan
to Port Angeles, Wash., for a significant expansion
of a shore pool at the William Shore Aquatic
Center. " Whether it's a city, a county or a fire
district, we are very sensitive to the needs of the
greater western Puget Sound, " Politakis says.
Supporting startups
One of Kitsap Bank's major contributions to
the western Puget Sound area is an innovative
contest called the edg3 FUND. The contest asks
local startups and small businesses that may
not yet qualify for bank financing to compete
for a $25,000 grand prize. Entrants are judged
on their ability to make a positive impact in the
community from an economic, social and environmental
standpoint. Kitsap Bank also awards
$5,000 to the company that best demonstrates
the spirit of the community.
The contest opens in mid-summer. The community
bank then chooses 10 to 15 semifinalists,
posts their names and videos on its website and
opens up the contest for a public voting period.
" The applicants get very, very energetic in getting
their votes lined up, " Politakis says.
The public vote has an influence, but to avoid
being simply a popularity contest, a committee
of bank staff and local business leaders makes
the final selection of five finalists using the public
vote to inform their decisions.
Edg3 FUND is a registered event with Global
Entrepreneurship Week (GEW), and the final
round takes place in November in concert with
worldwide GEW events. The evening of the event,
which starts with a business showcase and networking,
is well attended, with typically 250-300
attendees from the business community.
" We've gotten lots of feedback on how worthwhile
the event is, " Politakis says. " Businesses
learn how other businesses are doing things and
how they might get future funding from banks. "
The 2019 winner, Fuchsia Shoes in Bothell,
Wash., works with artisans in Pakistan to make
handcrafted ballet flats, cashmere scarves and
other accessories.
" They are very innovative with a very
high-quality product, " Politakis says. " It's especially
positive that it allows the artisans to make
a true living wage. "
Quick stat
$25K
is awarded to
the local startup
that wins Kitsap
Bank's edg3
FUND innovation
contest
The 2018 winner, Sequim Bee Farm in Port
Angeles, used its edg3 FUND winnings to purchase
equipment that has significantly increased
production, increasing the company's ability to
generate revenue. Its products have won five
awards from the Good Food Foundation, a national
honor for food crafters. Another previous
edg3 FUND winner, Combat Flip Flops, went on
to be a contestant on ABC's Shark Tank and was
funded by three " sharks. "
Politakis views the edg3 FUND as a win-win for
Kitsap Bank and the community. " We're getting
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