Two U.S. Bank Clients Receive Awards From U.S. Small Business Administration
One was named Small Businessperson of the Year and the other was named Startup Small Business of the Year
Originally published on U.S. Bank company blog
Small businesses across the U.S. celebrate National Small Business Week, held annually in May for more than 60 years, and this year, a seller of rare books in California and a State Farm Insurance business owner in Idaho have extra reasons to feel festive.
Abdullah Akturk, owner of Silk Road bookstore, was named Startup Small Business of the Year in the Sacramento area, and the State Farm representative, Patrick Buchanan, was named Small Businessperson of the year in the Boise region in the U.S. Small Business Administration’s annual National Small Business Week awards.
Buchanan and Akturk have both grown their businesses in part with help from SBA loans obtained through U.S. Bank.
A rare book expert
Silk Road is not Akturk’s first venture as an entrepreneur, he said. After moving to the U.S. from Turkey in 1999, he started a science-focused school in Reno, Nevada, then a science academy in Las Vegas. He moved to Sacramento in 2016 and opened a pizza business, which he sold in early 2020 – just before the pandemic hit – so he could spend more time with his young children.
Because his parents, who lived with him, were at risk due to their age during the pandemic, Akturk needed to find a job he could do from home.
“Education was always part of my life, and I had friends who used to sell books and told me it was a good business,” he said. “I knew I could do it online, so that’s how I started.”
Akturk gets inventory for his store in part by visiting small bookstores across California and buying mostly rare, out-of-print titles that he knows are in demand online.
“You have to put in the effort and visit the bookstores and find their books. It’s not that easy,” he said. “The hardest part is to find the right books.”
Akturk sells his books online through Amazon, eBay and Walmart, with 10,000 different books currently listed on Amazon, he said.
Akturk has been a U.S. Bank client since 2021, when the bank helped him get an SBA loan to buy inventory and other needs for his business, said Peter Kim, the SBA business development officer with U.S. Bank who nominated Akturk for his award.
“I also have my business accounts with U.S. Bank,” Akturk said. “I’m really happy with it.”
Four locations built from scratch
When Patrick Buchanan opened his first State Farm location in Ketchum, Idaho, in 2009, he didn’t have any experience in the insurance industry, he said. He had previously spent eight years doing three tours of duty as an Army officer, then used his engineering background to work in construction project management, which went well until the financial crisis hit in 2007 and 2008.
“Long story short, my mom’s State Farm agent told me I should become one,” he said. “I talked to a recruiter and there was the opportunity to start an office in Ketchum. I just jumped in with both feet and went for it, knocking on doors, making cold calls, buying leads.”
His business has since grown to four Idaho locations, with a total of 16 employees, and provides retirement advice in addition to insurance.
Buchanan has also focused on community involvement, being a member and former president of the Hailey Chamber of Commerce as well as serving on boards of directors and providing other support for charitable organizations. He also provides his employees with paid time off to do volunteer work, he said.
“My team goes out on the clock during business hours to help with the hunger coalition, the ski team, the local housing authority, Habitat for Humanity and other organizations,” Buchanan said. “It’s valuable for the community and gets the team members out of the office.”
“Not a lot of small businesses let their employees do that,” said Ben Mitchum, the U.S. Bank SBA business development officer who nominated Buchanan for the award.
Buchanan is a longtime U.S. Bank client, having received two SBA loans through the bank as well as his business and personal accounts.
“I’m super appreciative to be able to represent U.S. Bank, the SBA, my team of employees, our clients and the community who support us,” Buchanan said.
