Hames Corporation is a third generation family owned company with roots that began back in 1949 as a small corner grocery store in Sitka. The corporation is still locally owned and operated and employs approximately 135 full- and part time associates. The company has grown today to include two grocery stores, two convenience stores that include liquor and fuel, apartment rentals and property development, all in Sitka.
In February 2012, the Hames Corporation was approved for an $825,000 participation loan with AIDEA providing 70 percent support ($660,000) in addition to Alaska Pacific Bank’s 30 percent support. Through the AIDEA and Alaska Pacific Bank partnership the Hames Corporation was able to lower its borrowing costs, open a new store, and upgrade to energy efficient equipment. Through the structure of the transaction and prudent cash management, the corporation strengthened its balance sheet, which will allow it to better weather the cyclical nature of their business. The financing created 15 construction jobs and an additional six to eight permanent jobs for the community.
“The loan was consummated in a timely manner and we are very pleased with the overall outcome.”
Roger L. Hames, President