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Calvin Landscaping locates closer to customers with SBA 504 loan from Huntington National Bank and Indiana Statewide CDC
Calvin Landscape opened its new office, warehouse and display bins this week on West 86th Street. Owner James Calvin bought and remodeled buildings for his office, warehouse and outdoor display bins with a loan from the U.S. Small Business Administration 504 program though Huntington National Bank and Indiana Statewide Certified Development Corporation.

Indiana Statewide CDC works with local lenders to provide SBA 504 loans to owners of small businesses, including Fields' Collision Cure stores in Anderson and Fishers. SBA 504 loans can give small business owners long-term, fixed rate financing similar to commercial loan terms available for large companies.

Seth Perigo of Huntington National Bank says, "Calvin's is a well-run family-owned business that recognized most of his growth was on the north side. He found a good building with enough acreage for his offices, warehouse and outdoor bins; it's perfect for him.

"The SBA 504 loan provides Jim Calvin with the features he needs; he has a locked-in rate for a specific period of time. Jim is conservative with his cash flow and was looking for a good interest rate. After I explained the options, it took him all of 15 seconds to pick the SBA 504 loan."

The Indiana Statewide CDC has invested over $459 million in more than 1,050 Indiana companies since 1983, creating or saving 26,500 jobs. Indiana Statewide CDC observed its 30th anniversary last year and is the most prolific CDC in Indiana.

Since Congress created the 504 program, SBA 504 loans have funded over $62 billion to more than 130,000 small businesses. In turn, those small firms have created or retained over 2.1 million jobs for the U.S. economy.

Indiana Statewide CDC Executive Director Jean Wojtowicz says, "SBA 504 loans are effective because borrowing companies can put as little as 10 percent down and receive a low, fixed interest rate for as long as 20 years. The SBA guarantees bonds sold privately to finance a portion of the loan. With the guarantee, we can offer loan rates more favorable than conventional financing."

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