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|Indiana Statewide CDC tops Hoosier SBA 504 lenders with
$27 million for small businesses in FY 2015
Indiana Statewide Certified Development Corporation provided more than $27 million to Indiana small businesses in 2015 through the U.S. Small Business Administration (SBA) 504 loan program.
Indiana Statewide CDC's total of $27,621,000 ranks first among Indiana lenders under the SBA 504 loan program The loans represent 40 loan approvals; the 40 projects saved or created 508 jobs in Indiana (133 jobs are retained, 375 are new). The totals are for fiscal year 2015 that ended September 30.
The SBA 504 program is a partnership between a bank lender who provides a conventional loan for 50% of the project and Indiana Statewide CDC that typically provides 40% of the financing. The borrower is responsible for the remaining 10%, a lower down payment than conventional loans require. The resulting terms can give small business owners long-term, fixed rate financing that is more affordable than conventional financing.
The Indiana Statewide CDC has provided more than $463 million to 1,145 Indiana companies since 1983, creating or saving 26,500 jobs, and is the most prolific CDC in Indiana.
Jean Wojtowicz, executive director of the Indiana Statewide CDC, says, "These figures indicate strong confidence in the SBA 504 program and in Indiana's economy in general; from manufacturing, to software developers, to health care providers....the strength of our SBA 504 program is positive news for the state as a whole."
Many small business owners, such as Chris Sumner of Precision Racing Components in Indianapolis, say a SBA 504 loan makes a big difference to their company.
Sumner says, "The SBA 504 loan program made it possible to purchase our facility and reduce our monthly overhead expenses and provide stability so we can concentrate on growing the business." Precisions Racing received its SBA 504 loan from Indiana Statewide CDC and STAR Financial Bank. Precision Racing has 13 employees. The company designs and builds parts for professional racing teams and manufacturers competing in Indy Car, NASCAR, World of Outlaw Sprint Cars and drag racing.
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.