Indiana Statewide CDC tops state in 2021 SBA 504 small businesses loans

Owners of small businesses in Indiana received more U.S. Small Business Administration 504 loans — and more loan dollars — from the Indiana Statewide Certified Development Corporation than any other SBA 504 lender. Indiana Statewide CDC approved 51 loans totaling over $34 million in the Federal Fiscal Year 2021 ending September 30. The total investment in SBA 504 projects funded by Indiana Statewide CDC and partner banks exceeds $85 million when the owners’ down payment and the share provided by lending partners is included. Over 450 jobs were created or saved by the loans in communities throughout the state. Indiana Statewide CDC is one of five Indiana companies the SBA certifies to issue loans from the 504 small-business program. Indiana Statewide CDC had the biggest market share of loans, making 26.3 percent of all SBA 504 loans in the state and providing 29 percent of the total dollars to Indiana’s small-business owners. Indiana Statewide CDC works with local Indiana lenders, usually banks, to issue SBA 504 loans to owners of expanding or startup small businesses. SBA 504 borrowers gain the ad-vantages of a lower down payment and multi-year, fixed-rate repayment terms similar to com-mercial loan terms available to large companies. Small-business owners use SBA 504 financing to buy real estate, buildings and equipment and also to refinance fixed asset debt on their balance sheet. Jean Wojtowicz, executive director of Indiana Statewide CDC, says, “The SBA 504 loans provide unique protection for borrowers and the bank lenders. One of them is the ability to re-finance existing debt at a low, fixed-interest rate. Many of our borrowers used this feature to help them recover ground lost due to the pandemic. We continued to be grateful to our more than 30 lending partners and to our small-business borrowers for letting us help them build their futures. Their optimism and energy always inspire us.” Background: Indiana Statewide CDC (www.cambridgecapitalmgmt.com) has approved over $760 million of financing for more than 1,600 Indiana companies since 1983, creating or saving more than 30,000 jobs, and is the most prolific CDC in Indiana. These projects represent more than $1.9 billion in expansion financing for Indiana businesses. Exact figures for FY 2021include: $34,583,000 in dollars approved; an increase of more than $5 million over FY 2020.