More than $31 million in loans to Hoosier small businesses in 2016 from Indiana Statewide CDC

Indiana Statewide Certified Development Corporation provided more than $31 million to Hoosier small businesses in 2016 through the U.S. Small Business Administration 504 loan program. Working with its local lending partners, Indiana Statewide CDC approved loans to 44 small businesses in 17 Indiana counties, creating or saving 480 jobs. Indiana Statewide CDC teams with local banks to provide SBA 504 small business loans. The owners of small businesses receiving SBA 504 loans can take advantage of long-term, fixed rate financing and reduced down payments similar to commercial loan terms available for large companies. The $31 million is the highest since 2007, indicating demand is strong for business expansion financing in Indiana. The new figures are for fiscal 2016, ending September 30. Companies receiving loans are engaged in software development, construction, manufacturing, home security, medical services, brewing, hospitality and a variety of other industries. The financing provided by Indiana Statewide CDC in 2016 includes 24 loans in Metropolitan Indianapolis; 13 in Indianapolis, two each in Greenwood, Noblesville and Westfield, and one each in Carmel, Fishers, Mooresville, Southport and Zionsville. Indiana Statewide CDC Executive Director Jean Wojtowicz says, “Many borrowers tell us that the low down payment offered by the 504 program saves them money they can use for other important business expenses and the fixed-term repayment schedule gives them a reliable figure in their otherwise changeable budgets.” Indiana Statewide CDC has provided more than $475 million to 1,157 Indiana companies since 1983, creating or saving 26,500 jobs, and is the most prolific CDC in Indiana. Nationally, since Congress created the 504 program, SBA 504 loans have funded over $67 billion to more than 135,000 small businesses in the U.S. In turn, those small firms have created or retained over 2.1 million jobs.