State Bank is Indiana Statewide CDC "Small business lender of the year"

State Bank is Indiana's Small-Business Lender of the Year for 2020. The award was made by Indiana Statewide Certified Development Corporation and is for loans made by State Bank to small-business owners using the U.S. Small Business Administration's 504 loan program. Ryan Murphy and Kevin Hall were State Bank's officials making the loans. State Bank is headquartered in Lizton and has six locations in Hendricks and Boone counties. Runner-up as Lender of the Year is Community First Bank of Indiana. From its base in Kokomo, Community First Bank of Indiana operates six locations in Howard and Hamilton counties. Indiana Statewide CDC works with local Indiana lenders to issue SBA 504 loans to help owners of expanding or startup small businesses buy real estate, buildings and equipment. SBA 504 loans can give small business owners long-term, fixed rate financing similar to commercial loan terms available for large companies. The Lender of the Year Award is made to the Indiana bank that makes the highest dollar volume of SBA 504 loans with Indiana Statewide CDC as a percentage of the bank's total deposits. Several other awards were announced during the Indiana Statewide CDC's virtual annual meeting Wednesday. First Merchants Bank had the most SBA 504 loans approved by Indiana Statewide CDC, and the most dollars in debenture bond sales by the SBA to finance the 504 loans. Ryan Mooney of First Merchants was the banker with the most loans approved by Indiana Statewide CDC. Chuck Fippen of First Internet Bank won an award for the most debenture dollars approved for the year. The Lender of the Year Award is based on loans made during the federal fiscal year ending September 30. Indiana Statewide CDC previously announced that it loaned nearly $29.8 million to owners of Hoosier small businesses during the 2020 federal fiscal year. When combined with funds from lending partners and down payments from borrowers, Indiana Statewide CDC generated nearly $75 million in total economic development projects. Indiana Statewide CDC ranked first in dollars approved among Indiana corporations certified by the SBA to issue loans from the 504 program. Indiana Statewide CDC loaned almost 33 percent of all dollars loaned by the state's five CDCs and its 43 transactions are 27.5 percent of the state total. Background: Indiana Statewide CDC has approved over $725 million of financing for more than 1,500 Indiana companies since 1983, creating or saving more than 27,000 jobs, and is the most prolific CDC in Indiana. These projects represent more than $1.8 billion in expansion financing for Indiana businesses. Executive Director Jean Wojtowicz says, "SBA 504 loans help small businesses grow because borrowing companies can put as little as 10 percent down and receive a low, fixed interest rate for as long as 25 years. The SBA guarantees bonds sold privately to finance a portion of the loan. With the guarantee, we can offer more favorable loan rates than generally available to small businesses."