|Current 504 Loan Rates:
|ArcDESIGN's new office opens with SBA 504 small business financing from First Merchants Bank and Indiana Statewide CDC
ArcDESIGN's new headquarters reflect the spaciousness and modern functionality of the company's designs for its clients. ArcDESIGN, an architecture and engineering firm, recently relocated to Delaware and Ohio Streets downtown, right above the Barcelona Tapas restaurant.
Founding Principal Andrew Hine financed the move with the U.S. Small Business Administration 504 loan program through First Merchants Bank and the Indiana Statewide Certified Development Corporation.
Indiana Statewide CDC works with local lenders to provide SBA 504 loans to owners of small businesses. SBA 504 loans can give small business owners long-term, fixed rate financing similar to commercial loan terms available for large companies.
Travis Caulk of First Merchants Bank says, "The SBA 504 program is enabling ArcDESIGN to expand its footprint in Indianapolis, while preserving resources for growth within the firm. The SBA's long-term fixed rate loan will provide ArcDESIGN's management team with a predictable payment over the next 20 years at an attractive low historical interest rate that is invaluable in a rise interest rate environment."
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."
First Merchants' Caulk says, "We received great, professional service from the Indiana Statewide CDC and SBA."