Xanatek Moves Into New HQ In Downtown South Bend With SBA 504 Loan From PNC Bank And Indiana Statewide CDC

Software developer Xanatek, based in South Bend since1995 and serving customers in 38 states, moved into its new headquarters building downtown. Xanatek purchased and remodeled the building at 412 South Lafayette St., with a loan from the U.S. Small Business Administration 504 loan program, according to owner and founder, Brent Sheppard. PNC Bank and Indiana Statewide Certified Development Corporation provided the financing to allow the company to make this move. 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. Loans from Indiana Statewide CDC and partner lenders in 2016 provided more than $79 million to 44 Hoosier small businesses, creating or saving 480 jobs. Sheppard says the SBA 504 loan helped his company more than a conventional business loan would have. "The 10 percent down payment and fixed interest rate for 20 years were most attractive to us," he says. Eve Wilkerson of PNC Bank says, "Xanatek supports the community by providing strong, high income job opportunities in South Bend. This transaction represents PNC's commitment to South Bend and a reaffirmation of its ‘great place to live and work' status." Xanatek's main products are information management systems for insurance agencies. The company's 27 employees include software developers and programmers and technical assistants. Background: Indiana Statewide CDC (www.cambridgecapitalmgmt.com) has provided more than $486 million to 1,170 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 $71 billion to more than 139,000 small businesses in the U.S. In turn, those small firms have created or retained over 2.1 million jobs. 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 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 generally available to small businesses." PNC Bank (www.pnc.com) Now 160 years old, PNC Bank offers a wide range of services for customers, from individuals and small businesses, to corporations and government entities. Xanatek (www.xanatek.com) creates and manages management systems for insurance agencies in 38 states. Xanatek's insurance management systems (IMS) offer extra layers of protection, easy documentation and allows customers to choose information system storage in the Cloud, or their home.