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News
First Merchants' Daryl Pomranke joins Northern Loan Committee
for Indiana Statewide SBA 504 lender
Daryl Pomranke of First Merchants Bank in Munster is joining the Indiana Statewide Certified Development Corporation's Northern Loan Committee. Pomranke is regional president for First Merchants' Lakeshore Region and was president & CEO of Citizens Financial Bank before its merger with First Merchants.

Indiana Statewide CDC works with local lenders to provide loans to small business owners from the U.S. Small Business Administration 504 loan program. The SBA 504 program is a partnership between a bank lender who provides a conventional loan for 50% of the project, and Indiana Statewide CDC (SBA) that typically provides 40% of the financing. The borrower is responsible for the remaining 10%, a lower down payment than conventional loans require. The resulting terms can give small business owners long-term, fixed rate financing that is more affordable than conventional financing.

Indiana Statewide operates with a Board of Directors that oversees operations and three regional loan committees covering northern, central and southern Indiana. The regional loan committees provide geographic specific input when loan applications are reviewed. The Indiana Statewide CDC has invested over $459 million in more than 1,120 Indiana companies since 1983, creating or saving 26,500 jobs 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.

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