Exeon Processors increases production capacity in Jonesboro with SBA 504 loan from First Merchants Bank and Indiana Statewide CDC.

Exeon Processors has opened a new production line and added employees in its Jonesboro plant. Exeon Processors' wire reclamation facility in Jonesboro is more than 30 years old. Steve Lundergan, an owner and vice president, says Exeon bought equipment to enter new markets and increased employment by 15 persons to a total of 44. First Merchants Bank and Indiana Statewide Certified Development Corporation provided financing for Exeon's new equipment from the U.S. Small Business Administration 504 loan program. 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. Lundergan says, "The 504 loan is more cost effective for us, and the process was excellent and timely." Bill Needler of First Merchants Bank says, "Exeon is an important corporate citizen in Grant County and a perfect example of how this SBA 504 loan program helps create new jobs." Tim Eckerle, executive director of the Grant County Economic Growth Council, says, "I've had to the privilege to work alongside the Indiana Statewide CDC for many years now, and I'm thrilled to see Exeon Processors benefit from the SBA 504 Loan—enabling investment and job creation right here in Grant County." (Eckerle is a member of the Indiana Statewide CDC board of directors.) Exeon Processors describes itself as a "wire chopper." The company buys used insulated copper wire and bare copper items and removes the insulation and other extraneous material. Then, it sells the raw copper to manufacturers in a variety of industries. Background: Indiana Statewide CDC has provided more than $600 million to 1,300 Indiana companies since 1983. These dollars are part of over $1.4 billion in project financing, creating or saving more than 26,595 jobs. Indiana Statewide CDC is the most prolific CDC in Indiana. 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. I am proud that these projects are placed throughout the state and are helping many communities build a diversified economic base."  First Merchants Bank (www.firstmerchants.com) was founded in Muncie in 1893. The bank is the largest part of the largest financial services holding company located in Central Indiana. First Merchants local branches are in 31 Indiana counties and two counties each in Illinois, Michigan and Ohio. Exeon Processors (www.exeoninc.com) is located in Jonesboro Indiana. Exeon buys, processes and sells all types of copper scrap, focusing mainly on the chopping of insulated copper wire. In 2014, Exeon was purchased jointly by the existing management and by the owners of The Imperial Group, which has invested in several scrap and metal related companies with combined sales in excess of $800 million dollars. This relationship with Imperial strengthens Exeon's financial footing and expands Exeon's reach to the scrap industry, from both a trading and operational standpoint.