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JCBs Mary Ellen Jaynes joins Southern Loan Committee
for Indiana Statewide CDC SBA 504 lender
Mary Ellen Jaynes, senior vice president and chief credit officer of Jackson County Bank in Seymour, has joined the Indiana Statewide Certified Development Corporation's Southern Loan Committee.

Indiana Statewide CDC works with local lenders to provide loans to small business owners from the U.S. Small Business Administration 504 loan program.

Jaynes says, "As a lender, I've used the SBA 504 program with several borrowers. All the borrowers are small business owners with narrow profit margins; the 504 program is a benefit for them because of its low rate and low down payment, both of which are important to the owner of a business trying to gain a foothold in the marketplace."

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.

Jaynes says, "The Indiana Statewide CDC has been a reliable presence in the business financing world for a long time. I've been very pleased every time I've worked with them."

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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