Indiana has largest amount of small business loans

Provided photo: Small Business Administration

INDIANAPOLIS (Inside INdiana Business) — Indiana small business owners were approved for over $34 million in loans in fiscal year 2019, which is the largest of any of the state’s certified lenders of SBA 504 funds. The $34.1 million of loan approvals were to 40 different borrowers, with total investment in Indiana Statewide CDC’s 40 projects at over $85 million. The loans either saved or helped create 680 jobs.

Indiana Statewide CDC works with local lenders to offer SBA 504 financing to owners who are expanding or starting small businesses, with loans being used to buy real estate, buildings and equipment at fixed, long-term rates. Indiana Statewide CDC executive director Jean Wojtowicz says borrowers include medical professionals, retail stores, software manufacturers and attorneys. “They share the ambition and dedication to create and expand companies that provide products, services and jobs to their communities. In addition, we are grateful for the local lenders who trust us to help them with their economic development projects,” said Wojtowicz.

Indiana Statewide CDC was also the top producer in loan approvals in 2018 as well, with 50 approvals for nearly $40 million.