Indiana Statewide CDC leads state in SBA loans
INDIANAPOLIS, Ind. (Inside INdiana Business) – The Indiana Statewide Certified Development Corp. in Indianapolis has loaned the most money from the U.S. Small Business Administration 504 loan program to Indiana business owners in 2020. Indiana Statewide CDC says it loaned nearly $29.8 million to owners of Hoosier during the year ending September 30.
When combined with funds from lending partners and down payments from borrowers, the organization says it generated nearly $75 million in total economic development projects.
“We are grateful to our more than 30 lending partners and to our small-business borrowers for trusting us to help them build their futures,” said Jean Wojtowicz, executive director of Indiana Statewide CDC. “Their optimism and energy inspire us, especially since some of them face deeply personal challenges in this difficult year in which the Covid-19 pandemic dominates our thoughts and action.”
Indiana Statewide CDC works with local lenders, such as local banks, to issue SBA 504 loans to owners of startup small businesses. The organization says small business owners use the financing to buy real estate, buildings and equipment.
Indiana Statewide CDC says it made 43 loans, tied for the top among Indiana corporations certified by the SBA to issue loans from the 504 program.
Indiana Statewide CDC says it loaned almost 33% of all dollars loaned by the state’s five CDCs.