Indiana Statewide Certified Development Corp. approved $34.1 million in loans to small business owners in fiscal year 2019. The amount is the largest of any of the state’s certified lenders of SBA 504 funds. The loans helped create or save approximately 680 jobs.
Loan approvals were to 40 borrowers. Total investment in Indiana Statewide CDC’s 40 loan projects topped $85 million; a combination of SBA 504, bank funds and down payments by the business owners. Indiana Statewide CDC partners with local lenders to provide SBA 504 financing to owners of expanding or startup small businesses. SBA 504 loans help businesses buy real estate, buildings and equipment at long-term, fixed rates better than routinely available commercially to small companies.
“Our borrowers include landscapers, medical professionals, retail stores, heavy equipment and software manufacturers and attorneys,” said Jean Wojtowicz, executive director of Indiana Statewide CDC. “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.”
In 2018, Indiana Statewide CDC was also the top producer in loan approvals with 50 approvals for $35.8 million, which helped Indiana businesses complete expansions worth over $89 million. Indiana Statewide CDC’s fiscal year ends Sept. 30, the same date as the federal government’s fiscal year.
Indiana Statewide CDC, managed by Cambridge Captial Management Corp., has approved more than $690 million of financing for 1,500 Indiana companies since 1983, creating or saving more than 26,595 jobs, and is the most prolific CDC in Indiana. These projects represent more than $1.7 billion in expansion financing for Indiana businesses.