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Indiana Statewide CDC tops state in SBA 504 loans to small businesses
Indiana Statewide Certified Development Corporation loaned the most dollars from the U.S. Small Business Administration 504 loan program to Indiana business owners in fiscal year 2020.

Indiana Statewide CDC loaned nearly $29.8 million to owners of Hoosier small business-es during the federal fiscal year ending September 30. When combined with funds from lending partners and down payments from borrowers, Indiana Statewide CDC generated nearly $75 mil-lion in total economic development projects.

Indiana Statewide CDC made 43 loans; tied for the top among Indiana corporations certi-fied by the SBA to issue loans from the 504 program.

Indiana Statewide CDC抯 domination of the SBA 504 market in Indiana in 2020 is further revealed in the percentages of dollars and loans provided. It loaned almost 33 percent of all dol-lars loaned by the state抯 five CDCs and its 43 transactions are 27.5 percent of the state total.

Indiana Statewide CDC works with local Indiana lenders, usually local banks, to issue SBA 504 loans to owners of expanding or startup small businesses. SBA 504 borrowers gain the advantages of a lower down payment and multi-year, fixed-rate repayment terms similar to commercial loan terms available to large companies. Small-business owners use SBA 504 fi-nancing to buy real estate, buildings and equipment. Congress created SBA 504 loans in 1983.

Jean Wojtowicz, executive director of Indiana Statewide CDC, says, 揥e are grateful to our more than 30 lending partners and to our small-business borrowers for trusting us to help them build their futures. 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.?br />
Indiana small business owners such as Cheryl Cantwell of Vincennes appreciate the as-surance offered by their SBA 504 loan. Cheryl and her husband, Charles, recently built and opened a gas station convenience store with 15 employees. She says, 揟he SBA 504 has offered a lower interest rate for a longer time period than we were able to find otherwise, and that抯 a great help for our everyday budgeting.?br />
The Cantwells obtained their SBA 504 loan from Indiana Statewide CDC and German American Bank. It抯 the Cantwell抯 second SBA 504 loan.

Background:
Indiana Statewide CDC has approved over $725 million of financing for more than 1,500 Indiana companies since 1983, creating or saving more than 27,000 jobs, and is the most prolific CDC in Indiana. These projects represent more than $1.8 billion in expansion financing for Indiana businesses.

Exact figures for FY 2020 include: $29,787,000 in dollars loaned; $32.98% market share of money loaned; 27.56% of all transactions in Indiana.

Executive Director Jean Wojtowicz says, 揝BA 504 loans help small businesses grow because borrowing companies can put as little as 10 percent down and receive a low, fixed inter-est 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.?

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