Statewide CDC Touts Loan Success
The state is reporting $1.84 billion in general fund collections for April.
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As a subscriber you can listen to articles at work, in the car, or while you work out. Subscribe NowThe Indiana Statewide Certified Development Corp. says it provided more than $27 million to Hoosier small businesses in fiscal year 2015. The organization says the loans supported projects that involve more than 350 new jobs.
The funding is part of the U.S. Small Business Administration’s 504 loan program.
The CDC says the $27,621,000 in loans represent 40 projects. It says those efforts also resulted in 133 retained jobs.
Among the recipients is Precision Racing Components in Indianapolis. Owner Chris Summer says the loan allowed the company to purchase a facility and reduce overhead expenses.
The SBA 504 program is a partnership among a bank lender, the CDC and the borrower. The lender provides a loan for 50 percent of the project, Indiana Statewide CDC provides 40 percent and the borrower is responsible for the remainder as a down payment. The organization says the program gives small business owners long-term, fixed-rate financing and a lower down payment.
The Indiana Statewide CDC says, since 1983, it has provided more than $463 million in loans to 1,145 Indiana companies, creating or retaining around 26,500 jobs.