Indiana Has Largest Amount of Small Business Loans

(image courtesy of Pixabay/NIkolay Frolochkin

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The Indiana statewide CDC approved more than $34 million in loans for small business owners in fiscal year 2019, which is the largest of any of the state’s certified lenders of SBA 504 funds. The loan approvals went to 40 different borrowers. The organization says 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.