Small Business Lender Touts Veteran Loans
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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 has loaned $22 million to veteran-owned businesses as part of a U.S. Small Business Administration program. The CDC says that makes it the top such lender in the Midwest and third largest in the country. Executive Director Jean Wojtowicz says the program gives veteran business owners long-term financing similar to commercial loans for large companies. November 4, 2013
News Release
Indianapolis, Ind. — The Indiana Statewide Certified Development Corporation ranks third in the nation in lending to small businesses owned by military veterans. Indiana Statewide CDC has loaned $22 million to veteran-owned firms from the U.S. Small Business Administration’s 504 program. The Indiana Certified CDC also is the top such lender in the Midwest.
Jean Wojtowicz, executive director of the Indiana Statewide CDC, accepted an award marking the achievement at this weekend’s meeting of the National Association of Development Companies. NADCO is the trade association for nearly 300 certified development corporations.
Indiana Statewide CDC works with local lenders to provide SBA 504 loans to owners of small businesses. SBA 504 loans can give small business owners long-term, fixed rate financing similar to commercial loan terms available for large companies.
The Indiana Statewide CDC has invested over $459 million in more than 1,050 Indiana companies since 1983, creating or saving 26,500 jobs. Indiana Statewide CDC is observing its 30th anniversary this year and is the most prolific CDC in Indiana.
The top 10 SBA Certified Development Companies (CDCs) in the country by loan volume delivered to veterans are CDC Small Business Finance, San Diego, CA ($77.6 million), Colorado Lending Source, Denver, CO ($37.7 million), Indiana Statewide Certified Development Corp., Indianapolis, IN ($22 million), Regional Business Assistance Corp., Mercerville, NJ ($19.4 million), Business Finance Group, Fairfax, VA ($15.7 million), Small Business Growth Corp. Chicago, IL ($12.6 million), Self-Help Ventures Fund, Raleigh, NC ($11.3 million), Mountain West Small Business Finance, Salt Lake City, UT ($11.2 million), New England CDC Wakefield, MA ($10.5 million), and Mortgage Capital Development San Francisco, CA ($8.4 million).
“Our veterans, whose sacrifice cannot be forgotten, should have the chance to become leaders in the civilian economy,” said Beth Solomon, President & CEO of NADCO. “SBA loans are providing low-cost, high-octane fuel our veterans use to create and grow small businesses and live the American Dream.”
Solomon adds, “Indiana Statewide CDC is a leader of our industry and our nation in delivering low-cost loans to our nation's veterans,” said Solomon. “It's good for our veterans, good for our economy, and good for our communities.”
Wojtowicz says, “Our whole team is pleased to have our work recognized. Many veterans who own businesses in Indiana have already given much, and they continue to give back to their communities. We are grateful to them and to our lending partners at Indiana banks and other lending firms.”
NADCO has partnered with the SBA in its “Pledge to Veterans” whose goal is to increase SBA lending to veterans 5% per year for the next five years. NADCO launched the VetLoan Advantage program, in which SBA Certified Development Companies have reduced fees on SBA loans, just before Memorial Day in San Diego, CA.
Top lenders by region include:
Region 1
New England CDC ($10.5 million)
Granite State Economic Development ($5 million)
Region 2
Regional Business Assistance Corporation ($19.5 million)
Empire State CDC ($5.8 million)
Region 3
Business Finance Group ($15.7 million)
Chesapeake Business Finance Co. ($8 million)
Region 4
Self-Help Ventures Fund ($11.3 million)
Florida First Capital Finance ($8.7 million)
Region 5
Indiana Statewide Certified Development Corporation (22 million)
Small Business Growth Corp. ($12.6 million)
Region 6
North Texas Certified Development (4.8 million)
Small Business Capital Corp. ($2.5 million)
Region 7
Rural Missouri, Inc. ($3.9 million)
Black Hawk Economic Development ($1.6 million)
Region 8
Colorado Lending Source, Ltd. ($37.7 million)
Mountain West Small Business Finance ($11.2 million)
Region 9
CDC Small Business Finance ($77.6 million)
Mortgage Capital Development ($8.5 million)
Region 10
Evergreen Business Capital ($7.9 million)
Northwest Business Development ($6.9 million)Source: Indiana Statewide Certified Development Corporation