Statewide CDC Touts Loan Success

Posted: Updated:
The CDC says the $27,621,000 in loans represent 40 projects. The CDC says the $27,621,000 in loans represent 40 projects.
INDIANAPOLIS -

The 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.

  • Perspectives

    • How to Build an Effective Team

      Many leaders who are looking to increase overall productivity at their company are implementing collaborative team environments. This growing trend is backed up by a recent study that states collaborative work environments lead to an increase in overall profitability. However, teams are only effective if built correctly. Don’t expect a group of employees to work well together if you throw them in a room without cultivating any sort of trust or team building.

    More

Events



  • Most Popular Stories

    • UPDATE: Nestl√© Details Fort Wayne Layoffs

      Virginia-based Nestlé USA says only 40 employees will be laid off at the company's Fort Wayne distribution center. A spokesperson for Nestlé tells Inside INdiana Business a WARN Notice filed with the state incorrectly stated the facility would close at the end of the year, affecting nearly 70 workers.

    • Eleven Fifty to Move Headquarters

      Eleven Fifty Academy has announced plans to relocate. The nonprofit coding academy says it will invest $5 million to move its national headquarters to a 25,000-square-foot space in downtown Indianapolis near the Indiana Statehouse. Eleven Fifty says it will maintain its existing space in Fishers and has additional plans to add more locations statewide in the future. The organization says it aims to bring its staff to more than 150 over the next six years. Founder Scott Jones...

    • Purdue Startup Targets Airline Food Carts

      A Purdue University-affiliated student startup thinks its innovation will help airlines become more efficient. Operating out of the Purdue Railyard, FlykeART has developed what it calls a lighter and smarter galley cart for airlines, which co-founder Yuhan Roh says could save airlines millions of dollars in fuel costs. The slimmer cart design, according to Purdue, would also help make the carts less of an injury threat for travelers. On The INnovators with Dr. K, Roh said...

    • Gateway Park will lead into the downtown district.

      Plans For New Muncie Facility Halted

      Plans for a $75 million project at the former BorgWarner site in Muncie have come to a halt.  Nigel Morrison, director of Waelz Sustainable Products LLP says “a campaign of misinformation tainted the process and ultimately made it impossible for the city council to continue supporting the project.” The project was first announced in January and was slated to create up to 90 new jobs. The announcement follows the opposition of Muncie residents who...

    • Northern Indiana Telemarketer Sentenced in Scheme

      A Merrillville telemarketer has been sentenced to over five years in prison for his role in a $10 million scheme to defraud mostly elderly victims in the United States. Carlin Woods, 35, pleaded guilty in 2017 to a count of conspiracy to commit wire fraud, one count of wire fraud and another conspiracy count to commit money laundering.