The Indiana Statewide Certified Development Corp. has named Wayne Bank and Trust in Richmond the state's 2013 Small Business Lender of the Year. The award is based on the volume of loans with the CDC as a percentage of bank deposits. December 13, 2013
Wayne Bank and Trust of Richmond is Indiana’s 2013 Small Business Lender of the Year. The award is earned by the bank that generates the largest volume of small business loans with the Indiana Statewide Certified Development Corporation as a percentage of total bank deposits. Indiana Statewide CDC works with local lenders to loan money through the U.S. Small Business Administration 504 financing program.
Wayne Bank Vice President Dennis King generated the loans and accepted the award at the Indiana Statewide CDC annual meeting Thursday evening (Dec. 12).
Friendship State Bank was runner-up for the Lender of the Year award. Twenty-five Indiana banks and other lenders vied for the honor in fiscal 2013, which ended September 30.
The advantage of SBA 504 loans is that they offer small business owners long-term, fixed rate financing similar to commercial loan terms available for large companies. Indiana Statewide CDC is Indiana’s oldest — at 30 years — and largest lender of SBA 504 loans.
Three individual bankers tied for having the most SBA 504 loans approved by the Indiana Statewide CDC in 2013. Bringing in two loans each were:
o Joe Cavacini of First Merchants Bank, Wabash
o Jeff Dougan of The Friendship State Bank, Friendship
o Christopher Caldwell of Mutual Bank, IndianapolisFirst Merchants Bank and Joe Cavacini won institutional and individual awards for bringing the most SBA 504 debenture dollars (money raised by selling private bonds to finance SBA 504 loans) through the Indiana Statewide CDC. First Merchants’ total was $7.6 million in 10 loans. Cavacini won the individual award for two loans totaling $1.7 million.
The Indiana Statewide CDC Executive Director Jean Wojtowicz reported that the organization funded more than $17 million to 38 Indiana small businesses in fiscal year 2013 through the SBA 504 program. The amount swells to $42 million invested when the participating banks’ shares and borrower down payments are included. The loans are expected to create or save more than 275 jobs in Indiana.
Also at the meeting, Muncie banker David Spade was elected president of the Indiana Statewide CDC board. Spade is Senior Vice President and Regional Chief Credit Officer of First Merchants Bank. He succeeds Dan Fehrenbach, president of Western Indiana Financial Corp. LLC in Terre Haute. Fehrenbach remains on the Indiana Statewide CDC board where he has served for 30 years, the last 24 years as president.
Two new members were elected to the Indiana Statewide CDC board for three-year terms expiring in 2016. New members elected were:
o Dave Bowers, Centier Bank, Carmel
o Bill Denton, Horizon Bank, Indianapolis
Three other board members were re-elected. Their new three-year terms expire in 2016.
o Gene Dawson, United Fidelity Bank, Evansville
o Chad Pittman, Indiana Economic Development Corp.
o Sam Schlosser, Plymouth Foundry, Inc.
The Indiana Statewide CDC has invested over $480 million in more than 1,200 Indiana companies since 1983, creating or saving 26,500 jobs.
Nationally, 7,200 loans totaling $4.3 billion were made in fiscal year 2013 from the SBA 504 and other government guaranteed loan programs, totaling $4.3 billion.Source: Indiana Statewide Certified Development Corp.