The Indiana Statewide Certified Development Corp. in Indianapolis once again led the state in lending U.S. Small Business Administration 504 loans. The organization says it provided a total of nearly $40 million in loans to 58 small businesses during the last fiscal year.
SBA 504 loans are designed to help owners of expanding or small businesses purchase real estate, buildings and equipment. The Statewide CDC says the program allows borrowers to pay a below-market down payment and repay the loan at a fixed interest rate for as long as 25 years.
Indiana Statewide CDC is one of five organizations certified by the SBA to issue loans from the 504 small business program. The organization says the $39.3 million total is the largest amount of loan approvals in its 40-year history.
Executive Director Jean Wojtowicz says the organization approved 12 loans in the final months of the fiscal year, which ended September 30.
“As Federal interest rates increase month-by-month, SBA 504 loans remain the best deal for small-business owners,” Wojtowicz said in written remarks. “Small-business owners appear to be optimistic about the future of their own companies, their ability to attract talented workers and the outlook for their local economies.”
The Statewide CDC says some of the businesses that received funding include electricians, manufacturers, a veterinarian, a diesel repair shop and a chimney sweep company.
The organization says it has approved nearly $800 million in financing for more than 1,650 Hoosier companies since 1983.