Kentland Bank has been named Indiana’s Small Business Lender of the Year. The award is given to the bank that makes the largest percentage loans, compared to its overall deposits, from the U.S. Small Business Administration 504 program and the Indiana Statewide Certified Development Corporation.
Kentland Bank had one loan approved by the Statewide CDC totaling $1.36 million. Farmers’ Bank of Frankfort came in second and Dwain Pitzer of Farmers’ Bank was given the award for the individual lender with the most loans during the year.
The Indiana Statewide CDC says the total loans made to small business owners in 2015 totaled more than $27 million for 40 projects. Those projects created during the last fiscal year saved or created over 500 jobs in Indiana.
The SBA 504 program is a partnership between a bank lender and the Indiana Statewide CDC which combine for 90 percent of the financing for a borrower. The borrower is responsible for the remaining 10 percent which can give small business owners long-term, fixed rate financing that is more affordable.