The Indiana Statewide Certified Development Corp. says 44 small businesses have received more than $31 million in loans in fiscal year 2016. The organization says the loans, provided through the U.S. Small Business Administration 504 loan program, have led to 480 jobs being created or saved.
The Indiana Statewide CDC says the $13 million number is the highest since 2007, which indicates a strong demand for business expansion financing throughout the state. The companies that received loans are from the tech, construction, manufacturing and hospitality industries, among others.
"Many borrowers tell us that the low down payment offered by the 504 program saves them money they can use for other important business expenses and the fixed-term repayment schedule gives them a reliable figure in their otherwise changeable budgets," says Jean Wojtowicz, executive director of the Indiana Statewide CDC.
The fiscal year ended September 30. The small businesses that received loans are located in 17 counties in Indiana. The Indiana Statewide CDC says 24 loans were provided in the metropolitan Indianapolis area, including 13 in Indianapolis.