The Indiana Statewide Certified Development Corp. has been recognized as the most robust lender through the U.S. Small Business Administration’s 504 loan program.
The distinction is based on the number and dollar volume of loans through the first nine months of the SBA’s fiscal year, which began Oct. 1.
The lender, one of a handful of not-for-profit certified development corporations that partner with banks to provide part of the financing for 504 loans, issued 35 loans through the period that ended June 30. That amounted to about $15.5 million in loans.
The SBA’s 504 program is specifically for long-term purchases such as construction of new facilities or large equipment. Other SBA loans come through the 7(a) program, which funds a broad range of needs, from operating costs to expansions and improvements.
So far this year, the SBA has issued 102 loans amounting to $44 million through the 504 program statewide. That is down over the same period last year, when $58.3 million and 124 loans were issued.