Kate Bulthuis of First Merchants Bank in Munster has joined the loan committee covering Northern Indiana for the Indiana Statewide Certified Development Corporation. Bulthuis is the Regional Chief Credit Officer of the Lakeshore Region of First Merchants Bank.
Indiana Statewide CDC works with local Indiana lenders to issue SBA 504 loans to help owners of expanding or startup small businesses buy real estate, buildings and equipment. SBA 504 loans can give small business owners long-term, fixed-rate financing similar to commercial loan terms available for large companies. Each loan is reviewed by one of three regional loan committees organized by the Indiana Statewide CDC.
Bulthuis is one of seven members of the Northern Loan Committee. Also serving on the committee are; Joe Cavacini of First Federal Savings Bank, Fort Wayne; Jeff Dysert of STAR Financial Bank, Fort Wayne; Laura Getz of Chase Bank, Fort Wayne; Joe Hunting of 1st Source Bank, Plymouth; Robert Warner of the Indiana Procurement Technical Assistance Center Northeast Region; and John Lowenstine, a CPA in Cedar Lake.
Loan committee members are volunteers and are keys to the success of Indiana Statewide CDC’s three loan committees, says Statewide CDC Executive Director Jean Wojtowicz. “They are our ‘eyes and ears’ who help us review SBA 504 loans for business owners in every part of Indiana.” Committee members meet electronically to review every potential SBA 504 loan proposed for their area.
Background:
Indiana Statewide CDC (www.cambridgecapitalmgmt.com) has approved over $760 million of financing for more than 1,600 Indiana companies since 1983, creating or saving more than 30,000 jobs, and is the most prolific CDC in Indiana. These projects represent more than $1.9 billion in expansion financing for Indiana businesses.
Executive Director Jean Wojtowicz says, “SBA 504 loans help small businesses grow because borrowing companies can put as little as 10 percent down and receive a low, fixed interest rate for as long as 25 years. The SBA guarantees bonds sold privately to finance a portion of the loan. With the guarantee, we can offer more favorable loan rates than generally available to small businesses.”
First Merchants Bank (www.firstmerchants.com) is a full service financial institution offering an array of services including commercial & consumer banking, treasury management, private wealth, and administrative services. With assets of approximately $12.3 billion and 130 banking offices in Indiana, Michigan, Ohio and Illinois, the company invests in growing its presence and community impact in the Midwest.
