Alan Steele of South Bend, regional director of the North Central Indiana Small Business Development Center (ISBDC) has joined the Northern Loan Committee of small business lender Indiana Statewide Certified Development Corporation.
Indiana Statewide CDC is a private company working with local banks to provide financing from the U.S. Small Business Administration 504 loan program. The ISBDC network is a collaborative program of the U.S. Small Business Administration, the State of Indiana via Indiana Economic Development Corporation (IEDC), and regional hosts and sponsors. The North Central ISBDC is hosted by the Judd Leighton School of Busi-ness and Economics at Indiana University South Bend.
Jean Wojtowicz, executive director of Indiana Statewide CDC, says, “Our three loan committees cover northern, central and southern Indiana. They extend our reach into large and small communities across the state to provide small business owners with alternative financing to buy and develop facilities and equipment for their companies.”
SBA guarantees bonds sold privately to finance a portion of its 504 loans. With the guarantee, borrowers can benefit from loan rates more favorable than conventional financing.
Steele joins the Indiana Statewide CDC’s Northern Loan Committee that also in-cludes: Shelli Alexander, 1st Source Bank, South Bend; Brad Bucher, 1st Source Bank, Plymouth; Joe Cavacini, First Federal Savings Bank, Fort Wayne; Jeff Dysert, Horizon Bank, Fort Wayne; John Lowenstine, a CPA in Merrillville; and Daryl Pomranke, First Merchants Bank, Munster.
Indiana Statewide CDC has provided more than $500 million to 1,200 Indiana compa-nies since 1983, creating or saving more than 15,000 jobs, and is the most prolific CDC in Indiana.
Indiana Statewide CDC Executive Director Jean Wojtowicz says, “SBA 504 loans help small businesses grow because borrowers may put as little as 10 percent down and re-ceive a low, fixed interest rate for as long as 20 years.”
Nationally, since Congress created the 504 program, SBA 504 loans have funded over $72 billion to more than 140,000 small businesses in the U.S. for projects totaling in ex-cess of $180 billion.