Darren Spainhoward of First Financial Bank has joined the Southern Loan Committee of small business lender Indiana Statewide Certified Development Corporation.
Spainhoward is regional commercial loan executive of First Financial Bank. Indiana Statewide CDC is a private company working with local banks to provide financing from the U.S. Small Business Administration 504 loan program.
Jean Wojtowicz, executive director of Indiana Statewide CDC, says, “Our three loan committees cover southern, central and northern 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.
Spainhoward says, “The 504 is a fantastic tool for banks. If a loan cannot be funded commercially, the SBA 504 program may push the deal to the right side of the fence so the borrower may expand and create jobs”
The other members of Indiana Statewide CDC’s Southern Loan Committee are: Charles Fleck, German American Bank in Jasper; Steve Hunt, Salem’s Community First Bank; Mary Ellen Jaynes, Jackson County Bank in Seymour; Tom Krodel, Old National Bank, Jasper; Julie Rigrish, Indiana Small Business Development Corp., New Albany; and Richard Robinson, Rodefer Moss & Co., PLLC, New Albany.
Indiana Statewide CDC has provided more than $500 million to 1,200 Indiana companies 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 receive 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 excess of $180 billion.