Paul Freeman, executive vice president of the Indiana Bankers Association and Larry Gigerich, executive managing director of Ginovus in Fishers are joining the board of Indiana Statewide Certified Development Corporation.
Freeman and Gigerich were elected to three-year terms and four other Indiana Statewide CDC board members were re-elected to new terms of three years each at Indiana Statewide CDC’s annual meeting in Indianapolis. They are:
- Mike Gavin, Lake City Bank, Warsaw
- David Spade, retired banker and civic volunteer, McCordsville
- Barbara Underwood, National Federation of Independent Business, Indianapolis
- Tom Wright, STAR Financial Group, Indianapolis
The three-year terms expire in December 2020. Sixteen persons serve on the Indiana Statewide CDC board.
Board officers were also re-elected at the Indiana Statewide CDC’s annual meeting. Officers include: President, David Spade; Treasurer, Mike Alerding, Alerding & Co., Indianapolis; Secretary, Jean Wojtowicz, Indiana Statewide CDC; Assistant Secretary, Sandra McCleese, Cambridge Capital Management Corp., Indianapolis.
Indiana Statewide CDC partners with local lenders to provide SBA 504 financing to help small business owners buy property and equipment. SBA 504 loans offer owners a low, fixed interest rate and require a smaller down payment than conventional financing.
In fiscal year 2017 ending September 30, Indiana Statewide CDC funded more than $28 million in loans to 39 companies. The funding was the second highest (to 2008) in Indiana Statewide CDC’s 34-year history. Total investment in those projects rose to $72 million when banks loans and business owners’ down payments are included. The projects created or saved approximately 440 jobs.
Indiana Statewide CDC (www.cambridgecapitalmgmt.com) has provided more than $500 million (one-half billion dollars) to over 1,200 Indiana companies since 1983, creating or saving 15,000 jobs, and is the most prolific CDC in Indiana. Indiana Statewide CDC reached the half-billion dollar mile-marker earlier this year and is the first SBA 504 lender in Indiana to fund more than a half-billion dollars.
Indiana Statewide CDC Executive Director Jean Wojtowicz says, “The SBA guarantees bonds sold privately to finance a portion of the loan. 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.”