Indiana Statewide CDC Tops Indiana SBA 504 lenders, Celebrates 40th Anniversary

INDIANAPOLIS – Indiana Statewide Certified Development Corporation provided $47.5 million in loans from the U.S. Small Business Administration 504 program to Indiana small business owners during Fiscal Year 2023. The dollar total for the year is a new record for Indiana Statewide CDC and leads all five Indiana 504 lenders.

Also, this month Indiana Statewide CDC is observing the 40th Anniversary of its first loan in October 1983.

Indiana Statewide CDC operates on the Federal Fiscal Year ending September 30. In Fiscal 2023, the $47.5 Million in loans was divided among 35 business expansion projects. Each loan is a partnership between Indiana Statewide CDC and a local bank lender.

The new loans helped create about 630 new jobs in Indiana.

Indiana Statewide CDC’s FY 2023 dollar amount of $47.5 Million represents 51 percent of total dollars loaned by Indiana’s five 504 lenders.

Indiana Statewide CDC was established in 1983, shortly after the U.S. Congress authorized the SBA 503/504 loans. SBA 504 loans help 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. SBA 504 loans generally allow borrowers to pay a below-market down payment and repay the loan with a low fixed long-term interest rate that is often below prime.

Indiana Statewide CDC’s has approved more than 1,690 loans totaling over $845 Million for companies in nearly every Indiana county during the past 40 years. These projects have totaled more than $2.1 Billion in expansion for these companies and have created or saved over 30,000 jobs in Indiana.

Indiana Statewide CDC Founder and Executive Director Jean Wojtowicz says, “One of our borrowers recently told us that his new building allows his company to establish long-term stability and larger community presence. And he added that he would not have accomplished this expansion without the generous terms provided by the SBA 504 loan.”

Wojtowicz says, “This story, multiplied many times over, is exactly why we continue to take the SBA 504 program to local lenders everywhere Indiana.”