VALPARAISO – The Regional Development had thirty loans approved by the U.S. Small Business Administration during 2015, which brought a total of $9,726,000 in U.S. Small Business Administration funding to local companies. The RDC brings millions in SBA funding to companies in the region.
The Regional Development Company partners with local banking institutions to provide business financing for large capital projects. Through their efforts, the Regional Development Company helped bring $24,130,038 of new investment into communities throughout the state of Indiana and Illinois. The Company closed eighteen loans for a total of $10,300,000. These projects also created or retained 276 jobs in the State of Indiana and Illinois.
Awards were given at the event to the top referring lenders to the Regional Development Company. First Merchants Bank was awarded the Most Active Bank Partner with three loans and $1,776,000 in referral dollars. The 2015 Most Active Lender awards were presented to Kevin Wagner of First Merchants Bank who referred one loan for $2,152,000 and Mark Baird of Centier Bank who referred five loans.
“Ninety percent financing allows our customers to retain more of their funds for working capital needs, and the long-term fixed interest rate mitigates the risk of increasing payments during the life of the loan, said Erica Dombey, President and Executive Director of the Regional Development Company. “Banks benefit from the collateral structure, which allows them to maintain a 50% loan-to-value on the project real estate or equipment. With interest rates predicted to rise in the coming year, business owners are looking to lock in a great 20-year rate using the 504 loan program.”
The Regional Development Company is a non-profit organization and Certified Development Company (CDC) that administers the U.S. Small Business Administration’s 504 Loan Program for small business growth.
For more information about the Regional Development Company or the U.S. SBA 504 Loan Program, please call the Regional Development Company at 219-476.0504 or visit www.rdc504.org.
