SAN DIEGO--(EON: Enhanced Online News)--CDC Small Business Finance led the nation in providing small businesses with SBA-504 commercial real estate financing that totaled $907 million for fiscal year ended Sept. 30, 2013.
From Oct. 1, 2012 through Sept. 30, 2013, CDC approved financing for 422 small business owners in California, Arizona and Nevada so they could purchase a commercial building or large equipment and grow their operations. The expansion resulting from this new capital is projected to help these small businesses create 4,828 new jobs.
The 504 loan program was created to stimulate economic development by helping small businesses expand and create new jobs. Certified development companies like CDC Small Business Finance team up with banks to provide SBA-504 loans. The CDC typically provides 40 percent of the total building cost, a bank provides 50 percent and the small business contributes the remaining 10 percent in a down-payment. Small business owners can quickly learn if they qualify for a SBA-504 loan by visiting Prequalify Today.
CDC partnered with 70 different banks on its 422 SBA-504 loans. The Top 10 SBA-504 participating banks were: Bank of America/Merrill Lynch, Wells Fargo Bank, JP Morgan Chase, Union Bank, California Bank & Trust, Bank of the West, OneWest Bank, Pacific Mercantile Bank, East West Bank and Citibank.
For their high level of participation, Bank of America and Wells Fargo Bank will receive CDC’s 2013 Premier Partner Awards, given annually to lenders for the number of SBA-504 loans they transact as well as the dollar volume of financing provided to small businesses.
In California, Arizona and Nevada, CDC Small Business Finance and other certified development companies partnered with banks to approve more than $3 billion in SBA-504 lending to small businesses. The industries benefitting most from the SBA-504 program in this tri-state region were (in order of total financing approved): manufacturing, wholesale, healthcare, hotels/restaurants, healthcare professionals (e.g. physicians, dentists, optometrists, chiropractors, mental health practitioners) and retail.
CDC Small Business Finance has been the top SBA-504 lender in the nation and California for over a decade. The current SBA-504 rate is 5.44%. For historical monthly SBA-504 rates, go to Rate History on the CDC website.
In addition to SBA-504 capital, CDC Small Business Finance approved $6.5 million in Community Advantage (SBA-7a) loans to small businesses throughout California, Arizona and Nevada.
Note: To talk to small business owners who have recently secured SBA loans to purchase a building, contact Larry Nuffer, firstname.lastname@example.org.