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December 10, 2018
German American Bank’s utilization of the US SBA 504 loan program for small businesses was recognized by Indiana Statewide Certified Development Corporation at its annual meeting.
German American tied with First Merchants for the most SBA 504 loan approved in 2018. German American had six loans approved for small businesses in its communities.
At the meeting, Mark Franklin of German American accepted bank awards for the volume of loans and also for the bank’s placing in the Top Ten of SBA 504 lenders with Indiana Statewide CDC. The awards were presented by Jean Wojtowicz, executive director of the Indiana Statewide CDC and Sandy McCleese, the program officer for the Statewide CDC.
Greg Cardinal of German American was one of four bankers in the state honored for producing the most loans by an individual in 2018. Greg received his award from Jean Wojtowicz.
Indiana Statewide CDC is pleased to partner with German American Bank in providing SBA 504 loans to small businesses. The SBA 504 loans offer loan rates and extended repayment periods to small businesses that are generally available only to large companies in conventional business loans.
Indiana Statewide CDC is certified by the SBA to work with local lenders in providing SBA 504 loans to owners of small businesses.
The awards are for Fiscal 2018 that coincides with the Federal Fiscal Year ending September 30. In October, it was announced that Indiana Statewide led Indiana CDCs in 2018 by providing 50 SBA 504 loans totaling $35.8 million to companies across Indiana. The loans created or saved approximately 550 jobs. More than 20 Indiana banks participated with Indiana Statewide CDC on the loans. These projects totaled more than $97 million when taking into account the bank portion and the borrower’s down payment. Companies receiving the loans include small manufacturers, software engineers, medical and law practices, retail and service providers.
Background: Indiana Statewide CDC (www.cambridgecapitalmgmt.com) has provided more than $520 million to 1,240 Indiana companies since 1983, creating or saving 26,595 jobs, and is the most prolific CDC in Indiana. Nationally, since Congress created the 504 program, SBA 504 loans have funded over $67 billion to more than 135,000 small businesses in the US. In turn, those small firms have created or retained over 2.1 million jobs.