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Follow on Google News | NADCO Cites Importance of SBA 504 Loans During Small Business WeekNADCO recognizes two members who were honored during SBA's National Small Business Week for their efforts in helping finance business expansion.
By: NADCO SBA Administrator Karen Mills recognized two CDCs for their outstanding economic development efforts in their communities. HEDCO of Honolulu, Hawaii, was honored as the Large Certified Development Company of the year with a record 54 projects for $24.5 million in SBA-guaranteed second mortgages. Monroe County Industrial Development Corporation (MCIDC) of Rochester, New York delivered 24 SBA 504 loans, funding $16 million in SBA-guaranteed second mortgages to local small businesses. Chris Crawford, president of NADCO, congratulated both CDC winners noting, “We are very proud of the contributions that HEDCO and MCIDC have made through hard work dedicated to their communities. Small businesses form the backbone of our nation’s economy and are responsible for creating and sustaining millions of jobs. We’re very proud of our member CDCs and their impact on small businesses whose growth is leading to more jobs across America.” The CDC industry has financed more than $45 billion in SBA-guaranteed owner-occupied commercial real estate (www.504refi.com/ Through the Jobs Act of 2010, 504 loans (http://www.504refi.com/ End
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