“By supporting these businesses through the SBA 504 loan program, we’re helping create and keep jobs in Northeast Ohio.”
Mentor, OH (PRWEB) January 06, 2016
Small business is growing strong in Northeast Ohio with support from economic development financing tools like the SBA 504 loan program. The SBA 504 program offers long-term, fixed-rate financing for major assets like buldings, land, and equipment.
Facilitating these loans are community development corporations (CDC) like Small Business Capital Corp of Ohio, (http://www.sbcapitalcorp.com), a private, not-for-profit SBA-certified CDC that reported a significant growth year.
In 2015, Small Business Capital Corp completed 13 SBA 504 loan applications totaling $30 million in investment, with the company providing $9.6 million of financing.
Since 1991, the firm has funded 220 SBA 504 loans totaling $72 million in SBA debentures with an employment impact of more than 3,000 jobs created or retained throughout Northeast Ohio.
“Our track record speaks loudly to the fact that we get the job done,” says Executive Director Martin Gareau, “our loan committee turns the loan decision process around quickly, and we give clients a lot of personal attention,” he concluded.
In the SBA Cleveland District, which includes 28 counties in Ohio, Small Business Capital Corp ranks number 2 out of 12 CDCs in loans processed in 2015, and 93 out of 256 nationally in loan volume.
Key projects for Small Business Capital Corp included two SBA 504 loan construction projects for Hilton Home2Suites, one in Independence and the second in Middleburg Heights. “We have been successful in extending our reach beyond Lake County,” Gareau says of the company’s strategy to expand its footprint. Each of these projects were in excess of $11 million.
A name change and rebranding reflects Small Business Capital Corp’s growth beyond Lake County to serve a range of businesses in Northeast Ohio. Formerly called Lake County Small Business Assistance Corporation, the CDC recently completed projects in Willoughby, Painesville, Mentor, Chagrin Falls, Chardon, and Euclid.
Small Business Capital Corp adopted its new name to reflect its commitment to serving small businesses throughout Northeast Ohio, Gareau says.
The business also relocated its office to Lakeland Community College. “With several other SBA-funded small business organizations on campus at Lakeland, there can be multiple opportunites for synergies and this provides a platform for us to join forces and help more small businesses in Northeast Ohio,” Gareau says.
There are 256 CDCs like Small Business Capital Corp in the United States, and performance overall in 2015 showed growth in loan dollar totals with slight declines in number of loans—except for the Ohio Cleveland District. Here, CDCs increased overall loans by 5%, in spite of a 4% decrease in loans in the Midwest (1,179 SBA 504 loans valuing $713.7 million). Nationally, the CDC’s originated 5,787 SBA 504 loans totaling $4.29 billion, which is a 1.7% decrease in loans, but a 2.4% increase in dollar amount.
Board President Pete Constantino, of Constantino CFO Services, LLC says Small Business Capital Corp of Ohio is anticipating growth in 2016 with more outreach to lenders and economic development organizations. The goal is to obtain 15 SBA 504 loan approvals and grow company’s SBA 504 loan portfolio to over $30 million.
“What motivates us is the service we provide to small business owners that are in a position to grow,” Gareau says. “By supporting these businesses through the SBA 504 loan program, we’re helping create and keep jobs in Northeast Ohio.”
Learn more about Small Business Capital Corp of Ohio at http://www.sbcapitalcorp.com
Or, contact Martin Gareau at MGareau(at)SBCapitalCorp(dot)com or 440-525-7705