SAN DIEGO--(BUSINESS WIRE)--More than 7,100 jobs were created and preserved at 440 small businesses that received more than $800 million in SBA financing provided by CDC Small Business Finance in fiscal year 2015, ending Sept. 30.
“Putting capital in the hands of small businesses results in new jobs and strengthens communities,” said Kurt Chilcott, president/CEO of CDC Small Business Finance, which provides loans in California, Arizona and Nevada. “We’re extremely proud of the economic impact we’ve had serving the needs of small business entrepreneurs.”
CDC summarized other measures of its 2015 impact:
- $731 million in SBA-504 loans to 300 small business owners to buy their own building
- $10 million in working capital Community Advantage loans (up to $250,000) to 90 small businesses
- $795,000 in microloans (up to $50,000) to small business entrepreneurs
- $167 million lent to minority-owned small businesses
- $81 million in financing to women-owned small businesses
- $9 million in loans to veterans
- $20,000 in scholarships awarded to women and minority students transitioning from a community college in California or Arizona to four-year universities
- $95,000 in community contributions and sponsorships
Much of CDC’s impact has come through providing SBA-504 loans, which allow small business owners to purchase their own building or large equipment. The loan only requires a 10-percent down-payment on a 20-year fixed-rate mortgage. SBA-504 loan rates have been under 5 percent for 14 out of the last 15 months.
Most business owners come to the crossroads of whether they should buy a facility or continue to lease. In addition to the historic low interest rate, there are long-term equity and tax benefits.
CDC leads the nation in SBA Community Advantage loans, which make available between $50,000 and $250,000 for starting, expanding or upgrading a business.
For more information about getting a small business loan, visit CDC Small Business Finance.
About CDC Small Business Finance:
CDC Small Business Finance was established as a nonprofit organization in March 1978 by Arthur Goodman, a long-time San Diego business innovator committed to making capital available to small businesses, regardless of race, gender and economic status. In 38 years of operation, CDC has helped create/preserve over 160,000 jobs by leveraging more than $12 billion in loans for more than 10,000 small businesses in California, Arizona and Nevada.
