SBA Recognizes NADCO Members as CDCs of the Year
WASHINGTON, June 21, 2013 /PRNewswire-USNewswire/ -- The National Association of Development Companies (NADCO) is delighted to congratulate its members who were recognized by the Small Business Administration (SBA) as the certified development companies (CDCs) of the year.
The CDC of the Year whose portfolio is $50M or less is Community Development Resources located in Nebraska.
The CDC of the Year whose portfolio is greater than $50M Wisconsin Business Development located in Wisconsin.
"We are extremely proud and grateful for the SBA's recognition of the important work of Community Development Resources and Wisconsin Business Development, representing our nation's SBA Certified Development Companies (CDCs)," said Beth Solomon, President & CEO of the National Association of Development Companies (NADCO). "Each day, they, along with other CDCs, are fueling small businesses as they sustain and create the jobs America needs."
Joe Wolfe, President of Wisconsin Business Development said: "CDCs, along with our SBA and lending partners, work with some of the country's bedrock small businesses to foster innovation and community impact. We appreciate this recognition and remain focused on our critical mission of creating and sustaining jobs on behalf of the entire CDC family and partners. Working together we help keep America working."
"I think, personally, that SBA's 504 loan program is the best economic and financial tool to sustain and grow businesses in the U.S.," added Rick Wallace, Executive Director of Community Development Resources. "Our leadership in America needs to permanently extend the debt refinance program, which is vital to allow our businesses to grow and prosper and create jobs."
"We thank Administrator Karen Mills and the SBA team for their leadership and support of the US economic recovery and our nation's #1 job creators -- small businesses in communities across the land," concluded Solomon.
ABOUT THE SBA's 504 LOAN INITIATIVE
The 504 loan initiative is a self-funded long-term financing tool at no cost to taxpayers providing small businesses with long-term, fixed-rate loans with down payments as low as 10%. Certified Development Companies (CDC) work with the SBA and private sector lenders to provide financing to small businesses under the 504 loan program.
ABOUT WISCONSIN BUSINESS DEVELOPMENT
Since 1982 WBD has been licensed as a Certified Development Company by the US Small Business Administration which allows it to originate, close and service loans under the SBA 504 program. The 504 loan is an economic development product that provides new and growing businesses access to capital to grow their asset base. Working with Wisconsin lenders, this collaborative program has helped businesses in 71 of Wisconsin's 72 counties initiate job creating business expansions.
Serving small businesses in the entire state both with geographic presence and diverse products has been a primary strategic goal. WBD employs 48 staff and with offices in nine communities is focused on being close to the customer. In addition to providing the SBA 504 loan, WBD offers other loan programs and services to help serve its mission.
Wisconsin Business Development is proud of its history of helping small businesses grow and promoting job creation throughout the state. Each project has been the result of collaboration with the SBA, CDFI or other source of funding; a participating Wisconsin lender, and the hardworking owners of small businesses who provide the drive to achieve.
ABOUT COMMUNITY DEVELOPMENT RESOURCES
Community Development Resources is a non-profit 501(c)(3) organization whose mission is to provide capital, technical assistance and training opportunities for small business in the State of Nebraska. CDR lends to start-up and existing businesses that have a viable business plan to create or maintain businesses.
CDR is a Community Development Financial Institution (CDFI) certified under the U.S. Treasury Department's Community Development Financial institution Fund, dedicated to, and whose core purpose is, providing financial products and services to people and communities underserved by traditional financial markets. CDR seeks to bridge the growing gap that exists between the loans and services available to the economic mainstream and those offered to low- income persons and communities, as well as the non-profit institutions and businesses that serve them.
CDR serves a critical role in addressing issues of poverty and access to credit in economically disadvantaged communities by providing development services or technical assistance along with the loans and investments they make for community and economic projects.
A CDFI may include a community development loan fund, credit union, bank, microenterprise fund, corporation- based lender or venture fund.
The National Association of Development Companies (NADCO) is the trade association of Certified Development Companies (CDCs) - nonprofit companies that have been certified by the Small Business Administration (SBA) to provide financing for small businesses under the SBA 504 Program. NADCO represents nearly 270 CDCs, serving all 50 states. In 2012, the industry provided $6 billion to nearly 10,000 U.S. small businesses.
SOURCE National Association of Development Companies (NADCO)