NEW ORLEANS, Nov. 11, 2015 /PRNewswire-USNewswire/ -- Maria Contreras-Sweet, leader of the U.S. Small Business Administration and Obama administration Cabinet member, delivered the keynote address at the National Association of Development Companies' (NADCO) Annual Meeting.
"Ms. Contreras-Sweet has been a true advocate and champion for the SBA 504 loan program, which is SBA's flagship, fixed-rate loan designed to expand capital access and promote economic development for small business owners," said Barbara A. Vohryzek, President and CEO of NADCO.
"Small business financing hasn't bounced back as quickly as our overall economy, and it is still difficult for small business owners to access affordable capital," said Contreras-Sweet. "The 504 program remains one of the best tools we have to grow communities from within. CDCs (certified development companies) and joint third-party lenders are certainly pulling their weight. Last year alone, you delivered more than $4 billion in capital to 5,600 small businesses. You made good loans to good businesses without costing the taxpayer a single cent."
Contreras-Sweet added, "To the borrowers, you provided not just a permanent roof, but a stronger foundation for their future."
To illustrate a successful business owner's use of a 504 Loan, Contreras-Sweet related the story of celebrity chef and New Orleans native, Paul Prudhomme. Prudhomme, who died last month, used the 504 loan program to launch a highly successful addition to his restaurant business, producing and marketing a range of products called Chef Paul Prudhomme Magic Seasoning Blends. Contreras-Sweet presented Prudhomme's wife Lori, with roses.
The 24th Administrator for the SBA, Contreras-Sweet supports America's small businesses, which create two out of three new private-sector jobs and employ half of the nation's private-sector workforce. NADCO shares this mission by promoting, enhancing and educating the industry of CDCs, working closely with the SBA to ensure the broadest possible access to capital by America's small business.
NADCO is the trade association of SBA CDCs and other lenders delivering SBA loans and financing for small businesses.
The conference, which is being held at the Roosevelt Hotel, Nov. 11-13, 2015, is for CDC executives, business development officers, loan officers, third-party lenders and critical support staff. Industry experts offer insights to help members understand regulation and policy and to navigate the sometimes complicated world of small-business financing.
For more information concerning the National Association of Development Companies, the SBA loan program or other small business success stories from NADCO-member institutions, contact Heather McNelis, NADCO Director of Marketing & Communications at email@example.com or (202) 349-0070 x19. An alternative point of contact is Rachel O'Sullivan of Vox Optima, LLC at firstname.lastname@example.org or (760) 310-4146.
SOURCE National Association of Development Companies (NADCO)