WASHINGTON, April 17, 2018 /PRNewswire-USNewswire/ -- The Certified Development Company (CDC) Small Business Finance, a California-based SBA 504 CDC Lender, Community Advantage Lender and Microloan Intermediary, has been selected as this year's Jody C. Raskind Award recipient. This recognition is presented annually by the U.S. Small Business Administration to a mission-focused lender that has distinguished itself in helping small businesses start, grow and expand.
The award will be presented by SBA Administrator Linda McMahon to CDC Small Business Finance President and Chief Executive Officer Kurt Chilcott on April 29, during the inaugural event of National Small Business Week at the U.S. Institute of Peace, in Washington, D.C.
CDC Small Business Finance has facilitated over $13 billion in financing to more than 11,000 small businesses, which created and preserved 193,000 jobs. Over 20 percent of CDC Small Business Finance's loans have been made to minority small business entrepreneurs, including women and military veterans.
Under Chilcott's leadership, CDC Small Business Finance became one of the first Community Advantage lenders certified and has been the number one lender in the nation since. CDC Small Business Finance approved over $47 million in capital to 369 businesses and created/retained over 3,000 jobs.
CDC Small Business Finance's SBA microloan recipients totaled 254 historically, benefitting from $8.3 million in financing. In FY17 alone, they funded $1.4 million in SBA microloans, more than doubling the capital provided in FY16. Those microloan borrowers received 12 hours of post-funding business advice and created 200 jobs.
The Jody C. Raskind Award was first presented in 2015 to honor mission lenders that demonstrate extraordinary commitment to the creation, growth and expansion of small businesses in underserved markets with a demonstrable impact on the communities it serves.
Raskind led the SBA's Office of Microlending for many years, and was widely known in the microlending community for her commitment and dedication to small businesses, particularly in underserved areas. She died in 2014.
CDC Small Business Finance's dedication to serving the most underserved and economically disenfranchised markets, acting as a champion and advocate for the interests of small business located in these communities, embodies the essence of Jody C. Raskind's legacy.
Each year since 1963, the President has issued a proclamation calling for the celebration of National Small Business Week. This year National Small Business Week will be recognized April 29 – May 5, with events planned in Washington, D.C., Florida, South Carolina, and North Carolina. For more information on the national events, visit www.sba.gov/nsbw.
About the U.S. Small Business Administration
The U.S. Small Business Administration makes the American dream of business ownership a reality. As the only go-to resource and voice for small businesses backed by the strength of the federal government, the SBA empowers entrepreneurs and small business owners with the resources and support they need to start and grow their businesses. It delivers services to people through an extensive network of SBA field offices and partnerships with public and private organizations. To learn more, visit www.sba.gov.
SOURCE U.S. Small Business Administration