Veterans Day Awards Recognize Top Lenders to Veterans

Nov 01, 2013, 14:03 ET from National Association of Development Companies (NADCO)

"It's good for veterans, good for our economy, and good for America."

CLEARWATER, Fla., Nov. 1, 2013 /PRNewswire-USNewswire/ -- As Veterans Day approaches, the National Association of Development Companies (NADCO) today announced the top SBA lenders in the nation in terms of financing for veterans through the SBA Real Estate Advantage (504) Loan Program.

"Our veterans, whose sacrifice cannot be forgotten, should have the chance to become leaders in the civilian economy," said Beth Solomon, President & CEO of NADCO. "SBA loans are providing low-cost, high-octane fuel our veterans use to create and grow small businesses and live the American Dream."

SBA Associate Administrator Ann Marie Mehlum, chief of the agency's Office of Capital Access, joined NADCO in presenting the awards in Clearwater, FL recognizing the top lenders in NADCO's VetLoan Advantage program offering low-cost financing to veterans.

NADCO has partnered with the SBA in its "Pledge to Veterans" whose goal is to increase SBA lending to veterans 5% per year for the next five years. NADCO launched the VetLoan Advantage program, in which SBA Certified Development Companies have reduced fees on SBA loans, just before Memorial Day in San Diego, CA.

The top 10 SBA Certified Development Companies (CDCs) in the country by loan volume delivered to veterans are CDC Small Business Finance, San Diego, CA ($77.6 million), Colorado Lending Source, Denver, CO ($37.7 million), Indiana Statewide Certified Development Corp., Indianapolis, IN ($22 million), Regional Business Assistance Corp., Mercerville, NJ ($19.4 million), Business Finance Group, Fairfax, VA ($15.7 million), Small Business Growth Corp. Chicago, IL ($12.6 million), Self-Help Ventures Fund, Raleigh, NC ($11.3 million), Mountain West Small Business Finance, Salt Lake City, UT ($11.2 million), New England CDC Wakefield, MA ($10.5 million), and Mortgage Capital Development San Francisco, CA ($8.4 million).

The top five bank lenders providing the most REAL (504) financing to veterans in FY2013 were Bank of America ($32.2 million), JP Morgan Chase Bank ($22.3 million), Wells Fargo Bank ($22 million), Citibank ($13.9 million), and KeyBank ($13.8 million).

CDCs are community-based lenders offering the REAL (504) 10% down, low-interest, fixed-rate commercial real estate and asset loan, as well as Community Advantage, low-interest working capital loans under $250,000.

"VetLoan Advantage is off to a strong start, but we must do more to help our veterans transition to leadership in the civilian economy," Solomon said. "It's good for veterans, good for our economy, and good for America."

Top lenders by region include:

Region 1
New England CDC ($10.5 million)
Granite State Economic Development ($5 million)

Region 2
Regional Business Assistance Corporation ($19.5 million
Empire State CDC ($5.8 million)

Region 3
Business Finance Group ($15.7 million
Chesapeake Business Finance Co. ($8 million)

Region 4
Self-Help Ventures Fund ($11.3 million
Florida First Capital Finance ($8.7 million)

Region 5
Indiana Statewide Certified Development Corporation (22 million) 
Small Business Growth Corp. ($12.6 million)

Region 6
North Texas Certified Development (4.8 million) 
Small Business Capital Corp. ($2.5 million)

Region 7
Rural Missouri, Inc. ($3.9 million
Black Hawk Economic Development ($1.6 million)

Region 8
Colorado Lending Source, Ltd. ($37.7 million
Mountain West Small Business Finance ($11.2 million)

Region 9
CDC Small Business Finance ($77.6 million
Mortgage Capital Development ($8.5 million)

Region 10
Evergreen Business Capital ($7.9 million
Northwest Business Development ($6.9 million)

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)