CDC Small Business Finance Corp. Finishes 1998 As Nation's Leading Non-Profit Lender for Small Business Loans.SAN DIEGO--(BUSINESS WIRE)--April 27, 1999-- CDC See Control Data, century date change and Back Orifice. CDC - Control Data Corporation Small Business Finance Corp., serving San Diego San Diego (săn dēā`gō), city (1990 pop. 1,110,549), seat of San Diego co., S Calif., on San Diego Bay; inc. 1850. San Diego includes the unincorporated communities of La Jolla and Spring Valley. Coronado is across the bay. , Orange, Riverside and Imperial counties, finished 1998 as the number one non-profit lender in the U.S. Small Business Administration's 504 loan program serving small businesses. CDC closed 277 loans in the 504 program for $306 million, the highest totals among the nearly 300 companies nationwide certified See certification. by the SBA SBA abbr. Small Business Administration Noun 1. SBA - an independent agency of the United States government that protects the interests of small businesses and ensures that they receive a fair share of government . Nearly one-quarter of CDC's loan approvals went to minority-owned businesses, and more than l0 percent were made to businesses owned by women. "SBA's 504 loan program continues to grow in popularity as the financing vehicle of choice for small business owners who switch from leasing a facility to owning it or purchasing a larger building to meet the demands of a growing business," said Kurt Kurt is a given name. Its principal English variant is Curt, while others include Cord, Curd, and Kort. It originated as a short form of Curtis, Konrad (Conrad), and Kunibert. Chilcott, CDC president and chief executive officer. Chilcott said declining interest rates, strong economic conditions and appreciating property values were responsible for CDC's record-setting year. The SBA's 504 program enables small businesses to expand or remodel re·mod·el tr.v. re·mod·eled also re·mod·elled, re·mod·el·ing also re·mod·el·ling, re·mod·els also re·mod·els To make over in structure or style; reconstruct. their existing buildings, or to buy and build new facilities. A government-guaranteed 504 loan typically features 90 percent financing, with below-market fixed rates and an extended 20-year repayment schedule. In addition to financing commercial real estate, CDC assists small business owners with financing for general business needs such as equipment purchases, working capital or acquisitions. CDC worked in partnership with lenders to place 29 such loans for $8 million in 1998. CDC Small Business Finance Corp. was founded in 1978 to boost regional economic development efforts by channeling federal loan resources to owners of small businesses. In CDC's 21 years of existence, it has funded nearly 1,600 small businesses with SBA 504 loans Purpose The Small Business Administration (SBA) 504 loan program was created to help small to mid-sized business owners acquire commercial property without the financial hassles. . At the end of l998, more than 1,100 loans remained in the company's portfolio, valued in excess of $346 million. |
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