Growth
Corp was named Illinois’ 504 Lender of the Year by the Illinois District Office
of the U.S. Small Business Administration (SBA). This prestigious award recognizes Growth
Corp’s commitment to economic development and job creation through facilitation
of the 504 Loan Program. Doug Kinley, president of Growth Corp, accepted the award during an Aug. 1 Lender
Awards Luncheon held at the Union League Club in Chicago. The ceremony was to celebrate the
achievements of SBA lenders and local entrepreneurs with attendance by SBA resource partners, community partners and small
business clients.
In
Fiscal Year 2023, Growth Corp helped fuel expansion growth for nearly 200
Illinois businesses, securing roughly $176 million in SBA 504 loans. This
in turn created and retained over 1,600 jobs.
The 504 Loan Program is
SBA’s premier economic development tool.
SBA 504 loans put expansion
dreams within reach for growing businesses by offering affordable, long-term
financing with low, fixed interest rates for the purchase of major fixed
assets, such as equipment or real estate.
Business owners find the structure of 504 loans attractive as
well. Because there are three parties involved (a local bank
or credit union; a Certified Development Company, such as Growth Corp;
and the small business owner), as much as 90% of the expansion project is
financed from sources outside of the business owner’s pocket. In addition, participation in the 504 Loan
Program requires either job creation or the fulfillment of public policy goals,
which simultaneously encourages local economic growth.
“We are extremely proud of
this award and how it represents our mission of helping businesses achieve
their dreams,” Kinley said. “Growth Corp’s long heritage of success can
always be traced back to one key factor…the contributions of extraordinary
people. Whether that be the many national and community banks we partner
with, the impressive small business owners making it happen every day,
the U.S. Small Business Administration, or the dedicated,
experienced team we have at Growth Corp. Together, as partners in SBA 504
lending, our collective impact is producing a ripple effect of economic
transformation.”
Growth Corp, 2401 W. White Oaks Dr., is the largest 504 lender in the Midwest and a top
10 CDC nationwide. In addition, Growth
Corp hosts the Illinois Small Business Development Center (SBDC) for central Illinois.
