SPRINGFIELD, Ill., Aug. 5, 2024 /PRNewswire/ — 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 August 1, 2024, 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 alone, 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 (CDC), 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.”
About Growth Corp
Growth Corp is a nonprofit, mission-based lender dedicated exclusively to connecting small businesses with quality expansion capital. Recognized as an Accredited Lender with SBA, a distinction only given to CDCs with exceptional performance, Growth Corp is the largest 504 lender in the Midwest and a top 10 CDC nationwide. In addition, Growth Corp is proud to host the Illinois Small Business Development Center (SBDC) for Central Illinois and is committed to helping expand its services for individuals interested in starting or growing a business. To find out more about Growth Corp and the 504 Loan Program, visit www.growthcorp.com.
For more information, contact:
Sara Vanhala,
Director of Marketing & Communications
Growth Corp
217-241-2561
SOURCE Small Business Growth Corp
