By: Guy Johnson—
Indianapolis, IN—Christopher Caldwell of MutualBank in Muncie is joining the Central Loan Committee of small-business lender Indiana Statewide Certified Development Corporation.
Indiana Statewide CDC works with local Indiana lenders to issue loans from the U.S. Small Business Administration 504 loan program. The loans help owners of expanding or startup small businesses buy real estate, buildings and equipment. Small companies gain favorable financing terms with SBA 504 loans similar to those available to large companies.
Caldwell says, “Indiana Statewide CDC’s SBA 504 program is a powerful tool to help small businesses become successful, and grow larger if they wish. “At MutualBank we love to use this tool to help our customers acquire fixed assets, expand and grow their companies, and to help them find creative and flexible ways to finance their projects. We continually are looking for ways to use this program to help us grow and to help our clients do the same.”
BK Veterinary Services in Daleville is a Delaware County business that received SBA 504 financing from Caldwell and MutualBank working with Indiana Statewide CDC.
Caldwell is senior vice president for commercial banking at MutualBank. He is a former adjunct professor at Anderson University Falls School of Business graduate programs, where he also earned his Masters of Business Administration. He also graduated from the American Bankers Association Stonier Graduate School of Banking where he now serves as a Capstone Advisor to other bankers going through the program. In the community, Caldwell is involved with the United Way of Delaware County where he serves as Treasurer and past Chair of the Board of Directors. He also serves as Chair of the Board of Directors of the Muncie-Delaware County Chamber of Commerce. Caldwell is currently serving as a board member of the Indiana United Way Board of Directors as well.
Other members of the Indiana Statewide CDC’s Central Loan Committee are: Jim Aucremanne of Huntington Bank, Indianapolis; Doug Boehme of Central ISBDC, Indianapolis; Jared Fuquay of Alerding CPA Group, Indianapolis; Greg Gault, State Bank of Lizton, Brownsburg; Mary Jo Kennelly, Centier Bank, Indianapolis; and Tim Schlichte, Lake City Bank, Indianapolis.
Indiana Statewide CDC’s other loan committees target northern and southern Indiana.
Indiana Statewide Certified Development Corporation (www.cambridgecapitalmgmt.com) has funded one-half billion dollars ($500 million) to more than 1,200 Indiana small companies since 1983. Those loans total $1.25 billion in investments including the banks’ portion of the loans and borrowers’ down payment. The loans created or saved more than 15,000 jobs.
Jean Wojtowicz, executive director of the Indiana Statewide CDC, says, “SBA 504 loans work because borrowing companies can put as little as 10 percent down and can receive a low, fixed interest rate for as long as 20 years.”