CDC Small Business Finance and loan officer Mark Hogan were featured in a recent Orange County Business Journal story that reported on the uptick in SBA-504 loans in Orange County. Here’s how the story included CDC:
Financing of local commercial real estate purchases through the 504 program totaled $170 million in 81 loans in the six months that ended March 31. That’s a 40% increase from $121 million in 69 loans in the same period a year earlier, according to data from the CDC Small Business Finance Corp.
The San Diego-based organization is the largest SBA 504 lender in the country. It made 207 SBA-backed loans worth $181.1 million in the six months through March.Small Business Finance said it expects more than 650 jobs to be created in Orange County as a result of the loans and subsequent expansion efforts by small businesses here.
Part of the increase in loan applications comes from pent-up demand as “people were holding off because of uncertainty” in recent years, said Mark Hogan.
“Now they realize [the rates] are as low as they can get,” he said. “So there’s nothing holding them back, although obviously it still has to be a good business decision. The loans have always been there; it comes down to consumer confidence.”