September 30, 2018 marked the end of the 2018 fiscal year for the U.S. Small Business Administration and now the numbers are in for SBA 504 Loan Program activity in the State of Ohio. During the year there were 177 SBA 504 loans approved for $115,337,000. Projects financed through the SBA 504 Loan Program are always done in conjunction with private lenders, usually commercial banks, which the SBA calls third-party Lenders. The 177 projects were done in conjunction with 72 third-party lenders which provided an additional $164,710,375 in private financing.
The largest 504 loan in the State of Ohio last year was for $5,000,000 for a project done in conjunction with General Electric Credit Union. The smallest 504 loan was for $73,000 for a project done in conjunction with Spring Valley Bank. Huntington National Bank and JP Morgan Chase Bank each participated in 13 SBA 504 projects in Ohio, with PNC Bank close behind with 12 projects and First Financial Bank with 10 projects.
As shown on the included map, there were SBA 504 projects in 38 Ohio counties last year. Franklin County led the list with 29 approvals, followed by Hamilton County with 20 and Cuyahoga County with 19. Fifty counties in Ohio had no SBA 504 activity in Fiscal Year 2018. What can we do to change this? If you’re interested in an SBA 504 commercial property loan, or are a third-party lender looking to partner with a Certified Development Company on a 504 loan, don’t hesitate to contact us at 513-631-8292 or at lending-info@hcdc.com.
