CDC Small Business Finance, a community leader in the economic development field, is the No. 1 U.S. Small Business Administration lender in Arizona among 7A and 504 firms after the fiscal year 2021 second quarter.
The Arizona district office of CDC, which was named the state’s SBA 504 Lender of the Year for the third straight year in 2020, closed 55 loans totaling $49.67 million. The No. 2 lender was far behind with 40 loans totaling $22.4 million.
The 2Q fiscal year 2021 rankings are from October 1, 2020, through March 31, 2021.
“Interest rates remain low, buyers are prequalified and lack of commercial real estate inventory is driving the increases we see of ground-up construction loan requests,” said Belinda Rosthenhausler, CDC Small Business Finance Vice President, Commercial Lender for Arizona and Nevada.
“Business owners are currently capitalized and contacting their banker to discuss purchasing commercial property versus renewing their lease. Market lease rates are continuing to increase and the SBA 504 loan program allows companies to stabilize their real estate requirement long term with a minimal 10 percent down,” Rosthenhausler said.
In the Arizona district office third-party lender rankings for the same period, JP Morgan Chase Bank was the No. 1 lender with $14.3 million; First Fidelity Bank was No. 2 with $11.3 million; and Midfirst Bank was No. 3 with $9.4 million.
CDC Small Business Finance was recognized among all SBA 504 lenders in the state last year for the greatest loan production and impact in Arizona.
Bane and the Phoenix CDC office have helped local small businesses including Lo-Lo’s Chicken and Waffles and BBQ Island. For non-real estate financing, CDC Small Business Finance offers a portfolio of working capital loan options.
The Phoenix office comprises Chris Bane, Vice President, Senior Commercial Lender Bane and Rosthenhausler.
