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CTCIC Tops in SBA Loan Program
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Business New Haven
12/08/2003
By: BNH
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NEW HAVEN - The Connecticut District Office of the U.S. Small Business Administration (SBA) recently named the Connecticut Community Investment Corp. (CTCIC) its top CDC lender in Connecticut for 2003 - the second consecutive year the group has earned the top SBA designation.
The SBA's 504 loans are offered exclusively through Certified Development Corporations (CDCs), and are used to encourage business expansion. The program provides up to 90-percent financing for the purchase of owner-occupied real estate and/or machinery and equipment. The loan's effective interest rate is below market and fixed for the duration of the loan.
"Every small-business owner should consider the 504 program when financing the purchase of fixed assets," said Mark Cousineau, CTCIC's executive director, who noted that his group's 504 loan volume rose 250 percent in 2003. "There is no reason to drain cash out of a small business to fund a 20- to 30-percent down payment when a 504 loan requires only ten percent."
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