Seedcopa repeats as the leading SBA lender

UWCHLAN – For the second year running, the US Small Business Administration has recognized Seedcopa as the leading SBA 504 small business lender in Eastern Pennsylvania. Seedcopa is a provider of SBA 504 and other sub-market loans and is the regional finance company of the Chester County Economic Development Council.

Seedcopa approved 42 loans totaling more than $ 37 million with fiscal 2021 ending Jan.

According to a press release announcing the ranking, Seedcopa was able to support even more borrowers this year with an increase of 53% over the loan volume of the previous year. Nationwide, the credit volume for the flexible, low-interest credit program SBA 504 rose by 41%.

For loans in the Mid-Atlantic region, Seedcopa worked with 46 borrowers and approved total loans of more than $ 43 million with total projects totaling $ 115 million in fiscal 2021, the agency said.

“There is no doubt that this has been a year’s roller coaster ride for businesses big and small, and it has been extremely gratifying for Seedcopa and its banking partners to offer savings and stability at the lowest interest rates from reputable, trusted lenders. “Seedcopa CEO Sherwood Robbins said in a statement. “Getting the capital into the hands of our small business owners is always a priority.”

This isn’t the first time the agency has been the leading SBA 504 lender. In the past 20 years, Seedcopa has been at the top several times – most recently it was awarded for the 2020 financial year.

As a nationally certified development company, Seedcopa has the ability to cover all counties in Pennsylvania. However, this year’s loans spanned nearly double the number of counties across the region, including Allegheny, Berks, Bucks, Camden, Chester, Clearfield, Cumberland, Dauphin, Delaware, Lancaster, Lehigh, Montgomery, New Castle, Northumberland, and Philadelphia.

Seedcopa helps local small and medium-sized businesses get the money they need – at below market, fixed rates – to buy, build, renovate, or expand new or existing land, or to buy machinery and equipment.

According to information on the agency’s website, the SBA 504 acts as a “supplement to conventional, commercial loans”. The advantages include “a long-term interest rate fixed below market value, less equity capital or additional consideration of lower estimated values”.

The structure of a typical SBA 504 loan requires a 10% contribution from the business owner. A third party lender, such as a bank or credit union, pays 50% of the project costs, while the SBA-covered portion of the loan is reported to be 40%.

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