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| Dupaco awarded 504 First Mortgage Lender of the Year for Iowa by SBA |
| Posted: | May 14, 2010 |
| Details: | (DES MOINES, Iowa) – In recognition of the small business community’s contributions to the American economy and society, the President of the United States designates one week each year as National Small Business Week. Scheduled for the week of May 23 of this year, Small Business Week 2010 will honor the estimated 25 million small businesses in America. Since its establishment in 1963, the highlight of this annual tradition is the presentation of awards which focus on the outstanding contributions of small business persons, champions, lenders and others who support small business at the district, state and national levels.
The U.S. Small Business Administration recently recognized Dupaco Community Credit Union in Dubuque as its 504 First Mortgage Lender of the Year for the state of Iowa during its award ceremonies at the Iowa Smart Conference in Des Moines on May 6, 2009.
SBA’s 504 program is used to provide long-term fixed asset financing to small businesses. Under the program, lenders, such as Dupaco, finance 50% of the cost and take a first mortgage position on the assets financed, while an SBA Certified Development Company finances 40% of the project and the small business owner provides a down-payment that can be as low as 10%. The First Mortgage Lender of the Year Award goes to an SBA lender who has demonstrated an outstanding commitment to small businesses in their community through their increased participation in multiple SBA 504 Program Loans.
Dupaco Community Credit Union was a first mortgage lender on three 504 deals in Dubuque in Fiscal Year 2009. Their share of financing accounted for over $849,000 but made available over $1.5 million in total project dollars, creating 14 new jobs and retaining eight others. In addition, through other loan SBA loan programs, Dupaco approved 14 loans for $362,000 in Fiscal Year 2009.
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