SBA 504 News
Monday, October 21st, 2019
Areawide Development Corporation held its annual membership and board of directors meeting on Monday, September 16, 2019. In the report to the membership, Debbie Sudhoff, ADC Director, noted ADC has had four SBA 504 loans approved this fiscal year totaling $5,978,000 which represents a 39% increase as compared to the same time period last year. Nationally, loan dollar volume has increased 4% in the 504 program as compared to the same period last year. Overall, ADC’s portfolio performance is strong with no delinquencies. Our loan portfolio is $22.4 million and consists of 41 loans. On September 9, 2019, the effective rates were published for the September 2019 funded debentures. The 25 year full term funding rate was 3.901%, the 20 year debenture full term funding rate was 3.820%, and the 10 year full term funding rate was 3.603%. SBA announced for 504 loans approved beginning October 1, 2018, the upfront guaranty fee will remain at 0.50% and the annual service fee will be reduced from 0.368% to 0.3205% of the outstanding balance of the loan.
During the Annual Meeting, the following officers were elected to serve for the upcoming year beginning October, 1:
President David Verble
Vice President Teri Brahams
Treasurer Jim McBrearty
Secretary Tish Campbell