Growth Corp received the title of Illinois' 504 Lender of the Year from the U.S. Small Business Administration (SBA). The award acknowledges Growth Corp's commitment to economic development and job creation through the facilitation of the 504 Loan Program. Doug Kinley, President of Growth Corp, accepted the award during a July 18, 2023, Lender Awards Luncheon in Chicago.
In 2022, Growth Corp helped facilitate $706 million in business expansion investments, including $262 million in 504 loans. These investments led to the growth of hundreds of businesses and the creation and/or retention of over 2,300 jobs.
The 504 Loan Program is the SBA's primary economic development tool. It provides low, long-term, fixed interest rate financing for growing businesses, with lower down payments than conventional loans. The program involves a local bank or credit union, a Certified Development Company (CDC) like Growth Corp, and the small business owner. Up to 90% of the expansion project's financing comes from sources outside the business owner's pocket.
Growth Corp is a nonprofit, mission-based lender focused on connecting small businesses with expansion capital. Recognized as an Accredited Lender with SBA, Growth Corp is the largest 504 lender in the Midwest and a top 10 CDC nationwide. Additionally, it hosts the Illinois Small Business Development Center (SBDC) for Central Illinois, expanding its services to support individuals interested in starting or growing a business.