Seedcopa Renewed As SBA’s First Lender
UWCHLAN – For the second year in a row, the US Small Business Administration has recognized Seedcopa as the # 1 SBA 504 Small Business Lender in Eastern Pennsylvania. Seedcopa is a provider of SBA 504 and other sub-market loans and is the regional financing subsidiary with the Chester County Economic Development Board.
Seedcopa has approved 42 loans totaling over $ 37 million, with projects totaling over $ 92 million in fiscal 2021, which ended September 30.
Seedcopa was able to support even more borrowers this year with a 53% increase over last year’s lending volume, according to a press release announcing the ranking. Nationally, loan volume increased by 41% for the flexible, low-interest SBA 504 loan program.
For loans covering the Central Atlantic region, Seedcopa worked with 46 borrowers, approving total loans of over $ 43 million in fiscal year 2021, with total projects of $ 115 million. , the agency said.
âThere is no doubt that this has been a roller coaster year for businesses large and small and it has been extremely rewarding for Seedcopa and its banking partners to offer savings as well as stability with interest rates. lowest available from reputable and trusted lenders, “Sherwood Robbins, Managing Director of Seedcopa, said in a statement.” Getting capital into the hands of our small business owners is always the priority. “
This is not the first time that the agency has been the top 504 SBA lender. Over the past 20 years, Seedcopa has repeatedly topped the rankings, the most recently recognized for fiscal 2020.
A statewide certified development company, Seedcopa has the capacity to cover all of Pennsylvania counties. This year’s loans, however, covered nearly double the usual number of counties in 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 fixed, below-market interest rates – to buy, build, renovate or expand new or existing land, or to purchase machinery and equipment. equipment.
The SBA 504 acts as “a supplement to conventional business loans,” according to information on the agency’s website. Some of the benefits include “a lower than market long-term fixed interest rate, less cash to shell out, or the added consideration of lower appraisals.”
The structure of a typical SBA 504 loan requires a contribution from the business owner of 10%. A third-party lender, such as a bank or credit union, contributes 50 percent of the cost of the project, while the SBA-backed portion of the loan is 40 percent, the statement said.
For more information visit https://seedcopa.com/