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Show SB A loan limit increased Deseret Certified Development Company, the authorized lender of Small Business Administration 504 loans, has increased its financing limit for expansion of existing businesses from $500,000 to $750,000, according to president Scott Davis. Davis said, "The increased SB A loan amount means that Deseret Certified can help business owners who have borrowed to their $500,000 limit continue to expand. It also means financing will be available for larger projects which have a greater economic impact on the state's growth." The, firm received the National Association of Development Companies' Com-panies' 1987 award as the most active ac-tive state-wide administrator of its 265 national members. Deseret CDC's 45 loans in 1987 represented an $8.8 million SBA investment in Utah. Davis said his company can loan up to 40 percent of the financing with an SBA guarantee limit of $750, 000; a private lender contributes contri-butes 40 to 50 percent; and the remaining re-maining 10 to 20 percent is put up by the borrower as down payment. With the SBA guarantee limit increased in-creased to $750,000, Deseret can now participate in projects of up to $2.5 million: The program is limited li-mited to fixed-asset financing including in-cluding purchase of land, buildings, build-ings, expansions and renovations and certain types of equipment. Expanded or new Deseret Certi-fied-financed businesses include Bingo Food Store, Clearfield and Professional Medical Services, North Salt Lake. Bingo Food Stores, a combination conveni ence store, fast food outlet and gas station, opened in July providing 14 full-time positions. Professional Medical Services produces kits for hospitals and doctors' offices containing all components com-ponents used in medical examinations examina-tions and surgeries. The kits are distributed throughout the United States and Europe. The ten-year-old company completed a major expansion in February allowing for an additional 100 people to be hired. Deseret CDC was certified in 1982 by the Small Business Administration Admi-nistration to administer 504 loans. As of Oct. 1, 1988, Deseret Certified Certi-fied reported 1,458 jobs created or retained in Utah through SBA financing of approximately $27 million mil-lion or one job per every $11,595 invested. |
