REI is the number one Certified Development Company (CDC) in the state for U. S. Small Business Administration (SBA) 504 loans and dollar volume approved.
Certified Development Companies are nonprofit corporations that work with the SBA and lenders, primarily local banks, in providing financing to small businesses. REI has been a Certified Development Company since 1982.
During SBAs fiscal year from October 1, 2007, to September 30, 2008, REI received SBA approval for 33 loans in 19 Oklahoma counties for a total of $17,817,000 affecting 654 jobs statewide. REI produced 39 percent of all SBA 504 loans processed in Oklahoma during this fiscal year and 34 percent of the total dollar volume in the state.
We congratulate REI for their hard work in securing the largest number of 504 loans for Oklahoma small businesses during fiscal year 2008, said Dottie Overal, Oklahoma District Director. The SBA 504 loan program is an economic development tool designed to not only start and expand businesses, but to create jobs as well. SBA is proud to work with REI in building dreams and communities.
SBA reported that nationwide, loans totaling over $5 billion were made to small businesses during SBAs fiscal year. Average loan size was $599,929.
The SBA 504 lending program provides growing businesses with long-term, fixed-rate financing for major fixed assets such as land and buildings. REI partners with Oklahoma banks across the state to provide the 504 lending program to businesses in need of financing or to start a business. The businesses assisted by REI during this reporting period were very diversified and included hotels, dentistry and medical services, franchise operations and other small businesses.
Much of our success is credited to the SBA Oklahoma City District Office and our participating community banks across the state for making this outstanding program available to Oklahoma businesses, Tom Seth Smith, REI President & CEO said. And, it is especially gratifying to know that 33 Oklahoma businesses secured the capital they needed to start or expand their businesses and create jobs for Oklahomans.
REI has offices in Durant, Alva, Oklahoma City and Tulsa.