Brandon Berger, Big Sky Economic Development Loan Officer is #1 for the second time
CONTACT Brandon Berger direct at 406-869-8403. berger@bigskyeda.org www.bigskyeda-edc.org
Brandon Berger, Big Sky Economic Development Loan Officer is #1 for the second time
Brandon Berger, Loan Officer at Big Sky Economic Development is the state’s top producer for securing seven SBA 504 loans for a total of $3,999,000. This is the highest dollar volume and loan total for a Certified Development Company (CDC) in Montana. [SBA Fiscal Year October 1. 2008-September 30, 2009]. This is the second year in a row that Berger has led the state.
The primary focus of the program is job creation and retention. These loans will result in over 143 new jobs created.
The SBA 504 program is a long-term financing tool used for economic development by eligible small businesses. The program provides fixed rate financing for major fixed assets, such as land, buildings and equipment. The typical structure for an SBA 504 loan is 50% financed through a private lender, 40% through SBA and the CDC, and 10% owner’s contribution.
With loans becoming more difficult to secure and many requiring 30% or more down, the SBA 504 is a good deal for the borrower and the lender who has that 40% guaranty from SBA. #