Kentucky sets record on SBA 504 loans
The U.S. Small Business Administration just set a new loan dollar record in Kentucky on the SBA 504 Loan Program, with more than $46.3 million for the 2012 fiscal year. This amount was driven by the Temporary 504 Debt Refinancing Program, which ended a few weeks ago. The SBA 504 Loan Program offered through nonprofit Certified Development Companies provides stable, long-term, fixed rate financing for the purchase of owner-occupied commercial real estate and other major fixed assets at the lowest interest rates in program history.
The debenture bonds that funded last month’s 20-year and 10-year 504 loans were sold to investors at an interest rate below the previous record. These bond rates determine the fixed rates charged on 504 loans.
The official interest rates for 10-year and 20-year 504 loans are published monthly.
The low rates for the debenture bond sales in September resulted in effective interest rates for small business borrowers, including servicing fees, of only 4.28 percent for 20-year standard loans and 3.49 percent for 10-year standard loans.
The 20- and 10-year SBA rates are fixed for the term of the 504 loan and require as little as a 10 percent borrower down payment. Interest rates this low make the 504 Loan Program the very best deal going for small business owners looking to grow and expand their operations through the purchase of major fixed assets, including the purchase, construction, expansion or renovation of commercial property and/or the acquisition of heavy duty machinery and equipment.
SBA 504 loans are paired with private-sector commercial loans, providing up to $5 million of small business financing for standard projects and up to $5.5 million for green initiative and small manufacturer projects (SBA loan portions only; there is no limit on overall project dollar size).
Certified Development Companies that promote economic development and job creation throughout Kentucky work with the SBA and private-sector lenders to provide available and affordable financing to small businesses.
For more information about 504 loans, visit SBA 504 Loan Program. A list of the Certified Development Companies that lend under the SBA 504 Loan Program in Kentucky can be found on page 24 of the SBA Kentucky Small Business Resource Guide, including Community Ventures Corporation, which is based in Lexington and has offices across the state.
Lincoln native promoted to VP at Ag Credit
Paul Wyler, a current resident of Garrard County, has been promoted to vice president-credit for Central Kentucky Ag Credit. Wyler is a native of Lincoln County, and was also a long-time resident of that area.
His administrative position will encompass the full range of credit in three Ag Credit offices, including Danville, Lebanon and Stanford.
Wyler is a veteran of nearly 32 years of service with Central Kentucky Ag Credit. His background in association services spans the full spectrum of Ag Credit financial activities.
Wyler was employed in February 1981 as a loan officer in the Stanford Ag Credit office. He progressed to being manager of that office, and later assumed the added role of area manager. Wyler then became an Ag Credit appraiser for three years, until he was named credit analyst. He held that post until his recent promotion to vice president-credit.
While he will travel extensively in the Bluegrass Region in his new work, Wyler will be based in the Danville office of Central Kentucky Ag Credit.
Averitt recognized as ‘Top Green Supply Chain Partner’
COOKEVILLE, Tenn. — Thanks to its commitment to protecting the environment, Averitt Express was chosen as a “Green 75 Supply Chain Partner” by Inbound Logistics magazine. It’s the third straight year Averitt has been selected for the honor.
Inbound Logistics bases its Green Supply Chain Partners list on a company’s involvement in three areas: participation in public-private partnerships; corporate sustainability initiatives; and collaborative customer-driven projects. The magazine’s editors solicited more than 200 transportation and logistics companies to complete a questionnaire specifying their investments in sustainability — ranging from fuel-efficient equipment to corporate-sponsored recycling programs, and everything in between.
“In our industry, it’s vital that we maintain our focus on environmental stewardship and sustainability,” said Gary Sasser, Averitt’s president and CEO. “We’re extremely honored to have been recognized by Inbound Logistics three years in a row for our ‘green’ efforts. The entire Averitt team takes great pride in continually finding new ways to be environmentally friendly.”
During the past several years, Averitt has developed programs to educate and reward associates for improving their fuel efficiency. Averitt has awarded $90,000 in fuel cards, a Smart Fortwo city car, and a Ford F-150 4x4 truck.
Averitt’s current SmartWay score is 1.25, which represents outstanding environmental performance, according to the EPA. Partners with this score are already utilizing most of the commercially available fuel saving strategies and are actively evaluating the latest emerging technologies.
To learn more about Averitt’s environmental responsibility, visit www.averittexpress. com/green.
New radiologists join Lexington Diagnostic Center
LEXINGTON — Lexington Diagnostic Center and OPEN MRI has added two musculoskeletal-strained radiologists to the outpatient imaging team.
The new radiologists are Dr. Robert Pope and Dr. Jason Harris.
Dr. Robert Pope is a board certified radiologist fellowship trained in musculoskeletal radiology. He completed his residency at Michigan State University, and is a graduate of Arizona College of Osteopathic Medicine. Dr. Pope served in the Air Force and practiced at Joint Base Balad-Air Force Theater Hospital Iraq where he was Chief Radiologist. He served as staff radiologist at Eglin Air Force Base where he was the director of MRI and Mammography Services. Dr. Pope is experienced in all aspects of medical imaging with a particular interest in musculoskeletal MRI and joint and epidural injections.
Dr. Jason Harris is a board certified radiologist, fellowship trained in musculoskeletal radiology. He completed his radiology residency at University of Cincinnati and earned his medical degree at University of Louisville. Dr. Harris completed his musculoskeletal and interventional pain management fellowship, including epidural injections, at the Medical College of Virginia. He is experienced in all facets of radiology with a particular emphasis in Musculoskeletal MRI and epidural steroid injections.