Ameritrust CDC has been named an SBA 504 Lender of the Year for 2017 by the Coleman Report.
The Report is the trade newsletter from Coleman, a leading provider of information to small business bankers to help them make less risky small business loans. Winners of the Report’s awards were chosen from community nominations.
Chris Hurn, president of Orlando’s Fountainhead Commercial Capital, nominated Kim Willis, President, and CEO of Ameritrust CDC.
“As the founder, President, and CEO of Ameritrust CDC, Kim has been active in nearly all aspects of the company, which currently holds a loan portfolio of over $175 million,” said Hurn. “What makes this truly astonishing is the fact that she started the company in 2007 right before the crash and emerged from its depths by promoting a strong mission, professional communication, and developing an effective workforce – her three keys to success. The true beauty of her efforts lies not only in the fact that she has built her company to be as strong as it is but also in the fact that the inherent nature of her business is to help small business owners, their businesses, and economies prosper through the 504 program.”
The US Small Business Administration 504 Loan or Certified Development Company program is designed to provide financing for the purchase of fixed assets, which usually means real estate, buildings, and machinery, at below-market rates. The 504 program works by distributing the loan among three parties: the business owner puts a minimum of 10 percent, a conventional lender (typically a bank) puts up 50%, and a so-called Certified Development Company (CDC) puts up the remaining 40 percent. Such CDCs, like Ameritrade, are established under the 504 code as non-profit corporations set up to support economic growth in their local areas.