Deseret Certified Development Co., 7050 Union Park Center, has received approval from the Small Business Administration to administer SBA 504 loans in Uinta, Lincoln, Sublette, Sweetwater and Teton counties in western Wyoming.
DCDC also will begin servicing a small portfolio that previously belonged to a western Wyoming certified development company that has been decertified.Bill Frisby, a senior loan officer, will be responsible for servicing the new area. He said, "Wyoming is fortunate to have a number of programs which supplement private sector lending, primarily the SBA 7a program. We believe there are a number of projects in western Wyoming that don't qualify for 7a loans that could take advantage of the 504 program."
SBA 504 loans through DCDC offer qualifying small businesses the benefits of relatively low down payment, below market fixed interest rates and long-term financing. Working with the SBA, DCDC provides 40 percent of the loan total while banks and other other private lenders provide 50 percent and the borrower supplies 10 percent.