Lenders › Business Development Corporation (BDC)
504 CDCSouth Bend, Indianacertified development company73rd of 182 by approvals
Business Development Corporation (BDC)
SBA 504 loan approvals by fiscal year, where they went, how large they were, and how loans from earlier years turned out.
SBA approvals by fiscal year. The federal fiscal year runs 1 October to 30 September, so FY2025 is 1 October 2024 to 30 September 2025. *FY2026 is open: approvals to 30 Jun 2026 only.
In FY2021 to FY2025 SBA approved 106 504 loans, worth $71.3M, through Business Development Corporation (BDC) of South Bend, Indiana, a certified development company (CDC) that makes SBA 504 loans. By number of approvals that is 73rd among 182 active CDCs.
In FY2025, the latest complete fiscal year, it had 20 approvals totalling $9.5M, up 82% on FY2024 (11). FY2026 to 30 Jun 2026 adds 11 more.
The median approval was $410K, against $657K for the 504 program as a whole; 13.2% of its approvals were for $150,000 or less (program: 4.6%).
Its loans went to businesses in 3 states and territories and 22 counties, led by Indiana (87.7%), Michigan (11.3%) and Massachusetts (0.9%). The largest industry group was manufacturing at 31.1% of approvals, and 12.3% of approvals were to franchise businesses.
Of 239 disbursed loans approved in FY2010 to FY2021, SBA records 3 as charged off (1.3%), 114 as paid in full and 122 still outstanding; the 504 program figure for the same approval years is 1.2%, so the rate here is close to it.
Loan status is as recorded by SBA at the data date; charge-off rates are computed on loans approved at least five fiscal years ago. Jobs supported are self-reported estimates from the SBA loan application, which SBA does not review, audit or validate. Loans appear under the lender they are assigned to today, so a lender's figures include loans it took over. Data through 30 Jun 2026.
Approvals by fiscal year
| Fiscal year | Approvals | Dollars approved | Median approval | Average approval | Jobs supported, as reported |
|---|---|---|---|---|---|
| FY2026* | 11 | $4.9M | $334K | $446K | 173 |
| FY2025 | 20 | $9.5M | $261K | $475K | 168 |
| FY2024 | 11 | $7.1M | $309K | $644K | 164 |
| FY2023 | 11 | $8.4M | $606K | $759K | 136 |
| FY2022 | 31 | $27.5M | $669K | $887K | 754 |
| FY2021 | 33 | $18.9M | $395K | $572K | 411 |
| FY2020 | 18 | $12.4M | $494K | $691K | 171 |
| FY2019 | 12 | $5.1M | $360K | $427K | 127 |
| FY2018 | 15 | $7.7M | $452K | $513K | 212 |
| FY2017 | 34 | $19.7M | $272K | $579K | 379 |
| FY2016 | 17 | $3.9M | $209K | $228K | 165 |
Approvals are counted in the year SBA approved them and include approvals later cancelled. In the five fiscal years before the current window (FY2016–FY2020) the lender had 96 approvals. First approval on file: FY2010.
How earlier loans turned out
Only loans approved at least five fiscal years ago (FY2010–FY2021) are counted, because newer loans have had little time to be paid in full or charged off. "Charged off" is SBA's status for a loan on which it has written off the remaining balance.
| Loans approved FY2010–FY2021 | This lender | Indiana | 504 program |
|---|---|---|---|
| Approvals in these years | 278 | 1,987 | 85,591 |
| Cancelled or never disbursed | 39 | 276 | 12,514 |
| Disbursed loans | 239 | 1,711 | 73,077 |
| Paid in full | 114 | 772 | 35,491 |
| Charged off | 3 | 19 | 905 |
| Still outstanding (status exempt from disclosure) | 122 | 920 | 36,681 |
| Charged off, share of disbursed loans | 1.3% | 1.1% | 1.2% |
| Dollars charged off, share of disbursed dollars | 2.4% | 1.0% | 0.9% |
| Dollars charged off | $2.8M | $9.2M | $499M |
By approval year
| Approved in | Disbursed | Paid in full | Charged off | Charged off, share | 504 program, same year |
|---|---|---|---|---|---|
| FY2021 | 28 | 3 | 0 | — | 0.1% |
| FY2020 | 16 | 0 | 0 | — | 0.1% |
| FY2019 | 12 | 2 | 0 | — | 0.3% |
| FY2018 | 14 | 3 | 0 | — | 0.4% |
| FY2017 | 26 | 11 | 0 | — | 0.8% |
| FY2016 | 15 | 5 | 0 | — | 1.0% |
| FY2015 | 21 | 16 | 0 | — | 1.2% |
| FY2014 | 18 | 9 | 0 | — | 1.3% |
| FY2013 | 20 | 10 | 0 | — | 1.4% |
| FY2012 | 24 | 19 | 1 | — | 2.0% |
| FY2011 | 17 | 14 | 0 | — | 2.1% |
| FY2010 | 28 | 22 | 2 | — | 3.4% |
A share is shown only where at least 30 loans from that year were disbursed.
Against the 504 program
| FY2021–FY2025 | This lender | 504 program |
|---|---|---|
| Median approval | $410K | $657K |
| Average approval | $673K | $1.0M |
| Approvals of $150,000 or less | 13.2% | 4.6% |
| Approvals to startups and businesses 2 years old or less | 15.1% | 14.4% |
| Approvals to franchise businesses | 12.3% | 9.0% |
| Jobs supported per approval, as reported | 15.4 | 10.1 |
| Charged off, loans approved FY2010–FY2021 | 1.3% | 1.2% |
States served
| # | State of the business (3 in all) | Approvals | Dollars | Share | |
|---|---|---|---|---|---|
| 1 | Indiana | 93 | $65.9M | 87.7% | |
| 2 | Michigan | 12 | $4.3M | 11.3% | |
| 3 | Massachusetts | 1 | — | 0.9% |
In Indiana the lender accounts for 12.7% of all 504 approvals in FY2021–FY2025.
Counties served
| # | County of the business (22 in all) | Approvals | Dollars | Share | |
|---|---|---|---|---|---|
| 1 | Elkhart County, IN | 30 | $26.9M | 28.3% | |
| 2 | St. Joseph County, IN | 24 | $14.8M | 22.6% | |
| 3 | Marshall County, IN | 9 | $4.4M | 8.5% | |
| 4 | LaPorte County, IN | 6 | $4.3M | 5.7% | |
| 5 | Kosciusko County, IN | 6 | $1.8M | 5.7% | |
| 6 | Berrien County, MI | 5 | $2.0M | 4.7% | |
| 7 | Marion County, IN | 5 | $1.6M | 4.7% | |
| 8 | Cass County, MI | 4 | $1.4M | 3.8% | |
| 9 | Porter County, IN | 2 | — | 1.9% | |
| 10 | Tippecanoe County, IN | 2 | — | 1.9% | |
| 11 | Kalamazoo County, MI | 2 | — | 1.9% | |
| 12 | Sullivan County, IN | 1 | — | 0.9% |
Industry mix
| # | NAICS sector | Approvals | Share | |
|---|---|---|---|---|
| 1 | Manufacturing | 33 | 31.1% | |
| 2 | Accommodation and Food Services | 14 | 13.2% | |
| 3 | Retail Trade | 12 | 11.3% | |
| 4 | Health Care and Social Assistance | 10 | 9.4% | |
| 5 | Other Services (except Public Administration) | 9 | 8.5% | |
| 6 | Wholesale Trade | 7 | 6.6% | |
| 7 | Construction | 6 | 5.7% | |
| 8 | Professional, Scientific, and Technical Services | 5 | 4.7% |
| # | Industry group | Approvals | Share | |
|---|---|---|---|---|
| 1 | Restaurants and Other Eating PlacesNAICS 7225 | 10 | 9.4% | |
| 2 | Automotive Repair and MaintenanceNAICS 8111 | 6 | 5.7% | |
| 3 | Other Chemical Product and Preparation ManufacturingNAICS 3259 | 4 | 3.8% | |
| 4 | Building Equipment ContractorsNAICS 2382 | 4 | 3.8% | |
| 5 | Resin, Synthetic Rubber, and Artificial and Synthetic Fibers and Filaments ManufacturingNAICS 3252 | 3 | 2.8% | |
| 6 | Metalworking Machinery ManufacturingNAICS 3335 | 3 | 2.8% | |
| 7 | Machinery, Equipment, and Supplies Merchant WholesalersNAICS 4238 | 3 | 2.8% | |
| 8 | Coating, Engraving, Heat Treating, and Allied ActivitiesNAICS 3328 | 3 | 2.8% | |
| 9 | Offices of PhysiciansNAICS 6211 | 3 | 2.8% | |
| 10 | Other Miscellaneous ManufacturingNAICS 3399 | 3 | 2.8% |
Approval sizes
- $50,001 to $150,00013.2%14
- $150,001 to $350,00027.4%29
- $350,001 to $1 million36.8%39
- $1 million to $2 million17.9%19
- Over $2 million4.7%5
Loan terms
- Over 5 to 10 years13.2%14
- Over 10 to 20 years59.4%63
- Over 20 years27.4%29
Age of the businesses
- Existing, more than 2 years old82.1%87
- New business, 2 years or less3.8%4
- Startup, loan funds will open the business11.3%12
- Change of ownership2.8%3
SBA processing method
| # | Method | Approvals | Share | |
|---|---|---|---|---|
| 1 | Accredited Lenders Program | 67 | 63.2% | |
| 2 | ALP Express | 21 | 19.8% | |
| 3 | 504 Basic | 13 | 12.3% | |
| 4 | 504 Refinancing Program | 3 | 2.8% | |
| 5 | ALP Express Debt Refi | 2 | 1.9% |
Franchise share
13 of 106 approvals in FY2021–FY2025 (12.3%) carried an SBA franchise code; across the 504 program the share is 9.0%.
| # | Franchise brand | Approvals | Share | |
|---|---|---|---|---|
| 1 | Freddy's Frozen Custard & Steakburgers | 2 | 1.9% | |
| 2 | MainStay Suites ES | 1 | 0.9% | |
| 3 | Culver's ButterBurgers & Frozen Custard | 1 | 0.9% | |
| 4 | AlphaGraphics | 1 | 0.9% | |
| 5 | GPM Empire, LLC | 1 | 0.9% | |
| 6 | True Value Company LLC | 1 | 0.9% | |
| 7 | BRP US Inc. | 1 | 0.9% | |
| 8 | Save-A-Lot Food Stores- License & Supply Agreement | 1 | 0.9% |
Third-party lenders in its 504 projects
A 504 project pairs the CDC's loan with a larger loan from a bank or other lender. Banks and credit unions named on five or more of this CDC's projects in FY2021–FY2025:
| # | Third-party lender | Projects | Share | |
|---|---|---|---|---|
| 1 | 1st Source Bank | 33 | 31.1% | |
| 2 | Lake City Bank | 18 | 17.0% | |
| 3 | Everwise Credit Union | 13 | 12.3% | |
| 4 | First State Bank of Middlebury | 9 | 8.5% | |
| 5 | Centier Bank | 9 | 8.5% | |
| 6 | First Farmers Bank and Trust Co | 5 | 4.7% | |
| 7 | Old National Bank | 5 | 4.7% | |
| 8 | Horizon Bank | 5 | 4.7% |
Questions and answers
How many SBA loans does Business Development Corporation (BDC) make?
SBA approved 20 504 loans through Business Development Corporation (BDC) in FY2025, worth $9.5M, and 106 over FY2021 to FY2025. That ranks 73rd of 182 active CDCs by number of approvals.
How large are Business Development Corporation (BDC)'s typical SBA loans?
The median 504 approval in FY2021 to FY2025 was $410K and the average $673K. The program-wide median was $657K.
What is Business Development Corporation (BDC)'s charge-off rate?
Of 239 disbursed loans approved in FY2010 to FY2021, SBA records 3 as charged off (1.3%), 114 as paid in full and 122 still outstanding; the 504 program figure for the same approval years is 1.2%, so the rate here is close to it. Loans are listed under the lender that holds them today, so the figure includes loans taken over from other lenders. Status is as recorded by SBA on 30 Jun 2026.
Which industries does Business Development Corporation (BDC) lend to most?
By number of approvals in FY2021 to FY2025: restaurants and other eating places (10); automotive repair and maintenance (6); other chemical product and preparation manufacturing (4); building equipment contractors (4).
Where does Business Development Corporation (BDC) make SBA loans?
In 3 states and territories. Indiana 93, Michigan 12, Massachusetts 1. In Indiana it accounts for 12.7% of all 504 approvals.
Is Business Development Corporation (BDC)'s SBA lending rising?
Approvals in the three latest complete fiscal years total 42, against 82 in the three before: falling (-49%).
Where does this data come from?
From the Small Business Administration's 7(a) and 504 FOIA loan files, as of 30 Jun 2026. Borrower names and addresses in those files are discarded when the files are read and appear nowhere on this site.
About these figures
Figures are totals of the Small Business Administration's 7(a) and 504 FOIA loan files, data through 30 Jun 2026. SBA updates the files quarterly. Counts are loan approvals, including approvals later cancelled; the five-year window is FY2021–FY2025, the five latest complete fiscal years. Charge-off rates use only loans approved in FY2010–FY2021, at least five fiscal years ago, and count disbursed loans SBA records as charged off. Loans are listed under the lender they are assigned to today. Dollar figures behind fewer than three approvals are not shown, and no borrower is named anywhere on this site.Methodology · Report an error