JEDCO
Receives 2 Awards for "Most Improved"
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The Jacksonville Economic Development Company (JEDCO), an SBA Certified Development Company (CDC) and a Florida not-for-profit corporation, was recently recognized for its performance as a CDC by receiving both the 2002 “Most Improved CDC” and 2002 “Greatest Increase in Number of 504 Loan Approvals” awards.
The “Greatest Increase in Number of 504 Loan Approvals” (portfolio $10- $25 million) award was presented to Jim Taylor, JEDCO President & CEO, in conjunction with its trade association NADCO’s (National Association of Development Companies) Annual Meeting in Phoenix, Arizona. The award is noteworthy, since more than 270 CDCs exist nationwide. In addition, during the Small Business Week Celebration at the UNF Small Business Development Center, JEDCO received the SBA’s North Florida District Office “Most Improved CDC” award.
Wilfredo Gonzalez, SBA North Florida District Director, presented the award to Arnett C. Greene, JEDCO Chair. “I attribute this award to Jim Taylor, G. Keith Bailey, the JEDCO Loan Committee Chair and the hard work and dedication of the staff,” said Greene. Greene has been a Board Member of JEDCO for 23 years.
The Jacksonville Economic Development Company was created in 1980 and has now served more than 450 local businesses with loans totaling some $225 million which have, in turn, created more than 4,200 new jobs.
JEDCO works with local lenders in arranging SBA 504 loans. JEDCO helps businesses grow by offering long-term, below market fixed-rate (currently 6.551%) loans for up to 90% of a project’s cost. Projects typically range from $125,000 to $5 million and sometimes even more. Under the 504 program, businesses can buy, build, or remodel commercial and industrial buildings with minimum investment. The program also allows for the purchase of heavy machinery or equipment.
