CDC Small Business Funding continues to lead economic development in Arizonawhich has been recognized as the US Small Business Administration’s top state lender for 7A and 504 businesses.
During the second quarter of fiscal 2022, from October 2021 to March 2022, CDC Small Business Finance approved 54 loans totaling nearly $60 million in the District of Arizona.
These projects include The Royale, a 10,125 square foot building with restaurant, office and retail space at 635 W. Glenrosa in Phoenix with an open central plaza. The approximately 4,300 square foot dining space will house the new second location of FEZ Restaurant & Bar, which has operated in its original flagship location in downtown Phoenix since 2005.
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The property had been used for automotive/service purposes for many years; CDC Small Business Finance also helped the auto shop purchase its new location. When The Royale opens, the neighborhood will benefit from a new gathering place, better paying jobs and a cleaner environment.
“Lack of inventory is creating demand for construction financing and, in some cases, equipment for custom construction projects,” said Belinda Rosthenhausler, vice president of CDC Small Business Finance and commercial lender for Arizona and Nevada.
The Royal is just one example of how the SBA 504 loan structure continues to be in high demand, despite rising interest rates. The 25-year fixed interest rate option provides budget control for business owners who see lease rates continue to climb.
CDC has consistently remained at the top of the list and was named the state’s SBA 504 Lender of the Year for the fourth consecutive year in 2021.