CDC Small Business Finance continues to lead economic development in Arizona, earning recognition as the top U.S. Small Business Administration lender in the state for 7A and 504 firms.
Through Q2 of the 2022 Fiscal Year, from October 2021 through March 2022, CDC Small Business Finance approved 54 loans totaling almost $60 million in the Arizona District.
Those projects include The Royale, a 10,125 SF building with restaurant, office and retail space at 635 W. Glenrosa in Phoenix with a central open plaza setting. The approximately 4,300 SF restaurant space will host the new, second location for FEZ Restaurant & Bar, which has operated in its initial flagship location in midtown Central Phoenix since 2005.
The property had been used in an automotive/service capacity for many years; CDC Small Business Finance also helped the automotive shop purchase its new location. When The Royale opens, the neighborhood will benefit from a new gathering spot, higher-paying jobs, and a cleaner environment.
“The lack of inventory is creating a demand for construction financing and in some cases including equipment for build-to-suit projects,” said Belinda Rosthenhausler, CDC Small Business Finance’s vice president and commercial lender for Arizona and Nevada.
The Royale 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 a controlled budget for business owners who are seeing lease rates continue to climb.
CDC has consistently remained atop the list and was named the state’s SBA 504 Lender of the Year for the fourth straight year in 2021.