The EDC of St. Charles County has again landed at the top of the St. Louis Business Journal's ranking of the largest SBA lenders in the St. Louis region. With $18.51 million in total annual loan production, the organization nearly doubled its 2022 output.

The EDC's SBA 504 loan program provides affordable fixed-asset financing for qualified small business borrowers. Unlike conventional loans, which often require a down payment of 20% or more, a 504 loan offers down payments as low as 10% and benefits including low, long-term fixed rates.

The EDC has long been home to one of the region's most successful SBA lending programs and is a fixture on the annual largest lenders list. The 2023 ranking is the fourth time in recent years the EDC has claimed the top spot, along with 2021, 2020, and 2017. It snagged the number two spot in 2019 and number four in 2018.

"Even with the rising interest rates we saw in 2023, the SBA 504 program remained an incredibly attractive option to small business owners looking to affordably access capital or refinance existing debt," said Steve Grelle, Senior Vice President of Business Lending at the EDC, who leads the organization's 504 lending team.

"We are incredibly proud the EDC helped small businesses continue to grow and start in our region by accessing over $18 million in capital in 2023," said Scott J. Drachnik, EDC President and CEO. "We have our sights set on an even higher goal for 2024."

The ranking is based on loan production during the SBA's 2023 fiscal year, which ran from October 1, 2022, to September 30, 2023. The EDC's SBA territory includes the entire state of Missouri and the Illinois counties of Bond, Clinton, Jersey, Madison, Monroe, and St. Clair.

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