Overview
What is Areawide Development Corporation?
Areawide Development Corporation is a nonprofit organization based in Alcoa, Tennessee. Their primary mission is to provide long-term loans to small businesses, facilitating conversions, expansions, or acquisitions of land, buildings, and leasehold improvements. They play a crucial role in supporting private sector job creation. The corporation assists potential borrowers throughout the SBA 504 loan application process in their region and services the SBA loans post-funding. To date, they have submitted over 390 SBA 503/504 applications to the Loan Review Committee, with more than 305 approvals, 32 declines, and 67 cancellations. As of now, 237 loans have been funded, totaling over 92 million dollars and creating over 4,700 jobs. The corporation also manages the loan portfolio, making small business finance a vital function in their operations.
Is Areawide Development Corporation legitimate?
Areawide Development Corporation is a legitimate nonprofit organization registered as a 501(c)(4) entity. Areawide Development Corporation submitted a form 990, which is a tax form used by tax-exempt organizations in the U.S., indicating its operational transparency and adherence to regulatory requirements. Donations to this organization are tax deductible.
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What is the mission statement of Areawide Development Corporation?
The Areawide Development Corporation's mission is centered around providing long-term loans to small businesses. This funding is intended for business conversion, expansion, or growth, which may involve the acquisition of land, buildings, or leasehold improvements. The corporation also manages its loan portfolio and offers related services. Small business finance plays a significant role in their activities, contributing to the creation of private sector jobs. The primary function and goal of Areawide Development Corporation is, therefore, focused on stimulating job growth within the private sector.
Who is the CEO of Areawide Development Corporation?
Debbie Sudhoff is the Vice Preside of Areawide Development Corporation.
What is the revenue of Areawide Development Corporation?
Areawide Development Corporation's revenue in 2022 was $615,859.
Who are the executives of Areawide Development Corporation and what are their salaries?
Here are 10 key members and their salaries:
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Where can I find the form 990 for Areawide Development Corporation?
Areawide Development Corporation's most recent form 990 was submitted in 2022 and can be accessed here.
Mission Statement of Areawide Development Corporation
Areawide Development Corporation is dedicated to supporting the growth of small businesses by providing them with long-term loans. These loans are intended for conversion, expansion, or acquisition of necessary resources such as land, buildings, and leasehold improvements. The corporation's primary function and goal is to stimulate private sector job creation. In addition to offering loans, Areawide Development Corporation also provides all necessary services for its loan portfolio, making small business finance a crucial aspect of their operations. By assisting small businesses in this manner, the corporation plays a significant role in fostering job creation and contributing to the broader economy.
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Impact
October, 2024
Areawide Development Corporation significantly impacts the economic landscape by providing long-term loans to small businesses, facilitating their conversion and expansion. This financial support enables businesses to acquire land, buildings, and make necessary improvements, thereby enhancing their operational capacities.
Through its expertise in small business finance and thorough guidance during the loan application process, Areawide Development Corporation has become a crucial advocate for entrepreneurs seeking funding. It has successfully submitted over 390 SBA 503/504 applications, with more than 305 of those receiving approval. As a result, 237 loans have been funded, accumulating a total debenture amount exceeding $92 million.
The tangible outcome of these efforts is the creation of over 4,700 jobs within the community, underscoring the organization’s primary focus on driving private sector job creation. By investing in small businesses, Areawide Development Corporation not only supports individual enterprises but also actively contributes to broader community improvement and economic development in the region.
This information is meant to be a general summary of Areawide Development Corporation. Please take the time to review official sources before making any decisions based upon the content provided here.
Financials
This financial information is from Propublica.
Other financial information:
This information is from the most recently submitted tax form from this organization, which was in 2022.
- Investment Income: $248,459
- Program Service Revenue: $279,152
- Gross Receipts: $1,298,758
Assets and Liabilities:
- Total Assets: $1,420,570
- Total Liabilities: $29,455
- Net Assets: $1,391,115
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Programs
Programs are reported by nonprofits in their tax forms and are normally their tax-exempt activities.
SERVICE FEES
Revenue
$182,167
PROCESSING & CLOSING FEES
Revenue
$89,327
504 INTEREST FLOAT
Revenue
$7,658
Organization Details
Founding Year
1981
Principal Officer
Debbie Sudhoff
Main Address
PO BOX 458, ALCOA, TN, 377010458
NTEE Category
Code: S30 - Community improvement
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