Sterling Federal Bank’s Smith named Regional Development Company Lender of the Year

STERLING — The Regional Development Co., based in Valparaiso, Indiana, highlighted its 2024 achievements and recognized top lenders Nov. 7 at its annual membership meeting. The RDC recognized its top referring lenders at the awards ceremony, with Mike Smith of Sterling Federal Bank named Lender of the Year.

Since its inception, the RDC has funded more than 500 loans, creating over 6,500 jobs and over $500 million in capital investment throughout Indiana and Illinois. Sterling Federal Bank is a certified lender with the Small Business Administration.

The SBA’s 504 Loan Program is a long-term financing tool for economic development within a community. The SBA 504 Program provides growing businesses with long-term, fixed-rate financing for major fixed assets, such as land, buildings and large equipment.

A certified development company is a nonprofit corporation set up to contribute to the economic development of its community. CDCs partner with the SBA and private-sector lenders to provide financing to small  businesses. Sterling Federal Bank is a mutual savings bank with nine offices located in Northwestern Illinois and Eastern Iowa.  

Sterling Federal Bank has been serving the community since it was chartered in 1885.