In 1993, the Texas Legislature authorized the creation and funding of a statewide, non-profit, certified development company to insure the equitable distribution of federal funds across the state. The Texas Department of Commerce created Capital Certified Development Corporation, which was chartered as the "statewide" CDC by the U.S. Small Business Administration (SBA) on January 21, 1993, with the mission to provide access to capital for Texas businesses.
Today the objective remains the same and the results have been profound. Since 1993, Capital CDC has been successful in providing over $190 million in assistance to businesses throughout Texas. Over the past three years Capital CDC has worked to get more approvals under the SBA's 504 Program than any other firm in Texas, with 255 loan approvals totaling approximately $150 million in funds.
From 2001 to the beginning of 2006, Capital CDC operated its Incentive Products Group to provide a broader range of economic development expertise to its clients. This group worked hand-in-hand with state and local economic development professionals, predominately with two state level incentive programs - the Texas Enterprise Zone (EZ) Program, and the Texas Capital Fund (TCF).
In 2006, Capital Certified Development Corporation announced the sale of its Incentive Products Group (IPG) to Ryan & Company. Ryan & Company, headquartered in Dallas, Texas, is one of the largest independent tax-consulting firms in the United States. The firm specializes in providing state & local tax services primarily in the sales and use tax, property tax, franchise tax, and state income tax areas on a multi-state basis.
“This sale was a resounding success for our organization,” said Craig Pinkley, Capital CDC’s Executive Director. “We started the Incentive Products Group in 2001 and it is quite a tribute to our IPG staff and client base that a company such as Ryan & Company’s caliber would approach us about acquiring this segment of our business.”
“The IPG sale put us in a cash position to further expand our organization and focus on our core competency, the SBA 504 Loan Program,” Pinkley said. “It literally has placed us years ahead in our efforts to increase the outreach and utilization of the SBA 504 Program.”
Also in 2006, Capital CDC expanded its service area into New Mexico. This has provided Capital CDC the opportunity to provide 504 loans to a historically underserved market and assist small businesses with future growth and prosperity. Since 1992, there has been only one statewide CDC providing SBA 504 lending in New Mexico. Now small businesses in New Mexico have a choice, the “right choice”, when it comes to working with a CDC.
Through the combination of local, state and federal funding expertise Capital CDC gives each customer the opportunity to maximize its investments. Perhaps most importantly, Capital CDC insures that its clients can focus on the business that has made them successful.
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