SBA Guaranteed $388 Million to Small Businesses in South Carolina
COLUMBIA – The U.S. Small Business Administration guaranteed 549 small business loans, totaling $388 million in the Palmetto State for fiscal year 2017. The number of loans approved increased by 32 representing a 6.6 percent increase. Total loan amount increased by 41 percent from 2016. SBA’s fiscal year began October 1, 2016 and ended on September 30, 2017.
The top lender under the SBA’s 7(a) loan program for number of loans was TD Bank. TD Bank approved 109 loans for a total of $15 million. The top 7(a) lender for loan volume was Live Oak Bank, generating 66 loans for a total of $66.6 million.
“Our lending partners are vital to the SBA’s overall mission and create greater access to capital for our small business community,” said Gregg White, SBA South Carolina District Director.” We are grateful to our lending partners for our increased success in 2017 and we want to keep that momentum going for 2018.”
Provident Business Financial Services was the state’s top lender for 504 loans, making 15 loans for a total of $10.8 million. The 504 loan program is specifically for major purchases that contribute to economic development. Local Development Corporation (LDC) and CommunityWorks Carolina tied the top spot at 22 loans under the Microloan program. LDC made loans in the amount of $741,606 and CommunityWorks Carolina lent $405,242.
“The past fiscal year our lending program experienced tremendous growth. Our lenders provided capital to small businesses which created jobs and improved the quality of life for many,” said, Frank Anderson, Lender Relations Specialist-South Carolina District Office.
Accommodation and food services industry received 106 loans for 2017 compared to 90 in 2016, a 17 percent increase. Lending to healthcare and social assistance industries increased 24 percent and received a 101 loans for 2017.
Under minority lending, the black small business community received 40 loans for 2017, up from 25 with a 60% increase from 2016. Loan amounts increased from $7,740,200 to $10,122,700 representing a 30% increase.
Nationally, SBA approved over 68,000 loans in the 7(a) and 504 loan programs in FY17. These programs provided over $30 billion to small businesses.
For a full listing of the 2017 SBA South Carolina Lender Ranking, please visit the South Carolina District Office website at www.sba.gov/sc. For more information about SBA’s loan programs, financial assistance and other services, visit www.sba.gov.
About the U.S. Small Business Administration
The U.S. Small Business Administration (SBA) was created in 1953 and since January 13, 2012 has served as a Cabinet-level agency of the federal government to aid, counsel, assist and protect the interests of small business concerns, to preserve free competitive enterprise and to maintain and strengthen the overall economy of our nation. The SBA helps Americans start, build and grow businesses. Through an extensive network of field offices and partnerships with public and private organizations, the SBA delivers its services to people throughout the United States, Puerto Rico, the U.S. Virgin Islands and Guam. www.sba.gov.