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Home / Inside Tract / SBA backs a record $770 Million to NC small businesses in 2016

SBA backs a record $770 Million to NC small businesses in 2016

 Charlotte, N.C. – U.S. Small Business Administration (SBA) loan programs placed over three-quarters of a billion dollars into the hands of North Carolina small businesses during fiscal year ended September 30, 2016, guarantying 1,339 loans for almost $770 million.

This is the first time SBA loans in North Carolina exceeded three-quarters of a billion dollars in any year. SBA lending activity in the state rose about 33 percent over the last fiscal year.

During the year, 1,244 loans were approved through its flagship 7(a) program for over $701 million. Through SBA’s 504 fixed-asset financing program, Certified Development Companies approved 95 loans for more than $68 million.

“It’s another banner year, thanks to our lending partners!  This year our lenders have placed more capital in the hands of North Carolina entrepreneurs than ever before,” said Lynn Douthett, SBA North Carolina District Director. “Our lenders make the difference helping our firms create jobs, increase sales and grow their business.  They foster economic development in North Carolina.”

Wells Fargo Bank was North Carolina’s top 7(a) lender ranked by number of loans, with 338 for almost $60 million. Live Oak Bank landed the number two spot with 81 loans for $127.4 million.

Business Expansion Funding Corporation (BEFCOR) was the state’s top certified development company in 504 loans. BEFCOR approved 55 loans for over $44 million. Self-Help Ventures Fund followed with 24 loans for $13.2 million.

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