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SBA Achieves Historic Small Business Lending in South Carolina for Fiscal Year 2020

Over $2.1 billion in loans stabilized small business sector and put it on the road to recovery
Release Date: 
Wednesday, November 4, 2020
Release Number: 
Savannah Wilburn,

COLUMBIA, S.C. – The U.S. Small Business Administration announced Fiscal Year 2020 summary loan data of the financial assistance provided through traditional loan program lending as well as aid provided via the CARES Act. Loans guaranteed through traditional SBA-backed lending programs exceeded $28 billion; however, enactment of the CARES Act dramatically increased loan volume guaranteed by the Agency: In FY20, the Paycheck Protection Program provided an additional 5.2 million loans worth more than $525 billion; the Agency’s Economic Injury Disaster Loan Program added another 3.6 million small business loans valued at $191 billion, as well as an additional 5.7 million EIDL Advances worth $20 billion. In South Carolina, SBA backed loans totaled over $2.1 billion, and assisted more than 47,000 small businesses across the state.

“Despite the setbacks small businesses suffered due to the coronavirus, many small businesses have been able to survive, and in some cases even thrive due to SBA backed loan programs,” said Gregg White, District Director of the SBA South Carolina District Office. “Whether it was vital funds needed to pay their employees through PPP, or funding to expand small business operations to better assist the community, lenders around the country stepped up to assist South Carolina entrepreneurs in their time of need.”

The top three lenders for loan volume in the South Carolina are Live Oak Bank with $32 million, TD Bank with $17 million, and Citizens Bank with $15 million. For number of loans, the top three lenders are TD Bank with 65 loans, followed by Wells Fargo with 41 loans, and United Midwest Savings Bank with 23 loans in South Carolina.

“In response to the unprecedented challenges faced by small businesses this year, the Trump Administration provided more than three-quarters of a trillion dollars in financial assistance to support impacted small businesses. SBA lending data further reflects the extraordinary commitment this Administration has made to supporting entrepreneurs in underserved communities,” Administrator Jovita Carranza said.

Highlights from the PPP include:

  • 27% of the PPP loan dollars were made in low-and moderate-income communities which is in proportion to the percentage of population in these areas:
  • More than $133 billion, or 25%, of PPP loans were approved for small businesses in historically underutilized business zones (HUBZones); and,
  • Over $80 billion, or 15%, of total PPP dollars were approved to small businesses in rural communities.

Administrator Carranza further noted, “In addition to the tremendous amount of aid provided by the CARES Act via the PPP and EIDL programs, our regular loan programs showed solid year-over-year improvement, especially within our 504 and Microloan programs.

“SBA’s small but dedicated team of professionals punched far above its weight this year, building on last year’s lending numbers for traditional loans, while administering the largest and most consequential disaster response effort in modern history – all while overcoming unprecedented workforce disruptions.”

In FY20, SBA’s flagship 7(a) loan program made approximately 42,000 7(a) loans totaling $22.55 billion nationally. The 504 loan program had another year of increased performance, with more than 7,000 loans made for a total dollar amount of more than $5.8 billion. The Microloan Program, which specifically helps businesses in underserved communities, achieved a second straight record year performance with nearly $85 million going to over 5,800 small businesses. Thirty-four percent of Microloans made in FY20 went to Black-owned small businesses.

Lending to underserved populations posted another strong year. Lenders reported that minority business owners received $7.5 billion in combined 7(a) and 504 lending, or 27% of SBA’s loan portfolio. Further reported data shows SBA’s 7(a) lending to women-owned businesses was nearly $2.7 billion in FY20 while lending from the 504 loan program to women-owned businesses was over $522 million. Additionally, loans to veterans totaled nearly $835 million for the 7(a) and 504 programs.

“Our 504 and Microloan programs noticeably increased from last year: the 504 program grew 17.5% while the Microloan program had another record year with a 4.3% increase in small business lending. Both loans are designed to create jobs and grow small businesses in communities across the country. SBA continues to create and expand opportunities for America’s entrepreneurs,” said Associate Administrator for SBA’s Office of Capital Access William Manger.

“It was a historic year for SBA’s disaster program, as we approved and disbursed more than three times as many funds for the COVID-19 EIDL program ($211 billion) as we have for all disasters combined in the Agency’s 67-year history ($67 billion),” said Associate Administrator for SBA’s Office of Disaster Assistance James Rivera. “This was also the first time in SBA history that the Agency had the statutory authority to declare a pandemic and make disaster loans. SBA took swift action to work with Governors, and within a matter of days, the Agency issued disaster declarations to all 50 states, five territories and the District of Columbia.”

For more information about SBA’s loan programs, financial assistance, and other services, visit