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SBA Backs a Record $849 Million to North Carolina Small Businesses in 2017

Release Date: 
Monday, October 16, 2017
Contact: 
Mike Ernandes 704-344-6588

Charlotte, N.C. – U.S. Small Business Administration (SBA) loan programs placed a record amount of funding into the hands of North Carolina small businesses during the fiscal year that ended September 30, 2017, guarantying 1,460 loans for over $849 million.

For the second year in a row, SBA loans in North Carolina exceeded three-quarters of a billion dollars. SBA lending activity in the state increased almost ten percent over the last fiscal year. 

During the year, 1,367 loans were approved through the agency’s flagship 7(a) program for over $765 million. Through SBA’s 504 fixed-asset financing program, certified development companies approved 93 loans for more than $84 million.

Businesses owned by minorities and women had the greatest increase in lending activity in 2017. Minority-owned businesses received 314 loans, totaling more than $244 million. This represents a 21 percent increase in the number of loans and a 39 percent increase in dollars compared to 2016.

In addition, women-owned businesses received 298 loans, totaling more than $129 million. This represents a 15 percent increase in the number of loans and a 13 percent increase in dollars compared to 2016.

“It’s another banner year for our small businesses, thanks to our lending partners,” said Lynn Douthett, director of SBA’s North Carolina District Office. “Our lenders make the difference helping our firms create jobs, increase sales and grow their business. They are a key driver in fostering economic development in North Carolina.”

Wells Fargo Bank was North Carolina’s top 7(a) lender ranked by number of loans, with 224 for over $60 million. First National Bank of Pennsylvania (which acquired North Carolina-based Yadkin Bank in the last year) landed the number two spot with 77 loans for over $44 million.

Business Expansion Funding Corporation (BEFCOR) was the state’s top certified development company in 504 loans. BEFCOR approved 64 loans for over $55 million. Self-Help Ventures Fund followed with 20 loans for $17.4 million.

To see the 2017 SBA North Carolina Lender Ranking visit www.sba.gov/nc.

Nationally, SBA approved more than 68,000 loans for over $30 billion. To view the SBA national release, visit SBA’s Newsroom.

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Related State: 
North Carolina