SBA Small Business Lending Reflects Strong Economic Trends in South Carolina

SBA FY19 total loan volume reaches over $245 million in South Carolina with 593 approved loans
Release Date: 
Tuesday, October 29, 2019
Release Number: 
19-1029
Contact: 
Savannah Wilburn, 803-253-3121, savannah.wilburn@sba.gov

The U.S. Small Business Administration announced FY19 lending numbers showing that it guaranteed over $28 billion to entrepreneurs that otherwise would not have access to capital to start, grow, or expand their small businesses. In South Carolina, SBA backed 593 loans for over $345 million.

“A strong economy is powering America’s 30 million small businesses, and the SBA’s FY19 numbers bear that out,” SBA Acting Administrator Chris Pilkerton said. “When the economy is doing well, 7(a) lenders are more willing to provide capital without the need for a federal loan guarantee. Our 504 and Microloan programs continued to grow from last year, as all of these loans are designed to create jobs and grow all small businesses in communities across the country.  We continue to be proud that the SBA is here to help America start, grow, and expand opportunities for entrepreneurs.”

In FY19, SBA’s flagship 7(a) loan program made approximately 52,000 7(a) loans totaling $23.17 billion. The 504 loan program had another year of increased performance, with more than 6,000 loans made for a total dollar amount of more than $4.9 billion.

 “With a strong economy and historically solid small business optimism, we know that 7(a) lenders are making loans conventionally without the SBA guarantee. We also saw a 4.3% growth in the 504 loan program due to the longer term and low fixed interest rate that the product provides to small businesses,” said Associate Administrator for SBA’s Office of Capital Access William Manger. “We are also proud that our Microloan program had another record year with a nearly 7.5% increase in small business lending.”

In South Carolina, 542 loans were made under the 7(a) program, totaling over $304 million. While lending in the 7(a) program had a slight decrease, the 504 loan program increased 76 percent in the number of loans for the state, with 51 loans being made for over $40 million.

In FY19, there was significant growth of dollars lent in the SBA’s Microloan program, with more than 5,500 loans approved for nearly $81.5 million. In South Carolina, 75 loans were produced, totaling over $1.9 million.

"Our state had another successful year in SBA lending," said Gregg White, District Director for the SBA South Carolina District Office. "Loans to women and African Americans are up, and we also noticed an increased loan volume in rural areas. This tells us that South Carolina small business owners in underserved communities are being supported by lenders both in and out of the state."

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