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SBA Lending in North Carolina Second Highest Total Ever
CHARLOTTE, N.C. – SBA guaranteed loans to North Carolina small businesses hit the second highest dollar total ever with 917 loans for over $465 million in fiscal year 2013. This surpasses last year’s total of 839 loans for over $432 million, a 9.3% increase. The state had its highest SBA dollar total in 2011 with almost $487 million.
SBA approved 797 loans in North Carolina through its flagship 7(a) program for almost $403 million. Through SBA’s 504 fixed-asset financing program, Certified Development Companies approved 120 loans for about $62 million and an additional $78 million in bank financing.
“Thanks to our lenders, small businesses secured almost half a billion dollars in financing,” said SBA District Director Lynn Douthett. “Access to capital is key for small businesses to grow and prosper. It helps keep North Carolina’s economy strong.”
With 131 loans totaling $33.9 million, BB&T was North Carolina’s top 7(a) lender followed by Wells Fargo with 127 loans for $43.8 million. Business Expansion Funding Corporation (BEFCOR) was the state’s top certified development company in 504 loans. BEFCOR approved 58 for almost $29 million. Self-Help Ventures Fund followed with 29 loans for over $16 million.
SBA’s annual Lender Awards will be presented at the North Carolina Bankers Association Lenders Conference in Charlotte on December 3, 2013. Lender awards recognize the outstanding contributions of SBA lenders who underwrite SBA guaranteed loans and provide access to capital for small business owners in North Carolina.
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