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SBA Lending in South Carolina Hits New Record
SBA-backed loans to South Carolina small businesses hit a record high of $235.2 million in fiscal year 2013, surpassing last year’s record of $222.9 million. The 2013 fiscal year, which ended Sept. 30, marks the third consecutive year the state’s SBA loan volume has reached record levels.
“This year’s loan growth is not only a testament to the improving economy, but also to our office’s significant lender outreach efforts,” said Elliott Cooper, district director of the SBA’s South Carolina district office. “More and more area lenders are realizing the benefit of the SBA’s loan guaranty programs, and that’s good news for Palmetto State small businesses.”
South Carolina's 2013 SBA loan volume included $200.2 million in loans under the 7(a) Loan program--the SBA’s primary loan guaranty program--and $35 million under the 504 Program, which provides long-term, fixed-rate subordinate mortgage financing for fixed assets.
With loans totaling $21,892,100, CertusBank was South Carolina’s top 7(a) lender by dollar volume, followed by TD Bank with $19,519,000 and BCI Lending Services with $15,289,000. Provident Business Financial Services was the state’s top certified development company by 504 dollar volume with loans totaling $12,014,000, followed by Appalachian Development Corp. with $10,069,000 and Certified Development Corp. of South Carolina with $7,070,000. (See the attached PDF below for the full fiscal year 2013 lender ranking for South Carolina.)
SBA backed a total of 359 loans in South Carolina during fiscal year 2013, a slight increase from last year’s 355 loans. The 2013 total included 316 7(a) loans and 43 504 loans. With 45 loans, Wells Fargo was the state’s top 7(a) lender, followed by BB&T with 37 loans and TD Bank with 34. The state’s top certified development company by number of 504 loans was Appalachian Development Corp. with 21, followed by Provident Business Financial Services with 18 and Certified Development Corp. of South Carolina with 13.
A table ranking lenders by the number and dollar volume of FY 2013 SBA loan approvals in South Carolina is available as a PDF attachment below.