SBA Backs Almost $315 Million in Loans to Tennessee Small Businesses

Release Date: 
Monday, November 5, 2018
Release Number: 
TN 19-2
Contact: 
Christopher.mckeehan@sba.gov

NASHVILLE, Tenn. – U.S. Small Business Administration (SBA) loan programs placed almost $315 million into the hands of Tennessee small businesses during fiscal year 2018, guarantying 568 loans. Fiscal year 2018 began October 1, 2017, and concluded on September 30, 2018.

 

Throughout the year, 545 loans were approved through the SBA’s flagship 7(a) program for nearly $291 million. This resulted in a 9.4 % increase in loan approval volume over fiscal year 2017.

Through SBA’s 504 fixed-asset financing program, Certified Development Companies approved 23 loans for over $22 million.  FY 2018 saw a 35.2% increase in lending volume in the 504 program over fiscal year 2017.

Microloan intermediaries approved 42 loans for $605,510 across Tennessee in fiscal year 2018. Microloan approval volume was up by 23.5% this fiscal year from fiscal year 2017.

“We are truly appreciative of the tremendous contribution that our lending partners made to Tennessee entrepreneurs in FY 2018,” said LaTanya Channel, SBA Tennessee District Director. “Through our lending partners, Tennessee small businesses received needed capital to help them start, grow, expand, and thrive.”

 US Bank was Tennessee’s “Top 7(a) Lender by Loan Volume” in fiscal year 2018 ranked by number of loans, with 89 loans approved.  Live Oak Bank was Tennessee’s “Top 7a Lender by Dollar Amount” in fiscal year 2018, ranked by total dollars, with $35.6 million in total dollars. South Central Tennessee Development was the state’s top Certified Development Company, approving eight 504 loans with dollar approval volume for over $8.7 million. Pathway Lending was Tennessee’s top microloan intermediary approving 29 loans worth nearly $500,000.

For a full listing of the 2018 SBA Tennessee Lender Ranking, please visit https://www.sba.gov/sites/default/files/articles/FY18_Lender_stats.pdf.

 

###

About the U.S. Small Business Administration

The U.S. Small Business Administration makes the American dream of business ownership a reality. As the only go-to resource and voice for small businesses backed by the strength of the federal government, the SBA empowers entrepreneurs and small business owners with the resources and support they need to start, grow or expand their businesses, or recover from a declared disaster. It delivers services through an extensive network of SBA field offices and partnerships with public and private organizations. To learn more, visit www.sba.gov/tn.