On The Move
SBA Lending in South Carolina Reaches New Record
Oct 17, 2012
SBA Backed Over $220 Million to State’s Small Businesses in FY 2012
COLUMBIA, SC - October 17, 2012 - SBA-backed loans to South Carolina small businesses hit a record high of $222,857,800 in fiscal year 2012, surpassing last year’s record of $199,718,400.
Driving the record loan dollar volume was a dramatic increase in lending through the SBA’s 504 Loan program, which provides long-term, fixed-rate subordinate mortgage financing for fixed assets. In fiscal year 2012, SBA-backed 504 loans totaled $61,360,000 in South Carolina, more than three times the fiscal year 2011 total of $14,631,000. This increase was partly the result of the 504 refinancing program, a temporary Jobs Act program that expired September 27. 504 refinancing program loans accounted for $27,703,000--nearly half the total 504 dollar volume.
The SBA’s 2012 fiscal year loan volume also included $161,497,800 in loans under the 7(a) Loan program, the SBA’s primary loan guaranty program.
With loans totaling $24,898,700, TD Bank was South Carolina’s top 7(a) lender by dollar volume, followed by BCI Lending Services with $11,010,800 and Wells Fargo with $10,950,900. Provident Business Financial Services was the state’s top certified development company by 504 dollar volume with loans totaling $22,132,000, followed by Appalachian Development Corp. with $18,480,000 and Certified Development Corp. of South Carolina with $6,568,000.
SBA backed a total of 355 loans in South Carolina during fiscal year 2012, a slight (1.6 percent) decrease from 361 loans during fiscal year 2011. The 2012 total included 291 7(a) loans and 64 504 loans. Wells Fargo made the state’s highest number of 7(a) loans with 42, followed by TD Bank with 37 and BB&T with 31. 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.