courtesy of the Charleston Regional Business Journal
Lending backed by the U.S. Small Business Administration increased 72% in South Carolina in the recent fiscal year to nearly $200 million.
Last year, Congress authorized SBA-backed loans of $5 million, up from the previous max of $2 million. That led to the major increase in SBA lending in South Carolina, the SBA said.
During the 2011 fiscal year, which ran from Oct. 1, 2010, through Sept. 30, the SBA guaranteed 20 loans valued at more than $2 million in South Carolina.
“This year’s SBA loan growth is part of an upward trend over the last two years,” said Elliott Cooper, director of the SBA’s S.C. District Office. “I am optimistic that this growth will continue.”
The SBA’s 2011 fiscal year total included $185.08 million in loans under the 7(a) Loan Program, the SBA’s primary loan guaranty program, and $14.63 million in loans under the 504 Certified Development Company Loan Program.
TD Bank was again the state’s top lender of 7(a) loans, at $32.09 million, followed by BCI Lending Services with $21.82 million and Bank of Travelers Rest with $12.88 million.
Certified Development Corp. of South Carolina was the top CDC by 504 dollar volume, with loans totaling $5.09 million, followed by Provident Business Financial Services with $5.06 million and Appalachian Development Corp. with $3.83 million.
The number of SBA loans made during fiscal year 2011 was 361, a 6% decrease from the 384 loans made during fiscal year 2010.