Business

SBA lending hits record level during FY 17, ended Sept, 30

The U.S. Small Business Administration placed a record amount of funding into the hands of North Carolina small businesses during the fiscal year ended Sept.30. The SBA guaranteed 1,460 loans for over $849 million.

For the second year in a row, SBA loans in North Carolina exceeded three-quarters of a billion dollars. SBA lending activity in the state increased almost 10 percent over the last fiscal year.  During the year, 1,367 loans were approved through the agency’s flagship 7(a) program for over $765 million. Through SBA’s 504 fixed-asset financing program, certified development companies approved 93 loans for more than $84 million.

Businesses owned by minorities and women had the greatest increase in lending activity in 2017. Minority-owned businesses received 314 loans, totaling more than $244 million. This represents a 21 percent increase in the number of loans and a 39 percent increase in dollars compared to 2016.

In addition, women-owned businesses received 298 loans, totaling more than $129 million. This represents a 15 percent increase in the number of loans and a 13 percent increase in dollars compared to 2016.

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