U.S. Small Business Administration (SBA) loan programs placed almost half a billion dollars into the hands of North Carolina small businesses during fiscal year ended September 30, 2014, guarantying 845 loans for almost $449 million.
During the year, 746 loans were approved through its flagship 7(a) program for almost $383 million. Through SBA’s 504 fixed-asset financing program, Certified Development Companies approved 99 loans for about $66.1 million. That’s down 3.5% in dollars over 2013, when SBA approved 917 loans for over $465 million.
“Almost half a billion dollars in SBA funding enabled small businesses to create jobs and support our state’s economy,” said SBA District Director Lynn Douthett. “Thanks to all of our lending partners who provide the access to capital that help our small businesses grow and succeed.
Wells Fargo was North Carolina’s top 7(a) lender ranked by number of loans, with 160 for almost $48 million. Yadkin Bank landed the number two spot with 69 loans for over $78 million.
Business Expansion Funding Corporation (BEFCOR) was the state’s top certified development company in 504 loans. BEFCOR approved 46 loans for $25.7 million. Self-Help Ventures Fund followed with 32 loans for $19.4 million.