In the first seven months of this fiscal year, SBA agency guaranteed a record number of small business loans in South Carolina. At $138.5 million already issued in loans, 2013 is on track to be a bigger year than 2012.
During the last fiscal that ended on Sept 30th, SBA lending in South Carolina hit a record $222.9 million; up 11.6% in comparison to the previous year. The SBA recently reported 155 loans being made in South Carolina amounting to 92.2 million under the flagship 7(a) loan program. The trend is expected to continue. Loan proceeds may be utilized for establishing a new business and to assist in the operation, acquisition and expansion of an existing enterprise.
Under the 504 Loan Program, the SBA agency reported loan grants of $46 million. The 504 Loan Program is long-term, fixed rate financing that allows business owners to make purchases of fixed assets for expansion. Loan awards are granted through certified development companies (CDCs) created for promoting economic development.
In addition, the agency has instituted $311,737 under its Microloan Program which can offer up to $50,000 in loans to startups and small businesses.
The agency is expected to continue to make big strides to help small businesses secure financing.
This article was submitted by Rohit Arora, co-founder of Biz2Credit. Biz2Credit is a small business marketplace that connects entrepreneurs with financing options and advice to grow their business. Send all questions to