Small Business Administration lending activity in North Carolina set a new record in the federal fiscal year ending Sept. 30, according to SBA officials.
SBA-backed loan programs placed more than $750 million into the hands of the state’s small businesses through 7(a) and 504 loans, the agency reported in a news release.
“This is the first time SBA loans in North Carolina exceeded three-quarters of a billion dollars in any year. SBA lending activity in the state rose about 33 percent over the last fiscal year,” the release stated.
The federal agency, according to its recent report, guaranteed a total of 1,339 loans for almost $770 million. During the year, it approved 1,244 loans totaling more than $701 million through its 7(a) program. Through SBA’s 504 fixed-asset financing program, Certified Development Companies in North Carolina approved 95 loans for more than $68 million.
While Wells Fargo Bank generated the greatest number SBA-backed 7(a) loans in North Carolina at 338, Wilmington-based Live Oak Bank was the state’s top lender in terms of loan value, making 81 7(a) loans for a total of $127.4 million.
Other banks with a presence in the Wilmington market that ranked in the top 20 North Carolina SBA 7(a) lenders were: Yadkin Bank (79 loans totaling $37.3 million); SunTrust Bank (52 loans totaling $25.7 million); BB&T (36 loans totaling $16.4 million); First South Bank (32 loans totaling $6.4 million); First Citizens Bank (21 loans totaling $15.4 million); PNC (21 loans totaling $4.2 million); and Aquesta Bank (19 loans totaling $14.7 million).
“This year our lenders have placed more capital in the hands of North Carolina entrepreneurs than ever before,” Lynn Douthett, SBA’s North Carolina district director, said in the release. “Our lenders make the difference helping our firms create jobs, increase sales and grow their business. They foster economic development in North Carolina.”