SBA loans go up to $5 million, but the typical small business does not need that much capital. File image
The U.S. Small Business Administration's fiscal year 2018 lending data shows that over $349 million was provided to South Carolina small businesses, with 695 loans made.
Overall, more than $30 billion was provided to small businesses in the U.S.
“The increase in the number of loans SBA has guaranteed to South Carolina businesses shows that more entrepreneurs were able to receive funds to start, grow or expand their small business,” Gregg White, district director of the SBA South Carolina District Office, said. “The decrease in the loan volume means that we are approving smaller loans. ... This shows that we are reaching the businesses that are just starting or need a little extra to take their business to the next level.”
SBA loans go up to $5 million, but the typical small business does not need that much capital.
“We are providing tools, resources and access to capital for America’s 30 million small businesses, and our FY18 numbers bear that out,” SBA Administrator Linda McMahon said. “Our loan programs in FY18 continue to show strong performance, and we believe [President Donald Trump's] tax cuts and deregulatory actions will help more small businesses grow and prosper in the coming year.”
Learn more about SBA’s loan programs and financial assistance by visiting www.sba.gov.
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