South Carolina SBA loans fluctuate

2/17/2012

During the 2011 fiscal year, SBA lending in South Carolina surged 72 percent to nearly $200 million, GSA Business reports. In total, 20 loans, valued at more than $2 million during that time frame, were granted.

Citing an upward trend over the past two years, the state's SBA district director Elliot Cooper was "optimistic" that growth would continue.

However, lending hasn't been so fruitful over the first quarter of the new fiscal year, as the SBA reported that lending is down 64 percent to $34.95 million borrowed under its 7(a) program, the news source notes in a separate article. That figure is reduced significantly from the $97.2 million granted during this same time period last year.

Furthermore, South Carolina banks only approved 69 loans overall in that time - down from 116, quarter over quarter.

Much of the credit for 2011's loan rise can be attributed to Congress' announcement that borrowers could receive loans of up to $5 million - an increase from the previous cap of $2 million.

In other lending news around the state, the SBA recently announced that two counties - Horry and Dillion - are eligible to receive economic injury disaster loans as a result of drought and excessive heat conditions experienced in 2011.