South Carolina employers increased their borrowings through the U.S. Small Business Administration (SBA) for fiscal year 2017, according to new figures.
The SBA said it guaranteed 549 loans totaling $388 million in South Carolina from October 2016 through September, respective increases of a 6.6% and 41% compared to the previous 12 months.
The top lender under the SBA’s 7(a) program based on the loan volume was TD Bank with 109 deals that provided firms with $15 million.
On a dollar basis, Live Oak Bank took the top spot. The Wilmington, N.C.-based financial institution closed 66 loans totaling $66.6 million.
In other categories, Provident Business Financial Services was top lender statewide for SBA 504 loans, which finance major purchases that contribute to economic development. Its 15 deals totaled $10.8 million.
Charleston’s Local Development Corporation and CommunityWorks Carolina in Greenville tied for the top spot for microlending volume. They each made 22 loans under that program. LDC provided $741,606 in financing, and CommunityWorks lent $405,242.
The accommodation and food service industry was among the top borrowers, accounting for 106 loans, or a 17% increase. Lending to the health care and social assistance industries increased 24% to 101 transactions.
Nationally, the SBA said it approved more than 68,000 loans in its 2017 fiscal year, proving more than $30 billion in financing.