FUQUAY-VARINA, North Carolina (January 6, 2020) – Fidelity Bank led the field as North Carolina’s number one Small Business Administration (SBA) lender for 504 lending during the federal government’s fiscal year, which ran from October 2019 to September 2020.
During that period, Fidelity Bank made nine 504 loans valued at $11,435,413. This is the fourth time in five years that Fidelity Bank was at the top of the leader board. Fidelity Bank partners with Business Expansion Funding Corporation (BEFCOR), a non-profit economic development lender, to help customer’s secure SBA financing.
The Charlotte office of the United States Small Business Administration compiles the lending volume information monthly and ranks the lenders by the number of loans they make, not the dollar amount.
The Small Business Administration 504 loan program provides financing to eligible small businesses with long-term, fixed rate financing for major fixed assets, such as land and buildings, with a contribution of at least 10% equity.
Fidelity Bank is a full-service financial institution with assets of approximately $2.7 billion headquartered in Fuquay-Varina, North Carolina. The Bank owns and operates 55 branches throughout North Carolina and Virginia; and was awarded a 5-star (superior) rating by BauerFinancial.