We are proud to spotlight how our team contributes to economic growth in North Carolina and beyond. Continue reading to see how our lending options kept business moving forward during Q2 2023.
Lending Environment: Q2 Challenges
In today’s unpredictable economic landscape, small business owners face many challenges when securing loans and funding to grow their businesses. The looming possibility of a recession has only amplified these difficulties. Many lenders have tightened their lending criteria, increased interest rates, or even withdrawn support for start-ups and construction projects.
Despite these challenges, Fidelity Bank continues to lend with favorable terms focused on capital preservation. During the second quarter of 2023, the Government Guaranteed Lending team at Fidelity Bank closed 13 SBA 7(a) loans totaling $19,492,500 in funding to help businesses grow.
$19,492,500 In SBA Loans Funded
From April – June 2023, Fidelity Bank helped owners secure over $19 million in funding to start, grow, or expand their small businesses.
These loans provide crucial financial assistance to businesses looking to expand, invest in new equipment, hire more employees, or navigate the challenging economic times. With favorable terms and a focus on capital preservation, Fidelity Bank’s Government Guaranteed Lending program is a reliable resource for entrepreneurs seeking financial stability and growth opportunities.
As in prior quarters, SBA 7(a) loans were the most popular option for business owners, and for good reason! The 7(a) loan offers flexible financing options for a variety of business purposes, including capital and equipment purchases.
However, SBA 7(a) loans aren’t the only option business owners have! The SBA 504 loan, USDA loan and Express Line of Credit can also help you get the funding you need to start, grow, or expand your operations.
Our Business Is Your Business
In the face of recession-related challenges, Fidelity Bank stands as a reliable ally for small business owners. By offering a variety of small business loans, competitive interest rates, and continued support for start-ups and construction projects, Fidelity Bank ensures that entrepreneurs can navigate economic downturns with confidence.
As a Preferred Lender, we’re committed to helping businesses thrive even in the most challenging times. Our responsive and personalized service is what’s helped rank Fidelity Bank among the top ten SBA lenders in North Carolina.
Click here to learn more, or get in touch with an SBA lending expert and learn how an SBA loan can help you reach your goals.