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 Q3 2023.
Q3 Lending Environment: Updates & Challenges
Higher rates, inflation, and talks of an uncertain economy remained key themes throughout Q3 this year. As in prior months, some borrowers found financing options much more costly or, in some cases, unavailable. Banks and lending institutions continued to tighten their balance sheets which made it more difficult for small and midsize businesses to gain funding.
Despite these challenges, small businesses, especially those in the service sector, continue to move forward. In fact, about 36% of American business owners are considering getting a business loan according to the latest report from Consumer Confidence Index.
For those starting the business loan journey, a loan from the SBA (Small Business Administration) is an excellent option. The SBA offers a range of loan programs designed to suit different business needs. Whether you’re looking for working capital, real estate financing, or funds to acquire another business, the SBA has a loan program that can work for you.
Work With An SBA Preferred Lender
As an SBA Preferred Lender, Fidelity Bank has more authority to process, approve, close, and service your loan. This premier designation is for select lenders with a proven track record of successfully analyzing, processing, closing, and servicing SBA-guaranteed loans. Working with an SBA Preferred Lender streamlines the entire lending process and saves you time.
Below are some of the loans Fidelity Bank helped owners secure to start, grow, or expand their small business between July and September 2023.
The loans closed in the third quarter provided 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 division 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.
Plan Now For 2024
We’re committed to helping business owners like you thrive and succeed. As the year comes to a close, starting the process to obtain an SBA loan is a strategic move that can provide your business with vital capital, favorable terms, and the flexibility to pursue opportunities and navigate economic uncertainties.
Initiating your application before the end of the year will increase the likelihood of having your loan approved and funded in the early months of 2024. This can provide you with the capital needed to kickstart your projects and growth plans.
Ready to get started? 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.