In addition to some impressive stats this quarter, Fidelity Bank’s Government Guaranteed Lending division was ranked as the #9 SBA Lender in North Carolina for 2022! For an entity that was just created last year, this is a truly remarkable feat!

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 from July – September of this year.

$8,887,000 In SBA Loans Funded

As an SBA Preferred Lender, we are able to offer a variety of loans and lending options to business owners across the U.S. From July – September 2022, Fidelity Bank helped owners secure almost $9 million in funding to start, grow, or expand their small business.

It’s estimated that 99.7% of all businesses in the U.S. fall into the small business category. Most, if not all, will need funding at some point. SBA loans are often the best choice for those in need of funding when compared to traditional financing options. Partially guaranteed by the SBA, these loans of up to $5 million include repayment terms of up to 25 years. They also offer competitive rates.

Personalized Loan Options

The average loan amount this quarter totaled $1,110,875, with the majority of the funds used for business and real estate acquisitions. However, SBA loans can be used for a variety of purposes, including:

  • Establish, expand or acquire a new business
  • Buy buildings and land needed to operate a small business
  • Construct a new building or renovate an existing one for business operations
  • Purchase furniture, equipment, supplies, and other materials to operate a business
  • Refinance existing business debt

The ability to wrap multiple funding needs into one loan is one of the biggest benefits of getting an SBA loan. Instead of having several conventional loans pieced together at different terms and rates, business owners can have everything rolled into a single loan.

Having one loan with one rate can help business owners, especially now when interest rates are rising. In addition, SBA fees decreased for the fiscal year, making it easier to get the funding needed and preserve existing capital.

What type of SBA loan is right for your business? Click here to learn more and get in touch with one of our experts!

We Love Helping Small Businesses

Without funding, a business stops growing, lays off employees, and loses out on sales – none of which helps a business succeed. In fact, a recent survey reported that 82% of business owners cited cash flow problems as the primary reason their businesses failed.

Business owners today need a banking and lending partner they can rely on, especially when seeking funding. Our commitment to personalized service is what helped rank Fidelity Bank among the top 10 SBA lenders in North Carolina this year.

We’re Right By You

Business owners have many options when seeking funding. Traditional lenders, online or alternative lenders, marketplaces, and peer-to-peer lenders are among the most popular. However, not all lenders are created equal!

As an SBA Preferred Lender, we aim to leverage our 100+ years of combined experience to create an affordable and customized solution to help you access the funding you need, regardless of where you do business.

SBA Lending in Challenging Economic Times

With interest rates rising and concerns about challenging economic conditions, borrowers often wonder what impact these challenges may have on a company’s ability to get a business loan.  Conventional loans can often be harder to get in this environment, but SBA lending volume often increases in difficult economic conditions. SBA loan programs are focused on capital preservation, requiring lower down payments and providing longer loan terms than traditional conventional products.  SBA lending often increases in tough economic conditions.

We Help Small Businesses Think Big

From July – September 2022, we helped small businesses secure funding to finance real estate purchases, equipment, working capital, and more. Our team of knowledgeable SBA lenders is ready to get to know you, your goals and recommend the most valuable solutions to get you there. More importantly, we’ll be right by your side every step of the way.

Planning for 2023? Click here to get in touch with a business lending expert and learn how an SBA loan can help you reach your goals.