As we reflect on the achievements of Fidelity Bank’s Government Guaranteed Lending division in 2023, we are proud to announce that we funded 33 government guaranteed loans totaling $31,427,500. These numbers exemplify our commitment to supporting the growth of small businesses in North Carolina and across the US. Continue reading to see how our lending options kept business moving forward in 2023 and trends to expect in 2024.
2023 Lending Recap: $31,427,500 In SBA Loans Funded
In 2023, all 33 of our closed loans were SBA 7(a) loans, underscoring their significance in meeting the diverse needs of our clients. Among the various loan programs, this option stands out as the most popular choice for small business owners. Its versatility and favorable terms make it a preferred option for entrepreneurs seeking financial support to start, grow or expand their business.
SBA 7(a) loans can be utilized for a variety of purposes, including working capital, equipment purchase, and even real estate acquisition. Additionally, the competitive interest rates and extended repayment terms make this loan an attractive option for businesses looking to invest in their future.
Why Business Owners Need Flexible Lending Solutions
As we transition into 2024, small business owners continue to face a myriad of challenges. Economic uncertainties, changing market dynamics, and unforeseen disruptions pose significant obstacles to sustained growth. Small business owners are feeling the effects. According to a recent survey, 32% of business owners are worried their business won’t make it to the end of 2024.
Recognizing and understanding these challenges is crucial for crafting tailored financial solutions that empower businesses to navigate the complexities of the modern marketplace. Yet according to the SBA, two out of three business owners who sought credit did not receive what they needed.
To address the challenges, the Small Business Administration (SBA) has introduced changes to the loan process and is waiving the upfront guarantee fees for certain small businesses for the entire 2024 fiscal year. This reduction not only alleviates some of the financial burdens on small business owners but also encourages them to explore the opportunities that come with securing an SBA-backed loan. These changes could mean up to a $25,000 savings for a small business borrower.
Why Choose a Preferred Lender: Government Guaranteed Lending
In times of uncertainty and financial complexity, choosing a Preferred Lender like Fidelity Bank’s Government Guaranteed Lending division becomes paramount. Our track record of successfully closing 33 SBA 7(a) loans in 2023, totaling over $31 million, demonstrates our expertise in navigating the intricacies of small business loans. As a Preferred Lender, we have streamlined processes, expedited approvals, and offer personalized guidance to ensure that businesses receive the funding they need when they need it.
Let’s Get Down To Business
Whether you’re a seasoned entrepreneur or a growing startup, Fidelity Bank’s Government Guaranteed Lending division is here to be your financial partner in 2024. Reach out to us today, and let’s start a conversation about how our expertise and the benefits of SBA 7(a), SBA 504, and USDA Business & Industry loans can help move your business forward. Click here to get started and connect with a small business lending expert today!
