As we navigate through the dynamic financial landscape of 2024, it’s imperative to reflect on the vital role that Small Business Administration (SBA) loans play in helping our communities and the economy. At Fidelity Bank, we pride ourselves on our commitment to empowering small businesses with the financial resources they need to thrive and succeed. Continue reading to learn how our team is helping small business owners get the funding they need to start, grow, and expand local businesses in the first quarter of 2024.
Q1 2024 Lending Recap: $15,743,000 In SBA Loans Funded
Our Government Guaranteed Lending division had its best first quarter ever, closing a remarkable 12 loans totaling $15,743,000. This achievement underscores our dedication to supporting entrepreneurs and highlights the significant impact SBA loans can have on fostering business growth and job creation within our communities.
The SBA 7(a) loan is often the top choice for small business proprietors. Known for its adaptability and favorable terms, it stands as the go-to option for entrepreneurs seeking financial backing to initiate, expand, or fortify their ventures.
What distinguishes SBA 7(a) loans is their versatility. Entrepreneurs can utilize this program to finance the acquisition of a business, buy out business partners’ shares, start new business enterprises, and even finance real estate for their business needs. Moreover, competitive interest rates coupled with extended repayment terms make this loan option attractive for business owners eager to invest in long-term growth and prosperity.
The SBA 504 loan program is designed to provide small business owners with long-term, fixed-rate financing for major fixed assets such as real estate and equipment. Unlike the SBA 7(a) loan, which offers more flexibility in terms of its usage, the SBA 504 loan is specifically earmarked for these types of loan structures.
Navigating Economic Uncertainty In 2024
Undoubtedly, navigating the intricate world of business ownership comes with its fair share of challenges. From volatile market conditions to evolving consumer demands, small business owners often find themselves grappling with obstacles that can impede their path to success. Securing adequate funding remains one of the most pressing challenges, particularly for those lacking the necessary collateral or credit history to qualify for traditional bank loans.
Amidst these challenges, the SBA’s decision to raise the alternative size standards in March comes as a beacon of hope for entrepreneurs. By expanding the eligibility criteria, the SBA has effectively opened the doors to larger businesses that may have previously been excluded from accessing vital funding opportunities.
If you have previously sought an SBA loan for your business but were denied, reach out to our SBA Preferred Lenders to discuss the recent changes!
Need Funding? Apply For An SBA Business Loan Today
In these uncertain times, choosing a Preferred Lender like Fidelity Bank’s Government Guaranteed Lending division can make all the difference for business owners who need fast and flexible funding solutions. With over 300 years of combined experience and a track record of success, we stand ready to guide entrepreneurs through every step of the loan process, from application to approval.
Whether you’re looking to expand your operations, purchase equipment, or weather unforeseen challenges, our team is here to help you realize your business goals. Reach out to us today, and let’s start a conversation about how we can move your business forward together.
