The Government Guaranteed Lending division at Fidelity Bank is proud to share our latest quarterly update, showcasing our continued commitment to supporting small businesses through SBA loans. Continue reading to learn how our team helped small business owners get the funding they need to start, grow, and expand local businesses in the second quarter of 2024.
Q2 2024 Lending Recap: $7,034,500 In SBA Loans Funded
From April – June, our Government Guaranteed Lending division helped seven small businesses secure $7,034,500 in SBA loans. As in prior quarters, the 7(a) loan was the most popular and helped these owners across various industries to achieve their growth and operational goals.
Entrepreneurs can use this versatile program to finance business acquisitions, buy out business partners, start new ventures, and even finance real estate for their business needs. Additionally, competitive interest rates and extended repayment terms make this loan option particularly appealing for business owners looking to invest in long-term growth and success.
Whether it’s expanding facilities, purchasing equipment, or increasing working capital, SBA 7(a) loans have provided essential support to our clients.
Current Challenges Facing Small Business Owners
According to the NFIB Small Business Optimism Index published in May, small business “uncertainty” has reached its highest level since 2020. This report is a critical measure of small business health and is closely monitored by the Federal Reserve, Congressional leaders, and other policymakers.
Key findings from the report include:
- 6% of Owners Report Financing as Top Business Problem: This is the highest percentage since June 2010, highlighting the ongoing challenges small businesses face in securing financing.
- 22% of Business Owners Cite Inflation as Biggest Problem: Inflation remains a significant concern, impacting the cost of goods, services, and overall business operations.
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. Despite the need for funding, many financial institutions increased lending requirements or paused small business lending.
How SBA Lending Can Help Alleviate Small Business Challenges
As a national SBA Preferred Lender, we are committed to helping small business owners navigate challenges and achieve their growth objectives. An SBA loan can play a crucial role in addressing some of the problems small business owners are facing including:
- Addressing Financing Issues: By offering lower down payments, longer repayment terms, and competitive interest rates, SBA loans provide a more accessible financing option for small businesses struggling to secure traditional loans.
- Mitigating Inflation Impacts: SBA loans can help businesses manage cash flow more effectively and invest in cost-saving technologies or processes, reducing the impact of inflation on their operations.
With over 300 years of combined experience, our team of experienced SBA lenders is dedicated to providing tailored financing solutions, expert guidance, and supporting the growth and success of small businesses across the United States!
Looking Ahead
As we move forward, Fidelity Bank’s Government Guaranteed Lending division will continue to focus on providing exceptional service and financing solutions to small business owners. We are excited about the opportunities ahead and look forward to sharing more success stories in our next quarterly update.
For more information about our SBA loan programs and how we can support your business, reach out to us today, and let’s start a conversation about how we can move your business forward together.