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Provident Business Financial Services named top SBA 504 Lender by the Small Business Administration (SBA) for the seventh consecutive year
CRBR Biz Wire //April 12, 2024//
Provident Business Financial Services named top SBA 504 Lender by the Small Business Administration (SBA) for the seventh consecutive year
CRBR Biz Wire //April 12, 2024//
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Provident Business Financial Services, Inc. (Provident), a statewide Certified Development Company and SBA commercial real estate lender, has been named #1 SBA 504 Lender in South Carolina by the U.S. Small Business Administration. For the seventh consecutive year, Provident ranks top in both loan dollar volume and number of SBA 504 loans approved in South Carolina for fiscal year 2023. This award recognizes the hard work that the Provident team does in partnering with banks statewide to provide loans to small businesses, creating jobs and economic development throughout South Carolina.
The SBA 504 Loan Program provides businesses low-cost financing for the purchase of fixed assets (real estate, buildings and machinery) with long-term fixed rates. The 504 program’s structure distributes the loan among three parties. The business owner puts down minimum of 10% (as opposed to 20% with a conventional loan), a third-party lender (bank or credit union) puts up 50%, and the Certified Development Company puts up the remaining 40% of the loan. The SBA 504 Loan Program now offers multiple financing options, including a 25-year fixed rate, refinancing with cash out, and refinancing variable rate SBA 7(a) loans into fixed-rate 504 loans.
About Provident Business Financial Services:
Provident Business Financial Services, Inc. is a Small Business Administration (SBA) 504 Certified Development Company (CDC) with offices in Columbia and Charleston. Founded in 2002, Provident is a not-for-profit licensed and regulated by the SBA. Provident’s sole mission is to assist economic development in South Carolina and parts of North Carolina by partnering with local lenders to provide financing to small businesses through long-term, low down-payment, and reasonably priced, fixed-rate loans. Funded project sizes range from $250K to $35M. Visit them on the web at www.providentbfs.com.
