Charleston, SC – Provident Business Financial Services, Inc. (Provident), has been named #1 SBA 504 Lender in South Carolina by the U.S. Small Business Administration. Provident ranks top in both total number of loans as well as total volume of loan dollars for SBA 504 loans in South Carolina for the second consecutive year. This award recognizes the hard work that the Provident team does in partnering with lenders statewide to provide loans to business, creating jobs and economic development throughout South Carolina.
The SBA 504 Loan Program provides businesses 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 (CDC) puts up the remaining 40% of the loan. The SBA 504 Loan Program now offers multiple financing options, including the new 25-year fixed rate as well as refinancing with cash out.
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. A not-for-profit licensed and regulated by the SBA, Provident’s sole mission is to assist economic development in South Carolina by partnering with local banks and credit unions 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.