BEFCOR Approved for South Carolina
Business Expansion Funding Corporation (BEFCOR) received approval July 10th to expand its area of operations to include the four South Carolina counties of York, Lancaster, Chester and Chesterfield (more...)
Business Expansion Funding Corporation (BEFCOR) received approval July 10th to expand its area of operations to include the four South Carolina counties of York, Lancaster, Chester and Chesterfield. BEFCOR, a nonprofit Certified Development Company (CDC), is authorized by the U.S. Small Business Administration (SBA) to market, underwrite, close and service SBA 504 loans in the State of North Carolina and now the above four counties in South Carolina. We have been partnering with commercial lenders to finance owner-occupied commercial real estate for small business owners in the Charlotte region since 1982 and across the state of North Carolina since 2004. BEFCOR’s professional staff, dedicated to serving its customers by taking the complexity out of lending, is very excited about offering the BEFCOR experience to small business owners and commercial lending partners located in cities and communities just across the South Carolina state line. The counties of York, Lancaster, Chester and Chesterfield are all vitally important to the overall economic development of the Bi-State region and are part of a larger, integrated 16-county trade area.
The SBA’s decision to approve BEFCOR’s application:
- Increases opportunities for small business owners to identify and secure financing for their commercial real estate and other fixed assets
- Benefits the Bi-State region by increasing job creation and capital formation, resulting in greater use of the 504 Loan Program and other small business resources
- Enables BEFCOR, as a local economic development partner, to better serve the region and promote other economic development entities dedicated to advancing business development and job creation
BEFCOR continued to be a source of fixed asset financing for small business owners during the past year when credit markets temporarily froze. Pete Petursson, owner of Absolute Collision, located in Shelby, NC said “The 504 plan is the most cost effective way for a small business to purchase assets”, further predicting that “the 504 will be a foundational building block for the recovery of our economy, providing credit where open markets will not”. Commercial lenders recognize the importance of partnering with BEFCOR and the 504 Loan Program because it offers lenders a 50% loan-to-value on every project. Also, BEFCOR is a lending partner that works with the small business owner throughout the loan application process and continues as a resource to both the senior lender and business owner during the life of the loan. Since 1982 BEFCOR has assisted 364 businesses in obtaining $137 million in SBA 504 loans, representing $383 million in new business development and expansion and over 5800 jobs created or retained. The proximity of the four South Carolina counties, adjacent to our existing area of operations and a crossover of lenders with whom BEFCOR has well-developed relationships, insures immediate opportunities for additional commercial lending in these counties, leading to new jobs and business investments. Small business owners are the economic stimulus package leading the way to recovery and BEFCOR works to help owners navigate the way.
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Obama's 504 Loan Helping Businesses Expand
Small business owners take advantage of refinancing expansion loans and lower fees (more...)
New Raleigh/Triangle Office
Louis Rogers, III joins BEFCOR as its newest Business Development Officer (more...)
Louis Rogers, III joined BEFCOR as its newest Business Development Officer. He comes to BEFCOR with over ten years of experience in the small business commercial lending industry and brings considerable knowledge of other resources available to assist small business owners seeking to grow and expand their operations. Louis will be based in the Raleigh/Triangle market and will oversee development and processing of new commercial SBA 504 loans in the region. This will enable BEFCOR to better serve our clients in the Raleigh/Triangle, and surrounding region, one of the fastest growing markets for small business owners in the U.S.
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