Isaiah N Lilly // Shutterstock
1 / 50#50. Stanly County
- SBA approved about $50.17 per resident in 7(a) loans in 2023.
- Total approved funds: $3.1 million
- Number of loans: 7
Counties receiving the most SBA loans in North Carolina
The Small Business Administration backed loans worth $27.5 billion through its primary lending program in 2023—rising well above pre-COVID-19 pandemic levels as government officials aim to stabilize the economy.
Many small businesses get their start and scale up with SBA loans, which increased lending to Black, Latino, and women entrepreneurs in the past few years in step with efforts to become more equitable.
Flippa found the county in North Carolina where applicants were approved for the most SBA loan funds per capita in fiscal year 2023, which ended in September. The analysis was based on the SBA's most common loan program, known as 7(a) loans. SBA's 7(a) program provides extra security to lenders when they loan money to small businesses that might otherwise be considered too risky to grant. Loans can be for up to $5 million, but in 2023, nearly 7 in 10 loans were for amounts of $350,000 or less. Small businesses can use these funds for real estate acquisitions or improvements, working capital, supplies and equipment, and for other business startup or acquisition purposes.
Barriers do still exist for eligibility, including income, credit history, and location, but SBA loans can be fruitful for founders who don't qualify for conventional business financing. They can also provide protection against high and volatile interest rates, as SBA-backed loans have maximum interest rates that are predictable and often lower than other loans.
In a national analysis of the #1 ranked counties in every state, all but two counties had populations of less than 500,000—most smaller than 100,000. That's not surprising, as the Census Bureau classifies about 99% of U.S. counties as small. Still, it signifies that these smaller communities are building successful entrepreneurial environments. In most cases, their small businesses are able to succeed beyond those within the major U.S. population centers—at least in terms of success in gaining SBA funding.
Read on to see whether your county ranks among those receiving the most SBA loans.
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2 / 50#49. Jackson County
- SBA approved about $52.10 per resident in 7(a) loans in 2023.
- Total approved funds: $2.2 million
- Number of loans: 4
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3 / 50#48. Nash County
- SBA approved about $55.50 per resident in 7(a) loans in 2023.
- Total approved funds: $5.3 million
- Number of loans: 6
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4 / 50#47. Scotland County
- SBA approved about $61.26 per resident in 7(a) loans in 2023.
- Total approved funds: $2.1 million
- Number of loans: 5
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5 / 50#46. Carteret County
- SBA approved about $62.99 per resident in 7(a) loans in 2023.
- Total approved funds: $4.3 million
- Number of loans: 5
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6 / 50#45. Union County
- SBA approved about $63.51 per resident in 7(a) loans in 2023.
- Total approved funds: $15.0 million
- Number of loans: 40
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7 / 50#44. Burke County
- SBA approved about $63.84 per resident in 7(a) loans in 2023.
- Total approved funds: $5.6 million
- Number of loans: 11
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8 / 50#43. Cherokee County
- SBA approved about $64.71 per resident in 7(a) loans in 2023.
- Total approved funds: $1.8 million
- Number of loans: 2
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9 / 50#42. Gaston County
- SBA approved about $65.63 per resident in 7(a) loans in 2023.
- Total approved funds: $14.8 million
- Number of loans: 30
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10 / 50#41. Haywood County
- SBA approved about $67.35 per resident in 7(a) loans in 2023.
- Total approved funds: $4.2 million
- Number of loans: 5
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11 / 50#40. Warren County
- SBA approved about $69.41 per resident in 7(a) loans in 2023.
- Total approved funds: $1.3 million
- Number of loans: 2
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12 / 50#39. Forsyth County
- SBA approved about $71.68 per resident in 7(a) loans in 2023.
- Total approved funds: $27.3 million
- Number of loans: 30
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13 / 50#38. Wilson County
- SBA approved about $74.56 per resident in 7(a) loans in 2023.
- Total approved funds: $5.9 million
- Number of loans: 7
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14 / 50#37. Brunswick County
- SBA approved about $79.51 per resident in 7(a) loans in 2023.
- Total approved funds: $10.6 million
- Number of loans: 20
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15 / 50#36. Pitt County
- SBA approved about $79.67 per resident in 7(a) loans in 2023.
- Total approved funds: $13.6 million
- Number of loans: 20
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16 / 50#35. Durham County
- SBA approved about $80.26 per resident in 7(a) loans in 2023.
- Total approved funds: $25.7 million
- Number of loans: 37
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17 / 50#34. Lincoln County
- SBA approved about $81.48 per resident in 7(a) loans in 2023.
- Total approved funds: $7.0 million
- Number of loans: 6
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18 / 50#33. Alexander County
- SBA approved about $81.75 per resident in 7(a) loans in 2023.
- Total approved funds: $3.0 million
- Number of loans: 2
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19 / 50#32. Yadkin County
- SBA approved about $84.95 per resident in 7(a) loans in 2023.
- Total approved funds: $3.2 million
- Number of loans: 4
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20 / 50#31. Alamance County
- SBA approved about $85.37 per resident in 7(a) loans in 2023.
- Total approved funds: $14.4 million
- Number of loans: 11
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21 / 50#30. Duplin County
- SBA approved about $86.58 per resident in 7(a) loans in 2023.
- Total approved funds: $4.3 million
- Number of loans: 4
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22 / 50#29. Wake County
- SBA approved about $99.00 per resident in 7(a) loans in 2023.
- Total approved funds: $110.2 million
- Number of loans: 211
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23 / 50#28. Montgomery County
- SBA approved about $99.65 per resident in 7(a) loans in 2023.
- Total approved funds: $2.6 million
- Number of loans: 1
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24 / 50#27. Guilford County
- SBA approved about $103.38 per resident in 7(a) loans in 2023.
- Total approved funds: $55.5 million
- Number of loans: 68
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25 / 50#26. Surry County
- SBA approved about $103.86 per resident in 7(a) loans in 2023.
- Total approved funds: $7.4 million
- Number of loans: 12
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26 / 50#25. Beaufort County
- SBA approved about $104.04 per resident in 7(a) loans in 2023.
- Total approved funds: $4.7 million
- Number of loans: 4
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27 / 50#24. Cabarrus County
- SBA approved about $105.30 per resident in 7(a) loans in 2023.
- Total approved funds: $23.3 million
- Number of loans: 33
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28 / 50#23. Yancey County
- SBA approved about $112.83 per resident in 7(a) loans in 2023.
- Total approved funds: $2.1 million
- Number of loans: 2
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29 / 50#22. Henderson County
- SBA approved about $119.64 per resident in 7(a) loans in 2023.
- Total approved funds: $13.8 million
- Number of loans: 15
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30 / 50#21. Pender County
- SBA approved about $124.80 per resident in 7(a) loans in 2023.
- Total approved funds: $7.5 million
- Number of loans: 11
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31 / 50#20. Chatham County
- SBA approved about $126.38 per resident in 7(a) loans in 2023.
- Total approved funds: $9.5 million
- Number of loans: 13
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32 / 50#19. Sampson County
- SBA approved about $126.86 per resident in 7(a) loans in 2023.
- Total approved funds: $7.5 million
- Number of loans: 4
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33 / 50#18. Catawba County
- SBA approved about $132.73 per resident in 7(a) loans in 2023.
- Total approved funds: $21.2 million
- Number of loans: 19
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34 / 50#17. Mecklenburg County
- SBA approved about $132.90 per resident in 7(a) loans in 2023.
- Total approved funds: $146.3 million
- Number of loans: 234
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35 / 50#16. Iredell County
- SBA approved about $136.87 per resident in 7(a) loans in 2023.
- Total approved funds: $25.2 million
- Number of loans: 28
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36 / 50#15. Lee County
- SBA approved about $140.15 per resident in 7(a) loans in 2023.
- Total approved funds: $8.8 million
- Number of loans: 8
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37 / 50#14. Macon County
- SBA approved about $140.77 per resident in 7(a) loans in 2023.
- Total approved funds: $5.1 million
- Number of loans: 3
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38 / 50#13. New Hanover County
- SBA approved about $141.72 per resident in 7(a) loans in 2023.
- Total approved funds: $31.9 million
- Number of loans: 53
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39 / 50#12. Buncombe County
- SBA approved about $143.54 per resident in 7(a) loans in 2023.
- Total approved funds: $38.3 million
- Number of loans: 59
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40 / 50#11. Hyde County
- SBA approved about $147.33 per resident in 7(a) loans in 2023.
- Total approved funds: $692,000
- Number of loans: 1
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41 / 50#10. Granville County
- SBA approved about $166.63 per resident in 7(a) loans in 2023.
- Total approved funds: $10.1 million
- Number of loans: 5
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42 / 50#9. Washington County
- SBA approved about $171.42 per resident in 7(a) loans in 2023.
- Total approved funds: $1.9 million
- Number of loans: 1
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43 / 50#8. Watauga County
- SBA approved about $172.30 per resident in 7(a) loans in 2023.
- Total approved funds: $9.3 million
- Number of loans: 10
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44 / 50#7. Moore County
- SBA approved about $175.98 per resident in 7(a) loans in 2023.
- Total approved funds: $17.4 million
- Number of loans: 15
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45 / 50#6. Halifax County
- SBA approved about $184.29 per resident in 7(a) loans in 2023.
- Total approved funds: $9.1 million
- Number of loans: 5
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46 / 50#5. Ashe County
- SBA approved about $221.82 per resident in 7(a) loans in 2023.
- Total approved funds: $5.9 million
- Number of loans: 2
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47 / 50#4. Pasquotank County
- SBA approved about $226.73 per resident in 7(a) loans in 2023.
- Total approved funds: $9.1 million
- Number of loans: 9
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48 / 50#3. Richmond County
- SBA approved about $243.85 per resident in 7(a) loans in 2023.
- Total approved funds: $10.6 million
- Number of loans: 6
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49 / 50#2. Camden County
- SBA approved about $286.00 per resident in 7(a) loans in 2023.
- Total approved funds: $3.0 million
- Number of loans: 2
MarkVanDykePhotography // Shutterstock
50 / 50#1. Dare County
- SBA approved about $362.00 per resident in 7(a) loans in 2023.
- Total approved funds: $13.3 million
- Number of loans: 8
This story features data reporting and writing by Paxtyn Merten and is part of a series utilizing data automation across 50 states.
