Small Business and Economic Development
The South Financial Group, through its affiliated companies, provides access to capital while helping many small, minority, and women-owned
businesses throughout the markets we serve. We believe that small businesses and healthy neighborhoods are the cornerstone of economic
stability in our local communities.
As a result of declining markets and the effect of the economic recession,
several programs and initiatives have been launched by the current
administration to catalyze economic recovery and bolster job creation all across
the nation. Since the financial crisis, the small business sector has faced some
steep road blocks: tightening of credit provisions; deterioration in real estate
values often relied on for collateral; and declining sales due to consumer
spending reductions. Carolina First reassessed its business products and
services in supporting the small business community. Small business loans
represent over 70% of the total number of loans the bank originates each year.
As a result, in 2009, the bank launched a new SBA Lending Unit to better address
the financial needs of small businesses. SBA industry experts were recruited
and hired to leverage the many opportunities resulting from the American
Recovery & Reinvestment Act (ARRA) and the Financial Stability Plan (FSB) to
better centralize this specialized unit of business throughout the bank's
footprint. TSFG was recognized as a national and regional winner of 2009
Excellence in Small Business Banking awards from Greenwich Associates.
Economic development is a critical component in the vitality of low-income and distressed
neighborhoods. We’ve developed a network of strategic partners to include Community Development Financial Institutions (CDFI),
Community Development Corporations (CDC), Business Development Centers (BDC), Council of Governments (COGS), and the Small Business Administration (SBA).