Feasibility Study Data for the Florence, SC Metro Area

The Florence record in brief

For Florence, SBA's files hold 131 loans from FY2017 through FY2026, worth $110.3 million of gross dollars. Florence sits within all such areas nationwide, on approval count, as 405 of 928. The central half of Florence approvals runs from $38,000 to $1.1 million, around a midpoint of $290,000; and the median sits at 1.39x the nationwide median. In Florence the program mix is 121 loans under 7(a) against 10 in 504. Franchise brands account for 26.0% of the loans.

Florence: businesses and places

Beyond that, among the asset classes we track for Florence, hotel and motel comes first with 19 loans, followed by full-service restaurant (8) and limited-service restaurant (7). Another 77 loans in Florence belong to no named class. By county, Florence County, SC holds 112 loans, and behind it come Darlington County, SC (19).

Florence: who holds loans

Institutions named for Florence are lifted from SBA's archived Florence records of the 131 business loans in Florence, whoever holds or held them; the entries tie every loan and say nothing of how lenders underwrite. Beyond that, for 7(a) lending in Florence, SBA lists Wells Fargo Bank National Association at 20 loans and $1.2 million; next, TD Bank, National Association, with 18 loans for $611,600. An applicant in Florence can ask the Florence holder Wells Fargo Bank National Association and any other Florence holder near Florence County, SC what documentation it expects, then fit the Florence study to meet those requests.

Florence: floors and the yearly line

Among Florence approvals from FY2017 to FY2024, not below 7.7% ended in cancellation after approval in Florence, and that is a floor; the real Florence figure may be higher. Worth noting, a charge-off rate around Florence County, SC is not printed on this page, given that too few Florence loans were paid out. That omission, across Florence, must not be read as zero losses. Also, year by year, Florence topped out in FY2023 at 19 loans and $16.9 million, and bottomed out in FY2020 at 9 loans and $5.0 million.

Florence: what a study proves

The Florence study starts with customers: who shops in Florence County, SC, who travels in Darlington County, SC, how that compares with Florence overall, and how much room 19 hotel and motel loans leave. Budget: $290,000 is the Florence median and $38,000 to $1.1 million the middle band, so a Florence County, SC site should cost itself against this $290,000 median. Also, debt service: Florence debt service absorbs a soft year against the 7.7% cancellation floor plus the charge-off floor for Florence, which is also held back on a thin cohort. The Florence County, SC appraisal must back the worth lent against. Florence adopts the 2023 July area map; a file whose county entry lacks a CBSA match drops out of every area, Florence among them, though the totals retain loans apart from any named class.