Southern Bank receives Silver Award from Small Business Administration
By From staff reports
Published in News on April 27, 2014 1:50 AM
For the second year in a row, Southern Bank won the N.C. Silver Award presented by the Small Business Administration for being the largest volume lender in a small community.
"We're honored to get an award. It shows the effort we take to help small businesses, and the SBA gives us the opportunity to better serve the small business community. We're honored," Robert Shepherd, Southern Bank senior vice president, said.
The SBA is an independent federal agency that works to protect the interests of small businesses. Through the SBA, Southern Bank is able to give out loans to small businesses through regional banks with a guaranteed 75 to 100 percent return.
The SBA specializes working with new businesses less than two years old who may need a little extra capital to get fully off the ground.
"That's why it was created, and it works," Don Spry, senior area manager with the SBA said.
Southern Bank serves over 65 locations in both North Carolina and Virginia with total assets of approximately $2 billion.