The Business Expansion Funding Corporation (BEFCOR) of Charlotte was recently named the Small Business Administration’s (SBA) “North Carolina 504 Lender of the Year.” This prestigious award was presented at the 2011 Lender Conference & SBA Awards Luncheon held at the High Point Airport Marriott on Oct. 26.

BEFCOR Executive Director Richard Bargoil said, “We are obviously thrilled to be honored by the Small Business Administration and I commend our entire team for their consistent dedication and high level of customer service that made receiving the North Carolina 504 Lender of the Year Award possible.” The 2011 Lenders Conference is jointly sponsored by the North Carolina Bankers Association and the SBA’s NC District Office and was attended by about 75 lenders from across the state.

In addition, BEFCOR Senior Loan Officer Jean Moody participated in a panel discussion on “The 504 Loan Program” that was provided for business and commercial bankers in attendance. BEFCOR Business Development Officer Louis Rogers and Processing Manager Lori McKee were also in attendance and, along with Ms. Moody, accepted the award, presented by Lynn Douthett, District Director for the SBA’s NC District Office.

The SBA 504 Lender program helps small businesses obtain financing for purchasing business real estate with only 10% down. There is also a current 504 Refinance Program the SBA has created to help small business owners refinance existing debt and even operating expenses into a low interest rate loan. “New guidelines from the SBA on the 504 Refinance Program means more business owners should qualify and the benefits have the potential to help kick-start the small business economy,” said Bargoil.