8-K

                                 UNITED STATES
                       SECURITIES AND EXCHANGE COMMISSION
                             Washington, D.C. 20549

                                    FORM 8-K
                                 CURRENT REPORT


Pursuant to Section 13 or 15(d) of The Securities Exchange Act of 1934

Date of Report: August 29, 1997

                              EMERGENT GROUP, INC.
             (Exact name of registrant as specified in its charter)

South Carolina                       0-8909                 57-0513287
(State of other juris-            (Commission              (IRS Employer
diction of incoporation)          File Number)         Identification Number)

        Suite 750, 15 South Main Street, Greenville, South Carolina 29601
      (Address of principal executive offices)                     (Zip code)

          Registrant's telephone number, including area code: (864) 235-8056


                  The Exhibit Index appears on page 4 hereof.

Item 5.       Other Events

 
    The Company's Press Release attached hereto as Exhibit 99.1 is incorporated
herein by reference.


Item 7.       Financial Statements and Exhibits

     (a)  Financial Statements of the Business Acquired. Not applicable.

     (b)  Pro Forma Financial Information. Not applicable.

     (c)  Exhibits.

          99.1  Press Release.



                                   SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the 
registrant has duly caused this report to be signed on its behalf by the 
undersigned hereunto duly authorized.

                                             EMERGENT GROUP, INC.
                              
                                             By: /s/Kevin J. Mast
                                             Kevin J. Mast
                                             Vice President, Chief Financial
                                             Officer, and Treasurer



                                 Exhibit Index

99.1 Press Release.

EX-99.1

(logo)
Emergent 
    Group 
       Inc.     Contact: Kevin J. Mast            Robert S. Davis
                         Chief Financial Officer  Vice President-Administration
                         (804) 235-8056           (864) 235-8056


                    EMERGENT GROUP, INC. ANNOUNCES PLANS FOR
               PRIVATE PLACEMENT OF $100 MILLION IN SENIOR NOTES

GREENVILLE, S.C. (August 27, 1997) - Emergent Group, Inc. (Nasdaq/NM:EMER) today
announced plans, subject to market and other conditions, for the private
placement of $100 million of Senior Notes which have a seven-year maturity and
are non-callable for four years. The proceeds of the sale of the Notes will be
used to repay outstanding indebtedness under existing credit and warehouse
facilities.


     The Notes have not been registered under the Securities Act or any state
securities law and, unless so registered, may not be offered or sold except
pursuant to an exemption from, or in a transaction not subject to, the
requirements of the Securities Act and applicable state securities laws.

     
     Emergent Group, Inc. is a diversified financial services company which
specializes in non-prime first and second lien residential mortgage loans; loans
to small businesses, partially guaranteed by the U.S. Small Business
Administration; asset-based loans to small businesses secured by inventory and
accounts receivable; mezzanine-level financing to small businesses with equity
participations; management of a venture capital fund; and non-prime automobile
loans. Emergent currently has 1,049 employees and operates in 38 states.


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