Small Business Loans & SBA Loans in South Carolina

A regional capital for culture and commerce, South Carolina’s an amazing home for many diverse small businesses. A business loan can help you get started there.

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South Carolina Business Loan Types

South Carolina has a great climate, an innovative tech sector in Charleston, and a relatively low cost of living compared to many other centers of commerce on the Atlantic seaboard. A business loan can help your entrepreneurial dreams come true in South Carolina because it can allow you to hit the ground running and stand out.

SBA loans

SBA loans are business loans that are partially backed by the Small Business Administration (SBA), a federal agency. These loans are serviced by private lenders, but are popular because they generally have good interest rates.

Line of credit

Use a line of credit as a flexible form of financing. Unlike with a loan, this option does not involve a big disbursement upfront that you must repay, providing a flexibility that better fits many entrepreneurs’ needs.

Term loan

Term loans are common small business loans in which you would apply for a large disbursement of capital and then repays it over several years, along with fixed or variable interest.

Equipment finance

With equipment financing, you receive a piece of equipment and then pay off the cost of the equipment in installments. This way, your business can make money off the equipment immediately, even if you don’t have the funds to buy it at the sticker price.

Accounts receivable financing

Accounts receivable financing is an alternative form of business financing in which your unpaid invoices serve as collateral for a lump disbursement of funds.

Local South Carolina Loan Options

Several organizations service loans to small businesses that set up shop in the Palmetto State.

South Carolina Federal Credit Union has a series of commercial lending options, including business real estate financing.

The Climb Fund is a non-profit with a mission to provide funding to small businesses throughout South Carolina who have issues with securing traditional commercial loans.

The South Carolina Community Loan Fund is another great non-profit for Palmetto State entrepreneurs by providing commercial lending, especially for businesses operating in areas most in need of economic development.

First Bank offers multiple loan options, including lines of credit and SBA loans, to small businesses in South Carolina.

Started locally in Greenwood, South Carolina, Countybank offers several loan options to small businesses in the state, including lines of credit, SBA 7(a), and SBA 504 loans.

LiftFund is a non-profit that helps businesses located in South Carolina find financing.

Four simple steps to funding.

Tell us about your business.

Answer a few simple questions and complete the application in minutes.

Submit your application.

We’ll present your application to our marketplace 75+ lenders. Applying is free and won’t impact your credit score.

Compare offers.

Find the funding option with the terms that best fit your small business goals.

Get funded.

Once you accept, funding can hit your bank account in as little as 24 hours.

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FAQs

What other resources are available to South Carolina small businesses?

The South Carolina Department of Commerce is the place to start when it comes to small business – the agency even has a handy online tool where you can model potential competition and market share penetration for your company. The South Carolina Division of Small and Minority Business Contracting and Certification works with small businesses owners who are women or from minority backgrounds by connecting them with contracting opportunities. If your Charleston-area company is technology or innovation focused, Charleston Digital Corridor is a wealth of educational and networking resources.

What South Carolina small business grants are available?

Early stage companies developing innovative products and services should check out South Carolina Research Authority (SCRA) Acceleration Grant program. The South Carolina Center for Research & Entrepreneurship maintains a great list of agribusiness grants available to South Carolinians, from federal, state, local, and private sources. Regularly check USGrants.org, a rolling list of federal grant opportunities, especially if your business works in environmental conservation or childcare fields.

What do I need to qualify for a loan in South Carolina?

When seeking funds for a business in the Palmetto State, first decide on a corporate structure, like a sole proprietorship or S-Corp. Depending on your structure, you may need to register with the Secretary of State, and depending on your industry, you may need a state license to operate as well. Once your business is ready to open legally, you can qualify for business loans. Generally, lenders will take your credit score, your business plans, and your business’ financial history into account when making financing approval decisions.

Which loan is right for my South Carolina business?

When deciding on which loan is best for your South Carolina business, think about the amount of money you will need to grow over time. Take into account what financing repayments will cost you every month. These two factors can help you make the best decisions for your company’s needs, and Lendio’s free online platform makes it a snap to check out a wealth of customized options in minutes.

How can a South Carolina business loan help my business?

From the Appalachian Mountains to the Sea Islands of Charleston, South Carolina has a rich culture and is home to an iconic small business community. A small business loan can help your business grow and stand out from your competition. Think about how funding could help you obtain great talent or open a new Palmetto State location.

What is an SBA preferred lender?

An SBA preferred lender is a lender that’s been approved by the Small Business Administration to administer SBA loans without additional approvals from the SBA. Typically these lenders have years of experience and can approve SBA loans faster than non-preferred lenders.

What are the benefits of an SBA loan?

SBA loans are backed by the government and offer lower interest rates than other types of small business loans. They typically require a minimum time in business of two years and credit score of 650+.

Ready for funding?

See what you can qualify for on the Lendio Marketplace.

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