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.

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.

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.

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.

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.

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.

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+.