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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.
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.
The Small Business Administration (SBA) has long featured an initiative where the agency partially guarantees business loans that are offered through private lenders. These loans, particularly the SBA 7(a) loan program, are well-liked by entrepreneurs because they can have relatively low interest rates, although the application process might be considered burdensome.
A revolving line of credit functions sort of like a credit card, where your business is approved for a credit limit and then you can pay for business expenses using this credit line. You pay down the balance spent in installments.
When the general public thinks of “small business loans,” they usually are thinking of term loans. If approved for a term loan, your business receives a lump disbursement and you repay the loan, plus any interest and fees, over years, and sometimes even decades.
You can finance equipment, which allows your business to start using the needed machinery right away. You then repay the cost of the equipment in monthly installments, with the equipment itself actually serving as the collateral for the financing.
If your business is owed a large sum from unpaid invoices, apply for accounts receivable financing. If approved, you can receive a business loan based on the amount owed to you.
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.
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See which credit cards you qualify for before choosing the one that best suits your business needs and offers the cash rewards you’re looking for.
Once you choose a card, you can get approved in as little as 7-10 days.
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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.
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