How to Apply for a Small Business Loan in South Carolina

South Carolina

There has recently been a focus on funding alternatives for small businesses with the issues caused by the current Coronavirus pandemic. Small businesses have been forced to close their doors to obey stay at home orders. Residents of South Carolina who own and operate small businesses have taken a big hit. With the country in the initial phases of opening up, those who have been affected by the closures do have options for help to get back on their feet financially and re-establish their small businesses as we slowly move forward in the re-opening. If you’re a small business owner, here are resources that can help you to identify and apply for a small business loan in South Carolina.

Considerations to make before you apply

Prior to applying for a small business loan, it’s important to make an outline of your business needs so you’ll have the information lenders will request in advance. The first is to outline the type of business, number of employees, purpose of the business, how long it’s been in operation, and the annual financials. This includes revenues and expenses. Next, describe why the loan is needed in as much detail as possible. For example, if it’s to pay workers during the pandemic with a decrease in sales if it’s a new startup if it’s for expansion, new equipment, and so forth. Also, have your personal credit scores available because most lenders require this information. This gives you a narrative to refer to when perusing eligibility criteria and when answering online application questions.

Capital Funding and loans specifically for South Carolina Business Owners

We’ve chosen 10 resources where you can apply for a small business loan in the state of South Carolina. There are many lenders who are participating with the Small Business Administration as well as government-sponsored loan programs to help new startups become established and for current businesses to secure the funding that is needed to maintain normal business operations during the current financial and health crisis. We’ve included a variety of resources. Each lender or program establishes its own set of eligibility criteria for application. Links are included to take you directly to each site to browse eligibility requirements and to apply.

1. Alerion Ventures

Alerion Ventures serves the business owners of South Carolina statewide. It is an evergreen venture capital firm that offers funding in the form of loans for scalable startups and early-stage investments. If you’re trying to start up a new business in South Carolina, apply here.

2. Appalachian Development Corporation

This resource is open for all business owners in South Carolina statewide. The goals of the organization ar to further economic development through job retention and creation through financial assistance in the form of capital funding and loans. It is open to six counties of Upstate South Carolina. To learn more and to apply go here.

3. The Appalachian Loan Fund

The Appalachian Loan Fund provides low-cost loans for business owners in the state of North Carolina. The majority of loans are fixed-rate and long term. They are open for applications for businesses that create permanent full-time jobs. Loans originate from a revolving fund that are available on a first-come-first-served basis. As loans are repaid by borrowers, the fund is replenished for new borrowers to apply. ALF loans are made available for eligible businesses that meet the qualification requirements in the following counties: Abbeville, Anderson, Cherokee, Fairfield, Greenville, Greenwood, Laurens, McCormick, Newberry, Oconee, Pickens, Spartanburg, and Union. The purpose of ALF funds is to finance building, land, equipment, and machinery and to be used as working capital to pay wages and other business expenses. Apply here.

4. Small Business Administration 504 Loan Program

The Appalachian Development Corporation administers the SBA 504 Loan Program. These loans are available to applicants who meet the eligibility requirements. the loans are intended for use for acquisition, renovation of capital assets such as buildings, land, equipment, architecture, engineering, debt refinancing, or environmental feels. They cannot be used for working capital through this program. To start the process apply here.

5. Capital Business Funding

This is another resource that is open to business owners across the state of South Carolina. Capital Business Funding is one of the top-rated lenders in the state, offering direct loans for small to medium businesses who face challenges securing traditional bank loans. Their financial products are customized to meet the needs of the applicants with several different financing options for applicants across various industries. For short to long-term business loans apply here.

6. Business and Industry Guaranteed Loan Program/Paycheck Protection Program

This is a loan program that is available to South Carolina businesses throughout the state. The loans are available for qualified businesses who prove their creditworthiness and operate in rural areas for almost any legal business purposes. The loans are intended to create new jobs in rural America as well as to save existing jobs that are in jeopardy. These loans are available to farmers and other businesses and may be used to assure that workers will continue to receive their paychecks on time. The loan is provided by the Small Business Administration as a part of the Government Paycheck Protection Program.

Conclusion

There are several resources available for business owners who reside and operate businesses in South Carolina. It’s worth browsing through each program and lender to find the best resource for your business as each has its own set of eligibility criteria. Some loans are easier to get than others, but it’s important to also consider the terms of repayment and the cost of the money borrowed, along with the interest rates that are charged. You’ll find that there are some significant differences in loan terms from one program or lender to another. With lenders competing for business and rates taking a dive, this may be one of the most opportune times to apply.



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