South Carolina small business lenders can help small businesses in the state grow by providing access to capital.
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Biglaw Investor connects you with small business lenders who can help you expand your business, whether through working capital or via acquisition. A small business loan loan is a great way to grow your business—but it can be hard to know where to start. Our small business lenders offer an experience specially tailored to your goals.
Offered exclusively through Biglaw Investor, we make it incredibly simple to find the best loan for your business needs.
I’m an associate at a firm in Houston and used JD Mortgage thanks to your advice! The experience was great—they were super fast and responsive.” —Mary Kate Raffetto Beck Redden LLP
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The coastal state of South Carolina provides residents with excellent access to the Atlantic Ocean, creating one of the largest tourist areas in the region. The state is also known for the Blue Ridge Mountains that run through it and its humid climate that tends to be warm throughout the year. Charleston is the largest city, and Columbia is the capital. The population is over 5.1 million people, and that doesn’t count the many people who live here during the winter from states up north. Beautiful with a moderate to low cost of living, South Carolina is an exceptional place for not just residents but also business owners.
South Carolina is home to a number of large industries, including industrial and manufacturing, tobacco production, cotton, and cattle, as well as aircraft manufacturing. It is home to large companies like Boeing and BMW. While these large companies make up a big portion of the economy, small business does as well. The U.S. Small Business Administration states there are 463,549 small businesses in South Carolina. Those companies create 837,615 jobs for the people that live in the state, generating a payroll of $32,220,760. These companies are a core component of the workforce in South Carolina.
For those who are considering opening or growing a business, capital is critical. There are numerous South Carolina small business loan lenders in the state, many of them helping to support the growth of the businesses here. According to the most recent three years of data from the Small Business Administration, there are 1,536 active small business loans in the state with a total loan volume of $1,299,899,483. The average small business loan size is $846,289, which is larger than many other states. Those funds can be very valuable to small business owners in the state, including those seeking capital to expand, develop new products, or grow their employment ranks.
A small business loan is a type of capital infusion smaller companies, often those with under 100 employees, can obtain. Small business lenders in South Carolina provide capital to business owners to use for a wide range of things, such as purchasing assets, expanding to new locations, adding new products or services, marketing, and much more. In return for the risk these lenders are taking on, the borrower, which is the business or its owner, agrees to repay the borrowed funds along with interest. The interest rate on small business loans is dependent on many factors but tends to be competitive and affordable for many organizations.
Small business lenders take on a significant amount of risk when offering these loans. That’s why most will require a thorough understanding of the business and how it operates. In South Carolina, small business lenders often require information about the company’s ownership and management, its products, services, and overall industry, as well as its revenue. Lenders often need to see the company’s profit and loss statements, balance sheets, and bank statements to get a good understanding of the type and level of risk present. All of this data helps the small business lender determine if they can lend to the business.
If there is a good level of risk to meet the lender’s needs, the capital infusion can happen quickly, and repayment of the loan begins right away as well. Businesses can then use those funds for the stated business-related expenses. Typically, there are a few different ways lenders provide these funds. For example, term loans and short-term loans are some of the most common, requiring repayment in 2 to 10 years, depending on the lender. Other loans are lines of credit that the company can use on a consistent basis, using the credit, paying it down, and then using it again.
Whether you need real estate, cash flow, or funds to expand operations, many entrepreneurs who have passed the startup phase or are involved in non-profit fundraising look to loans as an option. getting business credit is very hard when you start, which is why you might want to see if a local economic development agency can be of service. You aren’t limited to financial institutions alone, but you do need to look at other organizations or local grants or microloans that can give you a foot in the door.
Once you start up a company, you might use your own funds and credit cards to get things off the ground. However, once you have a solid business plan and evidence of revenue, you may be eligible for a small business loan.
Each lender has their own requirements for the loans your business needs, including loan applications, credit score rules, application process, loan options, and other eligibility requirements. If you have your own business, consider other specialized loans too such as construction loans or commercial real estate loans.
The most common small business loans in South Carolina include:
Small business loans can be beneficial to companies for many reasons. Interest rates are often dependent on the financial health of the company as well as the owner’s credit score. Lenders may be able to offer lower rates for any collateral-based loan, but not all business loans require this type of security. More so, lenders typically are flexible and able to work with borrowers to find the right loan terms and conditions to meet their unique needs.
While you may not qualify for every type of loan, there are a variety of options in South Carolina for you to pursue if you’re looking for additional capital to support your business.
| Rank | Bank Name | # of South Carolina Loans | Avergage Interest Rate | Average Loan Size |
|---|---|---|---|---|
| 1 | TD Bank | 61 | 5.85% | $478,469 |
| 2 | Wells Fargo Bank | 41 | 7.75% | $146,968 |
| 3 | Live Oak Bank | 38 | 5.18% | $1,331,671 |
| 4 | Countybank | 35 | 5.36% | $941,806 |
| 5 | United Midwest Savings Bank | 31 | 5.97% | $317,652 |
| 6 | Pinnacle Bank | 29 | 5.00% | $1,403,569 |
| 7 | SouthState Bank | 23 | 5.47% | $1,073,013 |
| 8 | United Community Bank | 22 | 5.42% | $699,977 |
| 9 | Newtek Small Business Finance | 21 | 6.00% | $699,910 |
| 10 | Bank of Travelers Rest | 15 | 3.93% | $920,147 |
TD Bank was founded in 1852 in Portland, Maine, as a bank to help the community. Since that time, TD Bank has grown to be able to provide all types of services and products to meet the needs of its customers on a broad level all across the country.
We reached out to TD Bank to see if there were any advantages to working with them during the SBA loan process. Here is what they told us:
When you’re ready to connect with an experienced SBA loan officer, use our form to quickly match with SBA loan programs based on your specific circumstances.
Wells Fargo Bank was started in 1852 by Henry Wells and William G. Fargo as a bank to help customers build business and manage money. Wells Fargo Bank offers many products through its many branches to meet customers’ needs, including mortgages, wealth management, and personal and small business banking.
We reached out to Wells Fargo Bank to see if there were any advantages to working with them during the SBA loan process. Here is what they told us:
When you’re ready to connect with an experienced SBA loan officer, use our form to quickly match with SBA loan programs based on your specific circumstances.
Live Oak Bank is based in North Carolina but serves all 50 states as a cloud based digital bank. Offering a number of products and services to its customers, from personal to small business loans, as well as options for personal and business banking like checking and savings accounts.
We reached out to Live Oak Bank to see if there were any advantages to working with them during the SBA loan process. Here is what they told us:
When you’re ready to connect with an experienced SBA loan officer, use our form to quickly match with SBA loan programs based on your specific circumstances.
Started in 1933 in Greenwood, South Carolina, Countybank was formed to offer a better banking institution for its community. Now with 10 locations to serve its customers, Countybank is able to provide all types of services to many members, including small business loans and personal and business banking.
We reached out to Countybank to see if there were any advantages to working with them during the SBA loan process. Here is what they told us:
When you’re ready to connect with an experienced SBA loan officer, use our form to quickly match with SBA loan programs based on your specific circumstances.
Founded in 1889 as a community bank to provide for local individuals and businesses, United Midwest Savings Bank has over 130 years of experience in meeting customers’ needs. With 5 branches and 1 administrative office in the Columbus, Ohio area, United Midwest Savings banks can help all of its customers.
We reached out to United Midwest Savings Bank to see if there were any advantages to working with them during the SBA loan process. Here is what they told us:
When you’re ready to connect with an experienced SBA loan officer, use our form to quickly match with SBA loan programs based on your specific circumstances.
Having access to capital through loans is a very important first step for any business, yet using those funds wisely isn’t always easy to do. Most companies benefit from having access to resources to give them information and support over time.
The Small Business Administration in South Carolina is an excellent resource providing educational materials, informative articles, lots of educational programming, and hands-on support for companies. There is no charge for using the information on the organization’s website, which includes everything from taxation support, hiring employees, and expansion tools.
Another excellent resource is SCORE. There are local offices in North Charleston, but the organization’s website is packed with information too. Find a local mentor to help you to build your business or answer your questions. Take one of the training workshops or watch the webinars for valuable, free advice.
If you want to find the best small business loans in other states, click on your state below.
Joshua Holt is a lawyer and founder of Biglaw Investor. He spent 10 years practicing private equity mergers & acquisition law for one of the largest law firms in the country. As part of his practice, he advised small and medium sized businesses on matters ranging from business loans to the acquisitions and divestitures of stocks and assets.
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