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Small Business Loans in South Carolina (2021 Update)
According to the South Carolina Chamber of Commerce, there are roughly 400,000 small businesses operating throughout the state. Over 97 percent of all employees in South Carolina are working for small business owners. These staggering numbers make it apparent that entrepreneurship is common and highly important to residents. Many owners of small businesses seek out business loans to help get their ideas off the ground. Business loans are the saving grace for many companies, allowing owners to put money back into the brands and services they've created.
Taking Out a Loan
It can be difficult to qualify for business loans because of how picky lenders are. Banks don't give out business loans to just anyone coming off the street with an inventive idea. They want to hand out loans to fully-established and realized businesses that have a high chance of succeeding. Companies on the brink of failure or those working in a niche market have a slim chance of being approved. Just because one bank denies your case, it does not mean that you're doomed to a lifetime of loan denial form letters. You may just need to work on your company or let it grow a little more to peak the interest of a lender in your area.
The Application Process
The application process involves a lot of paperwork and patience. Most loans are approved in about two months, but it could take up to six months for certain banks to go over all of the necessary documentation. What this means is that small business loans may not necessarily be the right choice for company owners who need quick cash that can be used right away. New businesses or high-risk companies may also find approval to be a far-fetched dream and in these cases, opening a merchant account might be their best bet. In a small business loan application, you'll need to present items relating to your company, such as assets, banking information, credit data, losses, sales and bills. The bank will weigh your assets with your risk value to determine eligibility.
Being Approved and Receiving Your Money
Once you've been approved for the loan, the money will automatically be deposited into your bank account. Repayment of the loan starts immediately once you've received your money and interest is integrated into each monthly payment. Many owners find it easier to have automatic payments made to the bank so they don't have to worry about forgetting to pay their bills. If you should ever become delinquent on your payments, you'll accumulate late fees and it will be harder to pay off the loan. Unlike personal loans, business loans are tied into the direct equity of your company. If your company fails while you still have a loan taken out, the lender won't go after you as an individual for repayment, but instead take any assets left from the business.
Banks in South Carolina That Offer Small Business Loans
Arthur State Bank
Founded in 1933, Arthur State Bank has grown its assets and its list of services to offer business, commercial, and corporate banking services which include small businesses and even single proprietorships.
Carolina Alliance Bank
Based in Spartanburg, South Carolina, Carolina Alliance Bank is currently lead under the direction of Sir Laura Cantrell who currently serves as its Head Teller. Its line of business banking solutions includes lines of credit and equipment loans, among others.
The Citizens Bank
The Citizens Bank was founded in 1938 in the same place where it is headquartered today – in Olanta, South Carolina.
Anderson Brothers Bank
Founded in Mullins, South Carolina in 1933, the Anderson Brothers Bank has helped enrich the lives of small business owners in the area through small business loans amounting to $70 million in just a year.
Enterprise Bank of South Carolina
The Enterprise Bank of South Carolina was established in Ehrhardt, South Carolina in 1920. Currently, Mr. K. Reid Pollard serves as its President and CEO.
Grandsouth Bank first opened its doors to the public in 1998. It is based in South Carolina and has loaned small businesses a total of $117 million.
Top Cities in South Carolina and Their Lenders
South Carolina is one of the Southeast’s most famous states – it played an integral role in many parts of the Civil War. The area is rich in history, it was originally an English colony. The state has a thriving tourist industry, but also has plenty of local industries that help the area stay afloat throughout the year. The economic downturn in 2007 impacted South Carolina significantly, but recent years have seen a resurgence of industry in the area. Agriculture, manufacturing, and services all play a major role in the local economy. There are a number of awesome cities in the state that can be used to start new small businesses.
In this part of the article, we’ll take a look at the top small business cities in South Carolina. We’ll also provide you with some advice on the top lenders in each of the cities.
Charleston, South Carolina
Charleston is one of the most beautiful cities in the state of South Carolina. The area has some of its original architecture. It’s a great spot for tourism, retail, and hospitality. The city also has a major university, which helps drive the economy. Below are our top lenders in the city:
South Carolina Federal Credit Union
The South Carolina Federal Credit Union is our top pick in Charleston because of their reputation in the area. They have great interest rates for all their customers in Charleston. You’ll need to be a member, but they offer great term loans. They also have decent business banking solutions for those who need them. You can manage your account through their online portal.
Bank of South Carolina
If you’re looking for a lender with large lending power, the Bank of South Carolina should be your top choice. As one of the biggest financial institutions in the state, they have what it takes to help your business grow. They provide commercial loans, business credit cards, and business banking services to their clients.
Columbia, South Carolina
Columbia, South Carolina is another large city in the state of Carolina. It has a thriving economy that is largely dependent on the services industries. Insurance and finance are major industries in the city. If you’re looking to work in a city that has the infrastructure to help a small business thrive, this is the place to be. Below are the top lenders in the city:
Entegra Bank is a local lender with a great reputation in Columbus. They provide business loans to a few cities throughout South Carolina. They can provide business lines of credit, business loans, and business bank accounts. If you want someone who understands the Columbus economy, this is your best bet!
HomeTrust Bank is our other choice for Columbus, South Carolina. They have a wide variety of business banking services available. You can choose from commercial loans, business credit cards, and equipment financing. They’ll even provide you with your own relationship manager to help you stay on top of all your business lending details.
North Charleston, South Carolina
North Charleston is the northern part of the city of Charleston. It benefits from some of the same industries as Charleston. North Charleston is a slightly cheaper place to live, which makes it attractive for certain entrepreneurs. Below is our favorite lender in the area:
South Carolina Federal Credit Union
As with Charleston, the South Carolina Federal Credit Union is our top pick for North Charleston. You can’t beat their rates and they have an excellent customer service record in the area.
Mount Pleasant, South Carolina
Mount Pleasant is a small city in South Carolina that has some great agricultural land in the surrounding regions. It also has an awesome retail industry. If you’re thinking of starting a business in the area, use the lender provided below:
South State Bank
South State Bank is a mid-sized, regional lender that provides a range of different financial services for business owners in Mount Pleasant. They offer term loans, lines of credit, business credit cards, and accounts receivable purchasing. They’re a great lender if you’re looking to work with someone who has a variety of solutions.
Rockhill, South Carolina
Rockhill is one of the largest retail centers in its region. It plays home to some of the area’s top shopping malls. If you want to start a retail business, this is the best place to go. Below is our favorite lender in the area:
Atlantic Commercial Credit Corporation
Atlantic Commercial Credit Corporation is a business-focused commercial loan company that provides loans exclusively to business owners in the city. They’re great if you’re looking for a business loan specialist in Rockhill. They have different loan programs depending on the type of business you’re opening. They also provide loans to people starting new businesses in services sectors.
Remember, some of these companies or banks are very specialized and may only handle SBA loans. In fact for SBA 504 loan rates look at our more in depth article. Ask the banks about any special programs for minorities or women. Also ask for information about business grants for startups if that interest you. If you bad credit don't worry as there still may be other alternative lenders willing to work with you.