There has recently been a focus on financing alternatives for small businesses with the problems caused by the current Coronavirus pandemic. Small businesses have been forced to close their doors to obey stay-at-home orders. South Carolina residents who own and operate small businesses have been hit hard. With the country in the early stages of opening, those affected by the closures have options to help them recover financially and reestablish their small businesses as we slowly move through the reopening. If you are a small business owner, here are resources that can help you identify and apply for a South Carolina small business loan.
Considerations to take into account before submitting the application
Before applying for a small business loan, it is important to summarize your business needs so that you have the information that lenders will request in advance. The first is to describe the type of business, the number of employees, the purpose of the business, how long it has been in operation, and the annual finances. This includes income and expenses. Please describe why the loan is needed in as much detail as possible below. For example, if it is to pay workers during the pandemic with a decrease in sales, if it is a new start-up, if it is for expansion, new equipment, etc. Also, keep your personal credit scores handy because most lenders require this information. This gives you a description that you can refer to when you carefully read the eligibility criteria and answer application questions online.
Equity Financing and Loans Specifically for South Carolina Business Owners
We have chosen 10 resources where you can apply for a small business loan in the state of South Carolina. There are many lenders involved with the Small Business Administration, as well as government sponsored loan programs to help start new businesses and for current businesses to secure the funds necessary to maintain normal business operations during the current crisis. financial and health. We have included a variety of resources. Each lender or program establishes its own set of eligibility criteria for the application. Links are included to take you directly to each site to explore eligibility requirements and apply.
1. Alerion Ventures
Alerion Ventures serves South Carolina business owners throughout the state. It is an evergreen venture capital company offering financing in the form of scalable startup loans and early stage investments. If you are trying to start a new business in South Carolina, apply here.
2. Appalachian Development Corporation
This resource is available to all business owners throughout the state of South Carolina. The organization’s goals are to promote economic development through job retention and creation through financial assistance in the form of equity financing and loans. It is open to six counties in the north of the state of South Carolina. For more information and to apply, go here.
3. The Appalachian Loan Fund
The Appalachian Loan Fund offers low-cost loans to business owners in the state of North Carolina. Most of the loans are fixed-rate and long-term. They are open to applications for companies creating permanent full-time jobs. Loans originate from a revolving fund that are available on a first-come, first-served basis. As borrowers repay loans, the fund is replenished for new borrowers to request. ALF loans are available to eligible businesses that meet qualification requirements in the following counties: Abbeville, Anderson, Cherokee, Fairfield, Greenville, Greenwood, Laurens, McCormick, Newberry, Oconee, Pickens, Spartanburg, and Union. The purpose of the ALF funds is to finance construction, land, equipment and machinery and to be used as working capital to pay salaries and other business expenses. Apply here.
4. Small Business Administration 504 Loan Program
Appalachian Development Corporation administers the SBA’s 504 Loan Program. These loans are available to applicants who meet the eligibility requirements. The loans are intended for the acquisition, renovation of capital assets such as buildings, land, equipment, …