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Small Business Loans in South Carolina

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10 Small Business Loans in South Carolina

Our compilation is the result of dedicated research into the small business lending landscape in South Carolina, grounded in solid, confirmable data. The lenders are ranked by the volume of small business loans they've provided this year.

Essentially, we're highlighting the banks and lenders that are truly active in extending loans to small businesses within the state.

(This contrasts with many other platforms that tend to focus on non-profit organizations which seldom lend or government schemes that are out of reach for a lot of businesses!)

Takeaway: Medium-sized, regional banks do the majority of small business lending in South Carolina. 

Methodology: Our analysis is underpinned by data from SBA 7a loans, indicating that each of these lenders provides SBA loans. Furthermore, we've identified and included various other small business loan options that these institutions advertise on their websites.

It's worth noting that mainstream banks often set high thresholds for credit scores and demand at least two years of operational history. Recognizing these barriers, we've introduced our list with two alternative financing solutions tailored for entrepreneurs with less-than-ideal credit or those new to business ownership.

1. Credit Suite

Credit Suite stands out as a consultancy and technology firm in the realm of business credit, providing two innovative financial solutions beyond traditional offerings.

For entrepreneurs with a solid operational history but perhaps not the strongest credit scores, Cash Flow Financing presents an attractive option. 

This solution allows businesses to harness their existing cash flow as collateral for obtaining adaptable financial support, with repayment structured around a portion of the business's ongoing cash inflows, sidestepping the need for fixed monthly payments.

Additionally, the Credit Line Hybrid is tailored specifically for individuals based on personal credit merit, eliminating the necessity for detailed financial disclosures, bank statements, or business plans. 

This program is particularly aimed at early-stage startups and innovative entrepreneurs, with available funding from $5,000 to $150,000. It's an ideal choice for businesses in the foundational phase, especially those under two years old.

Business financing options offered:

  • Credit Suite Cash Flow Financing

  • Credit Suite Credit Line Hybrid

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2. TD Bank

TD Bank operates extensively across the East Coast, with the exception of Georgia. It boasts numerous retail outlets and a comprehensive selection of financing solutions for small businesses. Recognized as an SBA Preferred Lender, it provides various lending options to meet the diverse needs of its clients.

The bank facilitates both digital and face-to-face applications for business loans, accommodating the preferences of different customers for convenience and accessibility.

Business financing options offered:

  • Term Loans 

  • Business Lines of Credit

  • Commercial Real Estate Loans & Mortgages

  • SBA Loans

  • Revolving Lines of Credit

  • Equipment Financing

  • Asset Based Lending

  • Supply Chain Financing

  • TD Business Solutions Credit Card

3. Wells Fargo Bank

Wells Fargo stands out as a major national banking entity, likely familiar from its widespread presence. Despite its size, the array of small business financial products it offers is relatively modest. 

However, it secures a prominent position on this list due to the substantial volume of loan transactions it successfully completes.

Business financing options offered:

  • SBA 7a Loans & 504 Loans

  • 2 Business Lines of Credit

  • Practice Financing

4. SouthState Bank

SouthState Bank is a small bank in Columbia, South Carolina. It offers a comprehensive suite of standard small business lending options typical of any bank. 

Additionally, it sets itself apart by providing specialized financing for franchises, catering to entrepreneurs looking to invest in or expand their franchised businesses.

Business financing options offered:

  • Lines of Credit

  • Term Loans

  • Business Lending Express

  • SBA Loans

  • Franchise Finance

  • Business Real Estate Loans

5. The Huntington National Bank

Huntington National Bank stands out not only as a premier lender to small businesses within this state but also as the leading issuer of SBA 7a loans nationwide. 

This impressive record places them among the top ten lenders in almost every state, underscoring their commitment to small business partnerships. 

Beyond SBA loans, Huntington provides a comprehensive range of financing solutions tailored for small enterprises, encompassing equipment leasing, agricultural financing, and various real estate lending options. 

Business financing options offered:

  • SBA 7a Loans

  • Equipment Leasing

  • Church Lending

  • Greek House Financing

  • Agricultural Loans

  • Warehouse Lending

  • Real Estate Loans, Term Loans, and Lines of Credit

6. BayFirst National Bank

BayFirst National specializes in SBA loans, with their website proudly proclaiming "Lightning Fast Business Loans!" alongside mentions of their "In-house team, quick funding." 

They benefit from an internal underwriting team, ensuring both rapid processing and a high level of proficiency. 

Given that SBA loans are known for their extended funding timelines, BayFirst National's ability to expedite this process offers them a significant edge.

Business financing options offered:

  • SBA Loans

  • Commercial Real Estate Loans

  • Commercial Term Loans

  • Commercial Lines of Credit

  • Construction Loans

  • Heavy Equipment Financing

7. Live Oak Banking Company

Live Oak Bank is extensively involved in SBA lending across the nation. While their website may not offer detailed descriptions of their loan products beyond SBA loans, they invest considerable effort in getting to know the specific sectors their clients operate in. 

On their site, they highlight their expertise in 48 distinct industries, asserting that they provide specialized financing solutions tailored to each of these sectors.

Business financing options offered:

  • SBA Loans

  • USDA Loans

  • Industry Vertical Loans

8. Pinnacle Bank

Pinnacle is a small bank in South Carolina with a heavy focus on agricultural loans.

Business financing options offered:

  • Agricultural Loans

    • Operating Loans and Lines

    • Equipment Loans

    • Livestock Loans

    • Real Estate Loans

  • Real Estate Financing

  • Equipment Financing

  • Lines of Credit

9. Newtek Small Business Finance

Newtek might not ring a bell like your standard retail bank, given its lack of physical branches. Yet, this sizable entity trades publicly and plays a significant role in providing loans to small enterprises. 

Beyond the quartet of financing solutions detailed on their online platform, Newtek extends a broad spectrum of financial services tailored for the small business market. This range encompasses solutions from payment processing and insurance to employee benefits and payroll management, covering various needs that small businesses may have. 

Business financing options offered:

  • Term Loans

  • Asset Based Financing

  • Inventory Based Financing

  • SBA Loans

10. United Community Bank

United Community is based in Greenville, South Carolina. It has a presence throughout six southeastern states and 161 offices. It offers a diverse group of business financing options, including niche industry loans. 

Business financing options offered:

  • Equipment Lending

  • Real Estate Lending

  • Asset-Based Lending

  • Senior Care Lending

  • Renewable Energy Financing

  • Builder Finance

  • SBA Small Business Lending

  • USDA Lending Programs

  • Franchise Financing

  • Non-Profit Banking

  • Loan Syndications

How to apply for a small business loan in South Carolina 

Getting your small business funded doesn't have to be overwhelming, regardless of how many steps may be involved. Let the leading business guides at Credit Suite help you along the way!

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