Best Small Business Loans in South Carolina 2023: Finest Selection

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Best Small Business Loans in South Carolina

In 2023, the landscape for small business loans in South Carolina is expected to remain competitive and diverse, offering entrepreneurs various financing options to support their ventures. With the continued growth of online and alternative lenders, small businesses will have even more opportunities to access tailored financing solutions that best suit their needs. 

Discover a world of funding solutions for your South Carolina LLC, from short-term cash boosts and flexible credit lines to tailor-made financing options. Gain access to diverse lenders, loan products, and cutting-edge fintech platforms for speedy, efficient, and accessible small business loans in South Carolina. Let LLCBase guide you through the exciting journey of setting up your business – we’ve got your back every step of the way.

Small Business Loans

What is a Small Business Loan

A small business loan provider is a financial institution, lender, or service that offers financing solutions specifically designed for small businesses in South Carolina. These providers facilitate access to capital for small businesses, helping them meet various financial needs such as working capital, equipment purchases, expansion, and other growth-related expenses. Small business loan providers can include South Carolina banks, credit unions, online lenders, and alternative financing companies. They offer a range of loan products, such as term loans, lines of credit, invoice financing, and merchant cash advances, each tailored to meet small businesses’ unique needs and requirements.

10 Best Small Business Loans in South Carolina

We will discuss South Carolina’s ten best small business loans, including eligibility criteria, loan amounts, annual percentage rates (APRs), and required minimum credit scores. Business loans provide financing options for business owners who want to start an LLC in South Carolina. We’ll also provide the pros and cons of each business loan to help you make the best decision for your South Carolina LLC.

1. OnDeck – Best for Short-term Loans

OnDeck is a leading online lender specializing in providing small businesses with short-term loans and lines of credit. With a simple application process, fast approval times, and flexible repayment options, OnDeck is an ideal choice for businesses seeking quick access to capital for short-term needs, such as working capital, inventory purchases, or unexpected expenses.

Eligibility Criteria

  1. At least one year in business
  2. Minimum annual revenue of $100,000
  3. Personal credit score of 625 or higher

Loan Amounts: $5,000 – $250,000

APR: starts at 29.9%

Minimum Credit Score: 625

Pros
  • Fast approval process
  • Flexible repayment options
  • Offers both term loans and lines of credit
Cons
  • High-interest rates for those with lower credit scores
  • Requires a personal guarantee
  • Not ideal for long-term financing
  • Unavailable in Nevada, North Dakota, or South Dakota.
Apply to OnDeck

2. Lendio – Best for Lender Comparison

Lendio is a small business loan marketplace that connects borrowers with a vast network of lenders, allowing business owners to compare loan options from various providers. By offering a wide range of loan products and personalized recommendations, Lendio helps businesses find the best financing solutions tailored to their unique needs and financial situation.

Eligibility Criteria

  1. At least six months in business
  2. Minimum annual revenue of $50,000
  3. Personal credit score of 560 or higher

Loan Amounts: $500 – $5,000,000

APR: starts at 3%

Minimum Credit Score: 560

Pros
  • Access to a vast network of lenders
  • One application for multiple loan options
  • Personalized loan recommendations
Cons
  • Not a direct lender – acts as a marketplace
  • Loan terms and rates vary depending on the lender
  • Some lenders may have additional fees
Apply to Lendio

3. QuickBridge – Best for Fast Funding

QuickBridge is an alternative lender that provides fast and flexible funding solutions to small businesses. With a simple application process, quick approval, and funding often within 24 hours, QuickBridge is an excellent choice for businesses needing immediate capital to address short-term financial needs or seize growth opportunities.

Eligibility Criteria

  1. At least nine months in business
  2. Minimum monthly revenue of $8,000
  3. Personal credit score of 850 or higher

Loan Amounts: $5,000 – $500,000

APR: start at 1.10-factor rates

Minimum Credit Score: 850

Pros
  • Fast funding, often within 24 hours
  • Simple application process
  • Early payoff discounts
Cons
  • Requires daily or weekly repayments
  • Short loan terms (up to 15 months)
  • Not ideal for startups or businesses with low revenue
Apply to QuickBridge

4. American Express Business Blueprint™ – Best for Lines of Credit

American Express Business Blueprint™ offers a range of financial solutions, including term loans and lines of credit, exclusively to American Express cardmembers. With flexible repayment options, competitive rates, and no origination or prepayment fees, this program provides businesses with the financial flexibility and support they need to grow and succeed.

Eligibility Criteria

  1. Must be an American Express cardmember
  2. Good credit history
  3. Satisfactory financial performance

Loan Amounts: Up to $250,000

APR: Varies by loan term

Minimum Credit Score: 640; good credit history is required

Pros
  • Flexible repayment options
  • No origination or prepayment fees
  • Offers both term loans and lines of credit
Cons
  • Only available to American Express cardholders
  • Limited to businesses with strong financial performance
  • Requires a personal guarantee
Apply to Amex

5. BlueVine – Best for Flexible Lines of Credit

BlueVine is an online lender that offers flexible lines of credit and invoice factoring solutions to small and medium-sized businesses. With fast approvals, competitive rates, and the ability to draw funds only when needed, BlueVine’s lines of credit provide businesses with the financial flexibility they need to manage cash flow and seize growth opportunities.

Eligibility Criteria

  1. At least six months in business
  2. Minimum annual revenue of $100,000
  3. Personal credit score of 625 or higher

Loan Amounts: $5,000 – $250,000

APR: starts at 6.2%

Minimum Credit Score: 625

Pros
  • Fast approval and funding
  • No prepayment penalties
  • Only pay interest on the funds you use
Cons
  • Not available for some industries
  • Requires a lien on business assets
  • Higher APRs for those with lower credit scores
  • Unavailable to businesses in North and South Dakota, Puerto Rico, and other U.S. territories
Apply to BlueVine

6. National Funding – Best for Small to Mid-Sized Businesses

National Funding is a trusted alternative lender that offers a variety of loan products, including working capital loans, equipment financing, and merchant cash advances, designed to meet the unique needs of small to mid-sized businesses. With flexible terms, high approval rates, and a quick application process, National Funding is a reliable financing partner for businesses seeking tailored funding solutions.

Eligibility Criteria

  1. At least one year in business
  2. Minimum annual revenue of $100,000
  3. Personal credit score of 600 or higher

Loan Amounts: $5,000 – $500,000

APR: start at 1.10%-buy rates

Minimum Credit Score: 600

Pros
  • Flexible loan terms and repayment options
  • High approval rates
  • Quick application process
Cons
  • Not transparent about APRs
  • Requires a personal guarantee
  • Not ideal for startups or businesses with low revenue
Apply to National Funding

7. Fundbox – Best for Small to Mid-Sized Businesses

Fundbox is an innovative financial technology company that provides lines of credit and invoice financing solutions to small and medium-sized businesses. With a fast and straightforward application process, transparent pricing, and flexible repayment options, Fundbox helps businesses manage cash flow challenges and unlock growth opportunities.

Eligibility Criteria

  1. At least two months in business
  2. Minimum annual revenue of $50,000
  3. Personal credit score of 600 or higher

Loan Amounts: $1,000 – $150,000

APR: Start at 4.66%

Minimum Credit Score: 600

Pros
  • Fast funding, often within 24 hours
  • No prepayment penalties
  • Transparent pricing and fees
Cons
  • Short loan terms (up to 12 months)
  • Requires weekly repayments
  • Not suitable for startups or businesses with low revenue
Apply to Fund Box

8. TD Bank – Best for Healthcare Professionals

TD Bank offers specialized financing solutions designed exclusively for licensed healthcare professionals, including dentists, veterinarians, and physicians. With flexible repayment terms, relationship-based pricing, and a deep understanding of the healthcare industry, TD Bank is a trusted financing partner for healthcare practices seeking to grow, expand, or modernize their operations.

Eligibility Criteria

  1. Licensed healthcare professionals
  2. Good personal credit history
  3. Satisfactory financial performance

Loan Amounts: Up to $5,000,000

APR: Varies by loan product and borrower qualifications

Minimum Credit Score: 660; good credit history is required

Pros
  • Specialized financing options for healthcare professionals
  • Flexible repayment terms
  • Relationship-based pricing for existing customers
Cons
  • Limited to healthcare professionals
  • Requires a personal guarantee
  • Not transparent about APRs and fees
  • Only located in 16 states
Apply to TD Bank

9. Funding Circle – Best for Established Business

Funding Circle is a leading online lender that offers affordable and transparent term loans to established small businesses. With competitive interest rates, longer loan terms, and no prepayment penalties, Funding Circle provides businesses the capital they need to invest in long-term growth opportunities and strengthen their financial position.

Eligibility Criteria

  1. At least two years in business
  2. Minimum annual revenue of $50,000
  3. Personal credit score of 660 or higher

Loan Amounts: $25,000 – $500,000

APR: 7.49% to 24.99%

Minimum Credit Score: 660

Pros
  • Competitive interest rates
  • Longer loan terms (up to 5 years)
  • No prepayment penalties
Cons
  • Requires a lien on business assets
  • Not ideal for businesses with low revenue or credit scores
  • Longer application process compared to other lenders
Apply to Funding Circle

10. Biz2Credit – Best for Loan Options

Biz2Credit is a small business financing platform that connects borrowers with a wide range of loan options from an extensive network of lenders. With a personalized approach to loan recommendations and various loan products, Biz2Credit helps businesses find the right financing solution to meet their unique needs and financial goals.

Eligibility Criteria

  1. At least six months in business
  2. Minimum annual revenue of $100,000
  3. Personal credit score of 575 or higher

Loan Amounts: $25,000 – $6,000,000

APR: Varies by loan product and borrower qualifications

Minimum Credit Score: 575

Pros
  • Wide range of loan options
  • Access to a network of lenders
  • Personalized loan recommendations
Cons
  • Not a direct lender – acts as a marketplace
  • Loan terms and rates vary depending on the lender
  • Some lenders may have additional fees
Apply to Biz2Credit

FAQs

Are there any small business banks available in South Carolina?
Yes, there are numerous small business banks operating in South Carolina.
What features should one look for while selecting a small business bank in South Carolina?
Low fees, interest rates, online-based business banking solutions, and a wide array of products/services catering to small businesses should be the crucial features.
Which banks are popular among small business owners in South Carolina?
Some of the banks that are popular among small business owners in South Carolina include South State Bank, BB&T, First Community Bank, and TD Bank.
What types of business loans are offered by various banks in South Carolina?
Various business loans options offered by the banks include term business loans, lines of credit, equipment financing, SBA loans, real estate loans, and microloans.
Are banks in South Carolina offering PPP loans?
Yes, many banks in South Carolina are offering PPP loans to small business owners throughout South Carolina.
Do banks offer online banking solutions for small businesses in South Carolina?
Yes, leading banks in South Carolina provide online-based business banking solutions suitable for the needs of small businesses.
Are TD Bank branches available in South Carolina?
Yes, TD Bank has many branches operating in South Carolina and cater to the needs of small business owners.
Which banks have a strong presence in North and South Carolina, particularly among small businesses?
BB&T, One Main Financial, Wells Fargo, and SunTrust Bank have a strong presence among small business clients, having branches throughout the states in North and South Carolina.
Can I get customized insurance packages as a small business owner in South Carolina?
Yes, banks like First Community Bank offer tailored insurance packages for small businesses in South Carolina.
Which bank in South Carolina is best suited for a startup?
South State Bank is known for catering to startups in South Carolina with their financial education center and customized banking solutions catering to startups’ needs.
Are banks in South Carolina open on weekends?
Generally, banks in South Carolina are not open on weekends, except for certain limited-hour branches.
What is the average amount of loans disbursed to small business owners in South Carolina?
The average amount for small business loans disbursed to businesses in South Carolina can range from a few thousand dollars up to $3 million.
What are the different types of business accounts available that South Carolina-based banks offer?
Each bank offers different types of accounts, including commercial checking, savings, money market accounts, and SBA business accounts.
Will I have access to a business advisor while keeping a business account with banks in South Carolina?
Yes, relatively newer banks like First Community Bank or Bank OZK offers business experts’ guidance alongside accounting services.
What fees can a small business owner expect when opening a business account at a bank in South Carolina?
Small business account opening fees can vary greatly, while transaction fees, maintenance fees, and monthly fees for certain accounts, to name a few, tend to be fairly predictable.
How long does it take for a bank to process a small business loan in South Carolina?
Depending on the complexity of the case, the timeline varies; however, it can range from as short as a week to anywhere from a month to two months.
Are business loans subjected to high-interest rates?
It depends on the bank, type, collateral, funding requirement, and security offered that banks can offer notably competitive interest rates akin to conventional mortgages.
Can a bank deny loan applications of start-ups and small businesses?
Yes, certain eligibility criteria must be fulfilled in order to get business loans or banking services. Hence, denial of service is possible.
Can banking institutions in South Carolina offer all banking products for small business owners, including loan/equity investment?
Banks normally offer a myriad of products catering to businesses’ needs such as loans, online banking, personal checking and business accounts, credit financing, book-keeping services, and more; While some offer sales of equity Investment solution, most abide by regular guidelines.
What is SBA lending, and do banks in South Carolina cater to it?
The Small Business Administration (SBA) program initiatives dedicate policies and funds to connect small business owners to banks offering free or low-cost loans Insurance; yes, banks catering to small businesses’ needs in South Carolina uphold SBA loan offers.
Are banks in South Carolina featuring specific business credit activities during Covid-19?
Newly-offered loans like Paycheck Protection Program Loans for businesses during the COVID19 outbreak fall under CARES Act legislation — are currently & commonly available to affected South Carolina-based businesses.
What sizes of businesses do banks in South Carolina cater to?
Various banks target small startup businesses as minimal credit-line users and micro-businesses, while other banks aim higher-level investors corporations on making more personal-capital type investments.
How to access PPP in South Carolina through different banks?
Certain banks follow their period of submission and hold potential PPP funds once submitted as instructed by the Small Business Administration. Certain examples encompass Bank of America. South State Bank, Wells Fargo, and TD Bank aligned with following proper procedures under PPP.
What are the key factors South Carolina small business owners must compare while choosing banking options?
When comparing different units, opt for an aligned bank present globally, providing efficient credit access, lower service fees, and educational services frequently included with user accounts.
Can individual savings accounts offer a more budgeted alternate for small businesses than banks?
One’s personal savings account can pose only a temporary solution for upholding business operations in a budget-friendly manner- yet limited in offering business rights, credit finance opportunities, payroll, and strategized synergy overtime as compared to core banking services.
Are South Carolina banks offering retail and Franchise segment of the businesses access the same type of accounts?
Franchises and retail business accounts will vary on a case-to-case basis on beginning to end banking needs in tandem with South Carolina banking counterparts, subject to pre-defined conditions with the banking companies.
Are business advice services offered by banks in South Carolina?
Yes, many banking options under a permissible circumstance cater to South Carolina small business owners frequently providing financial guidance for elevating their businesses’ presence and operations in nearby districts with the business experts readily available to extend support- notably newer Private banks and Credit Unions implementation. Yet discerning banks excel more than others based on specialized experience whereby strategic veterans and personalized advice/services ranks highly under valuable banking consultants for small-business services in South Carolina.
Do banks in South Carolina has cell based tech-enabled fund transfers facilities for small businesses?
Many banks have adopted technology and cell-based remittance of funds for several years. For example, A growing number of South Carolina banks have mobile or smartphone app-based account management solutions catering to small businesses increased efficiency with customer convenience in current encounters.
What are some of the best banks for small businesses in South Carolina?
Some of the best banks for small business in South Carolina include First Palmetto Bank, South State Bank, Wells Fargo, and TD Bank.
How do I choose the best bank for my small business in South Carolina?
Consider your specific business needs, the bank’s fees and rates, and their customer service and support when choosing the best bank for your small business in South Carolina.
What types of accounts are offered for small businesses in South Carolina?
The types of accounts offered for small businesses in South Carolina include business checking, savings, and loans.
Is it important to have a local bank for my small business in South Carolina?
Having a local bank for your small business in South Carolina can be beneficial for more personalized service and convenient access to financial resources.
Can small businesses in South Carolina apply for loans from banks, and what are the requirements?
Yes, small businesses in South Carolina can apply for loans from banks, and requirements typically include a strong business proposal, credit and financial history, and collateral.
What are some of the most affordable banks for small businesses in South Carolina?
Some of the most affordable banks for small businesses in South Carolina include First Palmetto Bank, South State Bank, and BB&T.
What are some of the highest-rated banks for small businesses in South Carolina?
Some of the highest-rated banks for small businesses in South Carolina include South State Bank and Regions Bank.
Can non-profit small businesses in South Carolina still apply for loans from banks?
Yes, non-profit small businesses in South Carolina can still apply for loans from banks, with requirements varying by each institution.
Are credit unions a good option for small businesses in South Carolina?
Credit unions can be a good option for small businesses in South Carolina and often offer competitive rates and personalized service.
Are there banks in South Carolina that specialize in lending to minority-owned businesses?
Yes, there are banks in South Carolina that specialize in lending to minority-owned businesses, including South State Bank and Wells Fargo.
How important is it for small businesses in South Carolina to have a solid relationship with their bank?
Having a solid relationship with your bank in South Carolina can be vital for growing your business and accessing financial resources and support.
Can my South Carolina small business get started with online banking right away?
Yes, many banks in South Carolina offer online banking platforms for small businesses to manage finances remotely for added convenience.
Is it better for small businesses in South Carolina to choose a national or regional bank?
The choice between a national or regional bank for your small business in South Carolina comes down to specific business needs, service quality, and convenience.
How important is it for South Carolina small businesses to choose a bank with convenient locations and ATMs?
Convenient locations and ATMs can be important for South Carolina small businesses that rely on in-person banking services.
What kind of fees can South Carolina small businesses expect to pay with a business bank account?
Fees for business bank accounts in South Carolina can include transaction and maintenance fees, ATM fees, and additional charges for services like wire transfers.
What are merchant services, and do South Carolina banks offer them to small businesses?
Merchant services typically refer to payment processing for credit cards, and many banks in South Carolina offer these services to small businesses.
Can South Carolina small businesses use business credit cards, and what are the benefits?
Yes, South Carolina small businesses can use business credit cards for increased purchasing ability, rewards, and building credit history.
How can South Carolina small businesses improve their chances of securing loans from banks?
Improving credit history, developing a strong business plan, and building relationships with lenders can all increase the chances of securing loans for South Carolina small businesses.
Are there any South Carolina-based banks that are women-owned or led?
Yes, some South Carolina-based banks that are women-owned or led include First Citizens Bank and United Community Bank.
What do South Carolina banks provide for small businesses beyond financial services?
Some South Carolina banks provide resources for business education, mentorship, and overall support for their small business clients.
What are some options for small businesses in South Carolina looking to switch banks?
Options for small businesses in South Carolina looking to switch banks include researching different bank offerings, considering institution accessibility, and evaluating any potential exit costs.
How can South Carolina small businesses navigate tax compliance with bank accounts?
Working with a trusted bank and consulting with tax professionals can help small businesses in South Carolina navigate tax compliance related to bank accounts.
Can South Carolina banks help small businesses with managing their financial records?
Yes, many South Carolina banks provide financial management tools and resources to make the record-keeping process easier for small businesses.
Are there any grants available for small businesses in South Carolina through local banks?
Some banks in South Carolina offer grant programs specifically for small businesses, with eligibility and requirements varying by institution.
How soon can South Carolina small businesses expect loan disbursements after approval?
Loan disbursement for South Carolina small businesses may vary by institution, but typically occur soon after loan approval.
What should South Carolina small businesses keep in mind when building their banking relationships?
Building trust, communicating needs and goals, and prioritizing financial stability can all help South Carolina small businesses develop strong banking relationships.
Can South Carolina banks provide insurance for small businesses?
Yes, some South Carolina banks can offer insurance options for small businesses, including liability, property, and workers’ compensation coverage.
Can South Carolina banks help small businesses with import and export financing?
Yes, some South Carolina banks offer import and export financing options and resources for small businesses seeking to expand internationally.

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Conclusion

As South Carolina, also known as The Palmetto State continues to foster a vibrant entrepreneurial ecosystem, having access to the right financial partners and resources will be crucial in navigating this thrilling ride. By exploring various small business loan options and staying attuned to the ever-evolving financing landscape, entrepreneurs can achieve their dreams and contribute to the ongoing prosperity of the South Carolina economy.

When looking for the best small business loans in South Carolina, it’s essential to consider your unique needs and financial situation. Whether you’re forming a South Carolina LLC or growing your existing LLC in South Carolina, each of these lenders offers something different to help you achieve your goals. Be sure to compare loan options, eligibility criteria, APRs, and repayment terms to find the right fit for your business. Visit LLCBase for more information about starting an LLC in South Carolina.

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