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Are you looking for South Carolina’s best business loans & startup financing companies? For your small business in the Palmetto State, many banks, credit unions, and unconventional lenders are offering different loan types. After all, South Carolina is home to more than 463,000 small businesses. These startups thrive on local loan providers and financing companies.

Understand the unique features and benefits of different loan types to empower your business. That’s how you choose the best lender for your business. Also, look into no-credit equipment financing options if you can’t get a business loan via traditional means.

Consider these 11 business loans & startup financing options in S. Carolina to get started. Check our reviews of these lenders to decide which one’s the best option for you:

1. Swoop Funding

Swoop Funding is every South Carolina-based small company’s top startup financing option.

It will offer entrepreneurs a range of funding solutions to meet their needs. You can access many loan types, including traditional term loans and innovative financing options with a simplified funding process. At Swoop Funding, you can get $5k to $500k as a small business. 

Moreover, you have to have a credit score of 600+ with the company’s annual revenue being $50k (at least). Even if it’s been 6 months since you started this business, Swoop will consider your loan application! It is important to talk directly to Swoop’s experts to determine your creditworthiness, though.

2. Pinnacle Bank

This lender has made another appearance in this series. Even though most branches of the Pinnacle Bank are located in Georgia, it caters to South Carolinian businesses as well. It offers a diverse range of loan types to local businesses, such as the following: “Business FasTrack is a service that lets you apply for a loan or line of credit for $3,500 to $50,000.” So, get in touch with this loan provider to find ample funding for your Palmetto State startup.

3. County Bank

At County Bank, South Carolinian startups can apply for hefty loans that go more than $900,000 on average with 5.36% being the average interest rate. Founded in ‘33 in South Carolina, this lender offers flexible terms, competitive rates, local expertise, and customized services. You can trust County Bank to help your business grow into a unicorn with the right financial support.

4. TD Bank

TD Bank is South Carolina’s premier lender that caters to the needs of small businesses. SBA 7(a) loans up to $5,000,000 with terms up to 25 years are available to start, buy or expand your restaurant franchise business. You can easily apply for funding up to $250k. Moreover, down payment requirements are 10% for both SBA 7(a) and 504 loans. You can trust TD Bank to help your grow grow and expand efficiently. Don’t forget that this bank was founded in Maine back in the 1650s.

5. SouthState Bank

At this lender, you’ll get a modest average interest rate (5.47%) while the payout amount hovers at an impressive $1.073 million. The SouthState Bank gives you SBA 7(a) loans of amounts up to $5 million. However, $50,000 is the minimum loan amount mandatory for businesses to take out when they’re in contact with this lender. Located in many South Carolinian cities, it has the following key features:

• Business acquisitions
• Startups
• Ground up construction
• Purchase of Commercial Real Estate
• Debt Refinance
• Purchase Equipment and Inventory
• Working Capital
• Leasehold Improvements

6. Bank of Travelers Rest

This lender has an incredibly low interest rate on average (3.93%) while the average amount in loans approved here is around $920k, showcasing this bank’s commitment to helping startups located in the Palmetto State get the best deals possible. The Bank of Travelers Rest excels at supporting South Carolinian businesses that need commercial term loans or have to open new lines of credit.

7. Arthur State Bank

This FDIC-insured blends startup financing with a personal touch. So, you can contact them to apply for a business loan and ask more about their services. Arthur State Bank will help turn your business into a local unicorn.

8. First Bank

At the First Bank, you’ll find various loan types available for South Carolina-based businesses. They claim to have six convenient locations throughout the Palmetto State, operating in this area since 1933. So, you can take out business loans, open a new line of credit, apply for a construction loan, and lots of other services.

9. South Carolina Federal Credit Union

It’s a tradition to mention local federal credit unions (FCUs) in this series. This FCU lets you apply for term loans, lines of credit, and various other loan types. This loan can be intended for the purchase of a car or a piece of business equipment. This FCU will offer 75% financing in case of the second option!

10. Oconee Federal

This lender provides South Carolinian businesses with much-needed funding by partnering with the Business Development Corporation (BDC). Moreover, the services of Oconee Federal are available at nine different locations. They are often able to get you the capital you need, with competitive terms and a lower down payment.

11. North One

Lastly, we should mention North One where you can get $10k to $250k as a loan. The process of applying for this loan takes like two minutes and you’ll get funded within 24 hours. So, offering same-day funding is probably the only unique feature of this particular lender.

South Carolina Government Resources

Check out these government resources about business grants/funding and startup financing options in South Carolina:

• South Carolina Business One Stop
• Grants in the City of Columbia
• Rural Microentrepreneur Assistance Program in South Carolina
• SBA Business Financing in Charleston

Top Cities in South Carolina for Business Loans

Curious to know which cities or census-designated places (CDPs) in S. Carolina are the best for business loans & startup financing? If you live in any of these 30 cities, then you can easily access SBA loans or other nontraditional financing means to embark on your entrepreneurial journey:

1. Charleston
2. Columbia
3. Greenville
4. Myrtle Beach
5. Spartanburg
6. Rock Hill
7. Sumter
8. Aiken
9. Anderson
10. Hilton Head Island
11. Florence
12. Goose Creek
13. Mount Pleasant
14. North Charleston
15. Lexington
16. Mauldin
17. Bennettsville
18. Easley
19. Gaffney
20. Beaufort
21. Seneca
22. Walterboro
23. Darlington
24. Greer
25. Clinton
26. York
27. Cheraw
28. Kingstree
29. Bamberg
30. Clemson

Conclusion

Whether you’re a startup owner or founded a well-established business years ago, you have to choose the right financing partner and lender. That’s how you keep your business vessel afloat and key commercial operations running in South Carolina in this economy. 

Now, choose a lender that offers you flexible loan terms and interest rates. So, check their online reputation, customer service, interest rates, and other factors. If something needs to be clarified, get in touch with Sophisticated Investor to understand how to get your entrepreneurial dreams funded quickly. That’s how you can take your business to new heights of success.