How to Get a Business Loan in South Carolina

When you have an idea for a business, you can use your own money for start up costs, money from investors or seek out a business loan. Obtaining a business loan in South Carolina is no different than getting a business loan in any other state. Local banks throughout South Carolina offer business loans. The United States Small Business Administration has an office in the state, but can only assist with your loan as they do not offer any business loans.

Things You'll Need

• Business plan

Instructions

1. Create a business plan to show what you plan to do with the business, expenses you expect to have and how you will make money. It should be a solid plan of the future of the business. A typical business plan includes an executive summary, market analysis, business description, organization and management, marketing and sales management, the service or product line, fund request and financials. The Small Business Administration website (see Resources) has templates you can use to write the business plan.

2. Use the Small Business Administration website (see Resources) to find lenders in your area of South Carolina that offer business loans. The South Carolina district office of the SBA can recommend lenders in your area of the state.

3. Contact one of the local banks to submit an application for a business loan. Bring your federal tax ID number, your business registration paperwork from the South Carolina Secretary of State and your business plan. Expect to be asked questions about your business plan, such as how you expect to pay back the loan and how long you expect it to take you.

References

• Small Business Administration: South Carolina District Office

Resources

• Small Business Administration: Find Small Business Loans
• Small Business Administration: Writing A Business Plan