Loan Census Banking News and Information
April 18, 2024  
 
 
  Business Loan Information  
 

Springfield, South Carolina Business Loan

 
Loan Census SBA Loan Info

Small business loans in Springfield, South Carolina are available. You just need to talk to the right bank.

We wrote this article for entrepreneurs in Springfield, South Carolina who are interested in getting a small business loan.

Local Springfield Lending Resources

Without further adieu, here's our list of small business banks in Springfield.

Small Business Bank Recent SBA Loans
Enterprise Bank  

Banks that Lend to Springfield Businesses

This is a list of banks outside of Springfield, South Carolina that have provided SBA loans to Springfield businesses. Some of these may be national banks with local branch locations.

Small Business Bank Recent SBA Loans
Community Res. Bank
Orangeburg, SC
1

Springfield Business Loan Advice

As a prerequisite to reaching out to lenders to get a bank loan, you will need to develop the specifics of your loan request.

You need to be able to clearly explain your business, explain how much you want to borrow, walk the banker through the planned use of proceeds, and show how you intend to to pay the loan back to the lender.

A well-defined business plan is an important prerequisite. If the money is to for a going concern, you should also have financial statements covering the last three years. Bankers will also want to know what collateral you have available to guarantee the loan. Collateral is relevant because banks always want to be prepared for a worst-case scenario in which you cannot repay the loan.

If the business has few assets, you will likely be asked to secure the business with your personal assets, such as your individual retirement account or pension plan. The banks will check on your personal credit history in any case, so hopefully you have good credit history -- you may want to get a copy of your credit history prior to meeting with the banker.

Many of the banks in our list participate in the financial assistance programs available through the SBA. Before meeting with the banker, you may want to get up to speed on SBA loans programs to see if you qualify. SBA 7(a) loans, SBA 504 loans and SBA disaster assistance loans may be available to you.

Gaebler.com Advice on Raising Money

If you are serious about Raising Money, you need to educate yourself. If you haven't read it already, we recommend you review 504 Loans.

Business Loan Sources for Other Cities in South Carolina
Get a Business Loan in Spartanburg
Get a Business Loan in Summerville

Browse All Business Loan Sources for South Carolina