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March 29, 2024  
 
 
  Business Loan Information  
 

Small Business Lenders in Folly Beach, South Carolina

 
Loan Census SBA Loan Info

Raising money in Folly Beach, South Carolina? If so, you'll want to talk to some of these small business lenders in Folly Beach.

If you are planning on applying for a small business loan and your business is based in Folly Beach, South Carolina, we've put together a list of local small business banks that you should contact.

Business Loan Providers for Folly Beach Businesses

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

Small Business Bank Recent SBA Loans
Bank Of America
Charlotte, NC
2
Wachovia Bank
Charlotte, NC
1

Business Loan Advice for Folly Beach Businesses

As a prerequisite to meeting with banks to discuss getting a bank loan, you will need to determine exactly what size loan you will be asking for.

You need to be able to clearly explain your business, explain how much you want to borrow, describe what the money will finance, and show how you plan to pay the loan back to the bank.

Being able to present a well-written business plan is essential. If the bank loan is to for a going concern, you should also have financial statements covering the last three years. You will also need to discuss what collateral you have available to secure the loan. Collateral is relevant because banks always want to be prepared for a worst-case scenario in which cash flow from the business does not meet your projections.

If the business has few assets, you will likely be asked to pledge your personal assets, such as stocks and bonds that you might own or life insurance policies. 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 are SBA lenders. Before you sit down to talk with a small business 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

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