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March 29, 2024  
 
 
  Business Loan Information  
 

Business Loan Summerton, South Carolina

 
Loan Census SBA Loan Info

Getting a business loan in Summerton, South Carolina seems challenging at first, but we're here to help you get started.

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

Local Summerton Business Lenders

To assist you in finding a small business banker, here's our list of small business banks in Summerton.

Small Business Bank Recent SBA Loans
Bank of Clarendon  

Other Lending Resources for Summerton Businesses

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

Small Business Bank Recent SBA Loans
Business Devel Corp - So. Caro
Columbia, SC
1
Business Lenders, LLC
Hartford, CT
1
Business Loan Center, LLC
New York, NY
1

Tips for Getting a Business Loan in Summerton

Before meeting with banks to discuss getting a bank loan, you will need to have a specific plan.

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 intend to to pay the loan back to the bank.

A well-defined business plan is an important prerequisite. 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 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 the equity in your home. 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 these banks 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.

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