Nearly 445,000 small businesses call South Carolina home, and together they employ nearly 831,000 people, according to the SBA Office of Advocacy. A driving force behind the state’s economy, these business owners need all the help and support they can get.
How a small business loan can help your South Carolina small business
Small business loans can help facilitate small business grow mexico whatsapp number data th. But with so many choices, they can also be confusing. Here we’ll explore financing options, grants and business resources for businesses based in the Palmetto State.
Facebook’s September Global State of Small Business Report found that “73% of S.C. small business owners are confident in their ability to stay open for at least 12 months.” Ideally, every small business owner should not only feel confident they can stay open for 12 months, but can grow their business so they will succeed for many years to come.
In 2019, large banks reporting loans under the Community Reinvestment Act issued $1.4 billion in loans to South Carolina businesses with revenues of $1 million or less. Total reported new lending to businesses through smaller loans of $100,000 or less was $1.3 billion, and total reported new lending to businesses through loans of $1 million or less was $3.5 billion, according to the SBA Office of Advocacy. While that may sound like a lot of loans, many busines inclusive best practices for your b2b company’s ses find it challenging to qualify for bank loans.
Fortunately, there are many different types of small business loans to choose from today. Each one has its pros and cons along with unique eligibility requirements. Here we cover the main ones to give you a solid background as you look for financing for your South Carolina-based business.
If you need to quickly get funds for your business, look into a bus uk data iness credit card. For those with good personal credit scores, business credit cards tend to be fairly easy to get. If you are approved, you have access to a line of credit you can tap as needed. Additional benefits of business credit cards may include perks such as cash back or travel rewards, some with sign-up bonuses. They also often help build business credit. Many card issuers offer business credit cards, so there is a wide range to choose from.
Crowdfunding
Business credit cards
One of the funding options that is quickly growing and becoming more and more popular among business owners is crowdfunding. Crowdfunding comes in several different forms: loans, equity/investment, or products/rewards. There are many different platforms that facilitate crowdfunding, so take the time to find one that may be right for your business. Most accommodate startups as well as existing businesses, and credit checks are not common.
Lines of credit
For many business owners, a line of credit is essential. It’s financing that’s there when you need it. The business gets approved to borrow up to a certain amount, then taps the line of credit as necessary. Once it’s paid back (partially or in full), you have access to those funds again. A line of credit is popular for short-term working capital needs.