Business Loan Pawley's Island, South Carolina

Business Loan Providers for Pawley's Island Businesses

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

Tips for Getting a Business Loan in Pawley's Island

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

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

A well-defined business plan is essential. If the money is to for a company that is already doing business, you should also have financial statements covering the last three years. In addition, you should itemize 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, the bank may ask you to to to guarantee the loan 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. Prior to visiting local banks, you may want to do your homework 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

Our Gaebler.com site is all about aiding small business owners, and we have a lot of resources related to to Raising Money. For example, we recommend you read Business Line of Credit.