Start-up Microbusiness Loans
This loan product is exclusively for start-up businesses that are in the pre-launch stage through 1 year of operations. The loan can be used for equipment, inventory, lease improvements, and/or up to 3 months of working capital necessary to start or run your business.
Eligible applicants must be committed to:
- Creating a business plan
- Providing quarterly financial statements for the life of the loan (If approved for loan, CommunityWorks will provide a small grant to cover the first year of the client’s accounting system and accounting firm)
- Participating in quarterly coaching session and on-going entrepreneurial development training
- Owners must be U.S. Citizens or Permanent Legal Residents
- Business must be located in the state of South Carolina
- Have two years of personal federal and state returns
- Must be current on all federal/state income, payroll, and revenue taxes
- No collections (exclusive of medical collections), charge offs, repossessions, foreclosures, bankruptcies or excessive delinquencies within previous 12 months
New businesses must have equity contribution for the project
All documentation must be gathered in order to apply for a loan.