Small Business Loans

Microbusiness Loans

Microbusiness loans offer up to $50,000 for startups and existing businesses with a fixed rate term. Eligible businesses must have a business plan and two years of tax returns. The loan can be used for the equipment, inventory, lease improvements, or working capital necessary to start or run your business. There is no cost to apply.

Eligibility

• 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

To Apply:

All documentation must be gathered in order to apply for a loan.

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

Eligibility:

• 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

To Apply:

All documentation must be gathered in order to apply for a loan.

Small Business Loans

CommunityWorks will consider loans up to $250,000 to qualifying, existing small businesses. Loans can be used for the purchase of equipment or real estate, to refinance existing debt, or for use as working capital.

Eligibility

• Owners must be U.S. Citizens or Permanent Legal Residents
• Business must be located in the state of South Carolina
• Have three 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
• No Startup Businesses. Business must have been operating for at least 2 years.

To Apply:

All documentation must be gathered in order to apply for a loan.