Small Business Loans

Small Business Success

We provide equitable financing to small business owners throughout South Carolina. Since our inception, we have helped over 250 small businesses receive a loan to start or grow their business.

Our goal is to make sure your business or start-up finds the right financing and training to build a sustainable enterprise that will make an economic impact in our communities. From writing a business plan to applying for a loan, we are there every step of the way to help you and your business thrive.

Our Small Business Loan Products

Credit Builder Secured Savings

The Credit Builder Secured Savings is for business owners looking to build personal credit, business credit, and facilitate intentional business savings practices. Secured Savings accounts will go up to $900 over a 12-month period and will be based on room in a household budget for a savings payment.

How it works? If approved, we will close the loan and hold the funds in an escrow account for the life of the loan. Following your final payment, we will release you up to $900 as business savings.

Sign-up for a financial coaching session today to review your budget and start saving.

Be prepared to upload the following documents:

Loan Application
Legal picture ID
3 months of personal bank statements
3 months of business bank statements, if available
Personal Cash Flow Form
Verification of Personal Income (paystub, annual benefits letter, etc)
Personal Financial Coaching Session

CHECK ELIGIBILITY

Business Capacity Loan

The Business Capacity Loan is for the business owner looking to build their organization capacity through investments in technology, small equipment, licensing, a specific project, and often for those entrepreneurs who have successfully completed a Credit Builder Secured Savings with us. Business Capacity Loans range from $1,000 to $3,000 up to 24 months.

Be prepared to upload the following documents:

Loan Application
Legal picture ID
3 months of personal bank statements
3 months of business bank statements, if available
Personal Cash Flow Form
Sources and Uses Form
W2s
Verification of Personal Income (paystub, annual benefits letter, etc)
Resume
Articles of Incorporation or Operating Agreement, if applicable
Business Plan Canvas

CHECK ELIGIBILITY

Express Loans

The Express Loan is for business owners looking to start or build their business through a more expedited loan application process. Funds can be used for a variety of general business purposes including equipment, inventory, lease improvements, or working capital. Express Loans range from $3,001 to $10,000 up to 48 months.

Be prepared to upload the following documents:

Loan Application
Legal picture ID
3 months of personal bank statements
3 months of business bank statements, if available
Personal Cash Flow Form
Use of Funds Form
Most Recent Personal Federal Tax Return
Most Recent Business Federal Tax Return, if applicable
Business Plan Canvas
YTD P&L
W2s
Verification of Personal Income (paystub, annual benefits letter, etc)
Resume
Articles of Incorporation or Operating Agreement, if applicable

CHECK ELIGIBILITY

Express Plus Loans

Are you a current or previous borrower with CommunityWorks’ that needs expedited access to capital to purchase equipment, hire a new employee, or just for general business purposes to build or grow your business?

Funds can be used for a variety of general business purposes including equipment, inventory, lease improvements, or working capital. Express Plus Loans are up to $15,000 for up to 48 months.

Be prepared to upload the following documents:

Loan Application
Legal Picture ID
3 months of business bank statements
3 months of personal bank statements
Personal Cash Flow Form
Use of Funds Form
YTD P&L and Cash Flow Statement
Verification of Personal Income (paystub, annual benefits letter, etc)
Resume, if not already on file or updated

CHECK ELIGIBILITY

Microbusiness Loans

The Microbusiness Loan is for a business that has been open for at least a year and is looking for loan capital to build or grow the enterprise. Funds can be used for a variety of general business purposes including equipment, inventory, lease improvements, or working capital. Microbusiness Loans are from $10,001 to $50,000 up to 60 months.

Be prepared to upload the following documents:

Loan Application
Legal picture ID
3 months of personal bank statements
3 months of business bank statements, if available
Personal Cash Flow Form
Use of Funds Form
Personal Financial Statement
2 Most Recent Personal and Business Federal Tax Return
Business Plan, or a Business Plan Canvas if a Business Plan is unavailable
YTD P&L and Cash Flow Statement
24-Month Business Cash Flow Projections
W2s
Verification of Personal Income (paystub, annual benefits letter, etc)
Resume
Articles of Incorporation or Operating Agreement, if applicable

CHECK ELIGIBILITY

Start-up Microbusiness Loans

This loan product is exclusively for start-up businesses that are in the pre-launch stage through 1 year of operation. 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

– Participating in personal financial coaching

– 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

Be prepared to upload the following documents:

Loan Application
Legal picture ID
3 months of personal bank statements
3 months of business bank statements, if available
Personal Cash Flow Form
Use of Funds Form
Personal Financial Statement
Most Recent Personal Federal Tax Return w/W2s
Business Plan that includes:
- Company description
- Understanding of your target market
- Organizational structure
- Owner and Management experience
- Types of products or services
- Marketing plan
- Financial Projections

24-Month Business Cash Flow Projections
YTD P&L and Cash Flow Statement, if available
Verification of Personal Income (paystub, annual benefits letter, etc)
Most Recent Business Federal Tax Return, if available
Resume
Personal Financial Coaching Session

CHECK ELIGIBILITY