Small & Micro Business Loans

Small, Startup & Micro Business Success in South Carolina

CommunityWorks Offers Small Business and Startup Loans To Help Companies Build Sustained Success

We provide equitable financing to small business owners throughout South Carolina. Since our inception, we have helped over 250 companies receive a business 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 small business loan, we are there every step of the way to help you and your business thrive.

Our Small & Micro 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 at a fixed rate of 2.00% 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 

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, or a specific project. Often entrepreneurs who have successfully completed a Credit Builder Secured Savings with us apply for a Business Capacity Loan. Business Capacity Loansrangefrom $1,000 to $3,000 up to 24 months at a fixed rate of 2.00%.  

If applying, be prepared to upload the following documents:

  • Legal picture ID 
  • 3 months of personal bank statements & business bank statements (if available)  
  • Personal Expense Worksheet 
  • Sources and Uses Form 
  • Verification of Personal Income (paystub, annual benefits letter, etc.) 
  • Articles of Incorporation or Operating Agreement, if applicable 

Express Loans

The Express Loan is for business owners looking to start or build their business through a more expedited loan application process. Business loans 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 at a fixed rate of up to 9.50%. 

Be prepared to upload the following documents:

  • Legal picture ID
  • 3 months of personal & business bank statements 
  • Personal Expense Worksheet
  • Sources & Uses
  • Most recent personal & business federal tax return with W2s
  • Year to Date Profit & Loss
  • Business Plan Canvas 
  • Verification of Personal Income (paystub, annual benefits letter, etc.)
  • Resume
  • Articles of Incorporation or Operating Agreement, if applicable

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? 

These business loans 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 at a fixed rate of 8.75%. 

Be prepared to upload the following documents:

  • Legal picture ID
  • 3 months of personal & business bank statements
  • Personal Expense Worksheet
  • Sources & Uses
  • Year to Date Profit & Loss  Statement
  • Verification of Personal Income (paystub, annual benefits letter, etc.)
  • Most recent personal & business federal tax return with W2s
  • Resume

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. These business loans 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 at a fixed rate of 8.75%. 

Be prepared to upload the following documents:

  • Legal picture ID
  • 3 months of personal & business bank statements
  • Personal Expense Worksheet
  • Sources & Uses Form
  • Personal Financial Statement
  • 2 Most Recent Years of Personal and Business Federal Tax Returns with W2s
  • Business Plan, or a Business Plan Canvas if a Business Plan is unavailable
  • Year to Date Profit & Loss Statement
  • 12-Month Business Cash Flow Projections
  • Verification of Personal Income (paystub, annual benefits letter, etc)
  • Resume
  • Articles of Incorporation or Operating Agreement, if applicable

Start-up Microbusiness Loans

This business 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. Terms are up to 5 years at a fixed interest rate of 8.75%. 

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 business support sessions and on-going entrepreneurial development training  

We understand that starting up a business can be a challenging process. We have discovered that one on one support on the front end of the process helps businesses succeed. 

In order to understand what your plans are for your start up business we would like to have a conversation with you. Please click the link below to set up an introductory meeting with one of our loan officers. 

Small Business Loans

CommunityWorks will consider small business loans up to $350,000 to qualifying, existing entities. These business loans can be used for the purchase of equipment or real estate, to refinance existing debt, or for use as working capital. Terms can be up to 10 years for equipment/working capital loans and 25 years for real estate secured loans. The rate will typically float at Wall Street Journal Prime Rate plus up to 6.00%. 

Be prepared to upload the following documents:

  • Legal picture ID
  • 3 months of personal & business bank statements
  • Business Debt Schedule
  • Sources & Uses
  • Personal Financial Statement
  • Most recent 3 Years of Personal and Business Tax Returns (with all schedules, W2, and/or K-1)
  • Business Plan
  • 24-Month Business Cash Flow Projections
  • Year to Date Profit & Loss, Balance Sheet, and Cash Flow Statement
  • Verification of any personal income (most recent paystub, annual benefits letter, etc.) if applicable
  • List of Collateral
  • Copy of Governing Documents Filed with SC Secretary of State
  • 3 Most Recent Years of Business Financials including Profit& Loss and Balance Sheet)
  • Resume

For More Small Business Loan Information or Assistance

Contact CommunityWorks Loan Officers by email or call (864) 235-6331.