BUSINESS FINANCING · SC

Business Financing Guide for Beaufort County, South Carolina

This guide helps solo contractors, small business owners, and real estate investors in Beaufort County, South Carolina find the right financing — through local credit unions, CDFIs, SBA-connected lenders, and state programs. Whether you have a Social Security number or an ITIN, there are real options available to you here. Origen Capital is a directory, not a lender — we point you toward trustworthy local intermediaries. Take your time, ask questions, and never sign anything you don't fully understand.

§ 01 — What it is

What Is Small Business Financing?

Business financing is money you borrow or receive — through a loan, a line of credit, a microloan, or a grant — to start, grow, or stabilize your business. In Beaufort County, this might mean funding to buy tools and equipment as a licensed contractor, capital to purchase or renovate a rental property on St. Helena Island or Lady's Island, or working capital to keep a small retail or service business running through the slow season. Financing is not one-size-fits-all. A traditional bank loan works well for some borrowers. A microloan from a Community Development Financial Institution (CDFI) may be a better fit if you're just starting out or rebuilding credit. A line of credit can help a landscaping or construction business bridge the gap between invoicing a client and getting paid. This guide walks you through what's available locally, what you'll typically need to apply, and who the trustworthy lenders and organizations are in Beaufort County.

§ 02 — Who qualifies

Who Qualifies — and How the Beaufort County Economy Shapes That

Beaufort County's economy is anchored by tourism, hospitality, construction, healthcare, and the military presence at Marine Corps Air Station Beaufort and Parris Island. That means many small business owners here are sole proprietors, independent contractors, LLCs with one or two employees, or real estate investors working in the fix-and-rent or short-term rental space. Qualification criteria vary by lender and program, but here are general benchmarks: • **Credit score:** Traditional bank loans often require 680+. CDFIs and microloans may work with scores as low as 550, or with no credit history at all. • **Time in business:** Many lenders prefer 1–2 years. Startup programs exist for newer businesses. • **Revenue:** Lenders want to see you can repay. Bank statements, tax returns, or even cash flow projections (for startups) help demonstrate this. • **ITIN borrowers:** If you do not have a Social Security number, an Individual Taxpayer Identification Number (ITIN) is accepted by several lenders in and near Beaufort County. You are not required to be a U.S. citizen to access many financing programs. • **Collateral:** Not always required, especially for microloans under $50,000. Equipment, vehicles, real property, or inventory can serve as collateral for larger loans. If you work in construction, landscaping, cleaning, food service, or another trade common in Beaufort County's seasonal economy, there are programs specifically designed for businesses like yours.

§ 03 — What you need

Documents You Will Typically Need

Gathering paperwork early makes the application process smoother. Most lenders in Beaufort County will ask for some combination of the following: **Identity & Business Formation** - Government-issued photo ID (passport, driver's license, consular ID) - ITIN or Social Security number - Business license (Beaufort County requires a business license for most commercial activity) - Articles of Organization or Incorporation (if you have an LLC or corporation) - DBA ('Doing Business As') registration, if applicable **Financial Documents** - Last 2–3 years of personal and business tax returns (or 1 year if newer) - 3–6 months of personal and business bank statements - Current profit & loss statement (your accountant or bookkeeper can help with this) - List of business debts (loans, credit cards, equipment financing) **Business Plan or Use-of-Funds Statement** - A clear explanation of what the money is for and how you will repay it - For startups: financial projections for 12–24 months **Real Estate Investors (additional)** - Rent rolls and lease agreements - Property appraisal or purchase contract - Proof of insurance Don't let a missing document stop you from reaching out to a lender. Many CDFIs and SBA resource partners will help you get organized before you formally apply.

§ 04 — Where to start in Beaufort County

Local Lenders, CDFIs, Credit Unions, and SBA Resources That Serve Beaufort County

These are real organizations that serve Beaufort County. Origen Capital is a directory — always verify current programs and contact details directly with each organization. **SBA Columbia District Office** The U.S. Small Business Administration's South Carolina District Office, based in Columbia, oversees SBA 7(a) loans, SBA 504 loans, and microloans statewide — including Beaufort County. They do not lend directly, but they connect you with approved lenders and free counseling. Phone: (803) 765-5377 | sba.gov/offices/district/sc/columbia **SCORE Lowcountry Chapter (Hilton Head / Beaufort area)** SCORE provides free mentoring and workshops to small business owners. Mentors can help you prepare financials and connect you with lenders. Chapters serve Beaufort and Jasper counties. score.org/chapter/score-lowcountry **SBDC at University of South Carolina Beaufort (USCB)** The Small Business Development Center at USCB in Bluffton offers no-cost, confidential business advising — including loan-readiness coaching, business plan development, and financial projections. This is one of the best first stops for any Beaufort County small business owner. uscb.edu/sbdc **South Carolina Community Loan Fund (SCCLF)** SCCLF is a certified CDFI that makes loans to small businesses and nonprofits across South Carolina, including underserved communities in the Lowcountry. They specialize in borrowers who may not qualify at a traditional bank, including newer businesses and those with limited credit history. They offer microloans and small business loans. sccommunityloans.org **Palmetto Citizens Federal Credit Union** A South Carolina-based federal credit union that offers small business loans and lines of credit. Credit unions typically offer lower rates than banks and are member-owned — meaning they are more likely to work with you on terms. Check current eligibility for Beaufort County residents. palmettocitizens.org **Coastal Federal Credit Union** Serves members across South Carolina with personal and business banking, including small business loans. coastal24.com **First Reliance Bancshares / CresCom Bank (Beaufort area branches)** Local and regional community banks in Beaufort County that participate in SBA loan programs and offer conventional small business lending. Community banks often have more flexibility than large national banks. **Accion Opportunity Fund** A national CDFI that lends to underserved small business owners, including ITIN holders, women-owned businesses, and minority-owned businesses. Loans from $5,000 to $250,000. They serve South Carolina and have worked with Lowcountry borrowers. accionopportunityfund.org **LiftFund** A CDFI that makes microloans and small business loans to entrepreneurs who lack access to traditional credit — including ITIN borrowers. They operate in South Carolina and can work with Beaufort County businesses. liftfund.com **Lowcountry Economic Network (Lowcountry WORKS)** A regional workforce and economic development organization serving Beaufort, Jasper, Colleton, and Hampton counties. Can connect small business owners with local resources and financing referrals. lowcountryworks.com

§ 05 — What to avoid

South Carolina State-Specific Programs and Regulations

South Carolina has several state-level programs that complement federal financing options. Here is what is most relevant to Beaufort County business owners: **SC Department of Commerce — Business Financing Programs** The state offers various incentive and financing programs, including the SC Small Business Regulatory Review Committee and coordination with regional economic development offices. sccommerce.com **Palmetto Seed Capital (SCSBCA)** The South Carolina SBDC network helps businesses connect with state seed and growth capital programs for early-stage businesses. **SC Community Development Block Grant (CDBG)** Beaufort County may receive CDBG funding that gets distributed through local government or CDFIs for small business and community development purposes. Check with Beaufort County Economic Development at beaufortcountysc.gov. **Business License Requirement** Beaufort County requires a business license for anyone conducting business within the county. Fees are based on gross revenue. You must have a current license before most lenders will process your application. Licenses are renewed annually. Contact Beaufort County Business License Office: (843) 255-2270. **Contractor Licensing** South Carolina requires residential and commercial contractors to be licensed through the SC Contractors' Licensing Board. This affects your ability to bid on certain projects and may be required by lenders for construction-related loans. llr.sc.gov/clb **Sales Tax on Services** South Carolina taxes certain services, which can affect your cash flow planning. Consult a local accountant familiar with SC tax law before projecting revenue for a loan application. **Beaufort County Economic Development Office** The county's Economic Development Office can connect businesses with local incentive programs, site selection assistance, and referrals to financing partners. beaufortcountysc.gov/economic-development

§ 06 — Ask a question

IRIS AI

Still don't see your situation?

Ask Iris. She'll explain it the way it should have been explained the first time.

ACROSS THE NETWORK

ReadyDocs

Starting a business in Beaufort County? ReadyDocs has the compliance guide.

The Board

Need a licensed contractor in Beaufort County?

§ 07 — Part of The Legacy Bridge Network

Four products. One purpose.