Business financing in Dorchester County.

Small business financing is money you borrow or receive to start, run, or grow a business. It can come in many forms: a term loan (a lump sum you repay over time), a line of credit (flexible funds you draw on as needed), a microloan (a smaller loan, often under $50,000, designed for newer businesses), or even a grant (money you don't repay). Some financing is secured, meaning it requires collateral like equipment or real estate.

Other financing is unsecured, based mostly on your credit history and cash flow.

In Dorchester County, many small business owners — including solo contractors in construction, landscaping, and home services — rely on a mix of local lenders and community-focused organizations to get the capital they need without overpaying for it.

Dorchester County's economy is anchored by construction, logistics, retail, and service trades — industries where many residents work for themselves or run small crews. The county has seen significant population growth, especially in and around Summerville, which means more demand for housing, renovation, and local services.

Qualifications vary by lender and loan type, but here is what most local institutions look at:

• **Time in business:** Many lenders want to see at least 6–12 months of operation. Startups may qualify for microloans or CDFI products designed for newer businesses.

• **Credit score:** A score above 620 is helpful, but some local CDFIs and ITIN-friendly lenders work with scores as low as 550, or with no traditional credit score at all.

• **Revenue and cash flow:** Lenders want to see that your business brings in enough to cover loan payments. Even informal income records — bank statements, invoices — can count.

• **ITIN borrowers:** If you do not have a Social Security Number but do have an Individual Taxpayer Identification Number (ITIN), you are not locked out. Several lenders and CDFIs in the region specifically serve ITIN holders.

• **Sole proprietors and LLCs:** Both are welcome at most community lenders. You do not need a corporation to apply.

If you are a solo contractor in Summerville, St. George, or Ridgeville — or anywhere in the county — there is likely a local option worth exploring before turning to online lenders.

Gathering your paperwork ahead of time makes the process smoother and faster. While every lender has its own checklist, here is what most will ask for:

**For individuals and sole proprietors:**

• Government-issued photo ID (driver's license, passport, or consular ID)

• ITIN or Social Security Number

• Last 2 years of personal tax returns (or 1 year if newly self-employed)

• Last 3–6 months of personal bank statements

**For the business:**

• Last 1–2 years of business tax returns (if you have them)

• Last 3–6 months of business bank statements

• Profit and loss statement (even a simple one you prepare yourself)

• Business license or registration from South Carolina (if applicable)

• Any contracts, invoices, or client agreements that show ongoing revenue

**For loans involving real estate or equipment:**

• Description or appraisal of the collateral

• Proof of insurance on the asset

If you are a newer business and don't have all of these, don't let that stop you. CDFIs and microlenders in the region are accustomed to working with incomplete records and can help you build what you need.