Business financing in Horry County.

Business financing is simply borrowing money — or accessing grants and credit lines — to start, grow, or stabilize a business.

In Horry County, the economy runs on tourism, hospitality, construction, retail, and a fast-expanding healthcare sector.

That means lenders here are familiar with seasonal revenue patterns, contractor income that fluctuates month to month, and small real-estate investors who own short-term rental properties near the coast.

Financing comes in several forms:

• **Term loans** – A lump sum you repay over a set period, used for equipment, vehicles, or working capital.

• **Lines of credit** – Flexible borrowing you draw from as needed, ideal for covering slow tourist-season months.

• **Microloans** – Smaller loans (typically under $50,000) from nonprofit lenders, often accessible to newer businesses or borrowers without perfect credit.

• **SBA-guaranteed loans** – Loans made by local banks and credit unions, partially guaranteed by the U.S. Small Business Administration, which reduces the lender's risk and makes it easier for you to qualify.

• **CDFI loans** – Loans from Community Development Financial Institutions, which are mission-driven lenders focused on underserved borrowers, including immigrants and low-income entrepreneurs.

Federal programs like SBA 7(a) and SBA 504 are important tools, but you access them through local lenders — not directly through the federal government. The local intermediary is the key relationship.

There is no single profile for a qualifying borrower in Horry County. Lenders look at your ability to repay, your business history, your personal credit, and your collateral. Here is what that looks like in the context of the local economy:

**Solo contractors and tradespeople** – If you do construction, landscaping, HVAC, plumbing, or electrical work in the Grand Strand area, you likely have fluctuating income. Many local lenders and CDFIs understand this. Bank statements showing consistent deposits over 12–24 months can substitute for traditional pay stubs.

**Hospitality and retail business owners** – Restaurants, vacation rental management companies, and shops along the Myrtle Beach corridor often experience dramatic seasonal swings. Lenders familiar with this market will underwrite based on annualized revenue, not just a single month.

**Short-term rental investors** – Horry County has a large market for oceanfront and Intracoastal Waterway properties used as Airbnb or VRBO rentals. Some lenders offer DSCR (Debt Service Coverage Ratio) loans that qualify you based on rental income rather than personal income.

**ITIN holders** – If you do not have a Social Security number but have an Individual Taxpayer Identification Number (ITIN), you are not locked out of financing.

Several credit unions and CDFI lenders in the region offer ITIN-based business and personal loans.

You will typically need two years of tax returns filed with your ITIN, a valid government-issued ID, and proof of business operation.

**Newer businesses** – If your business is under two years old, traditional banks may decline you. Microloans and CDFI programs are specifically designed for this stage.

Gathering your documents before you apply saves time and increases your chances of approval. Different lenders require different things, but here is a solid starting list for Horry County borrowers:

**For all applicants:**

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

• Social Security number OR ITIN

• Last two years of personal tax returns (Form 1040, including all schedules)

• Last two years of business tax returns (if your business is older than two years)

• Last three to six months of business bank statements

• Last three to six months of personal bank statements

• Proof of business registration with the South Carolina Secretary of State

• Business license from Horry County or the City of Myrtle Beach (if applicable)

**For loan requests above $50,000:**

• Profit and loss statement (current year, year-to-date)

• Balance sheet

• Business plan or use-of-funds explanation

• List of business assets (equipment, vehicles, property)

• Any existing business debt (loan statements, lease agreements)

**For real-estate investors:**

• Property address and current lease or rental income documentation

• Most recent mortgage statements on existing properties

• DSCR calculation (your lender can help with this)

**For ITIN borrowers, additionally:**

• ITIN letter from the IRS (CP565 notice)

• Two years of tax returns filed under that ITIN

• Alternative credit references (utility bills, rent payment history, insurance records)

Tip: Keep digital copies of everything. Many local lenders and CDFIs accept applications online or via email.