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Business funding in South Carolina

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South CarolinSmall Business Fundings

As a small business in South Carolina, you may find it hard to access the funds you need right when you need them. Small and start-up businesses face many obstacles without financing adding to the list. Fortunately, at Himsl Consulting, we offer Small Business Funding with terms that allow you to get off your feet, hire new employees and turn your dream into a reality.

Small business financing is important to those who require new business equipment, need working capital and growth funding, are building, purchasing, renovating or refinancing a commercial real estate property, purchasing fixed assets or need to restructure existing business debt. Our programs allow you to streamline your financing processes and purchase everything you need to get off the ground running.

Borrowing from First Down Funding means that you don’t have to deal with the piles of documentation, red tape and long months that come from obtaining small business financing from a bank or other traditional funding institution. When you work with us, you get fast access to the capital you need without extensive documentation and long wait times for approval.

Getting started is easy when you can contact us online or give one of our consultants a call. We’ll direct you to the right financing options, ensure you understand how to fill out an application and process it in-house so you don’t have to wait. As we work to help small businesses succeed, we want to be on your team.

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Determine your need for Small Business Funding in South Carolina

There are a few variables to consider when determining the right Small Business Funding for your company. Think about whether a long-term or short-term funding option is best for your needs. If you just need funding to fulfill a large order or take advantage of a one-time opportunity, funding with shorter terms are probably best. If you need to purchase a piece of machinery that will last 20+ years, a long term funding is more cost effective. 

Looking to finance your business expenses in South Carolina? 

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Small Business Funding To Reactivate Your Business in South Carolina

Funding Provided To Small Businesses For Various Purposes By First Down Funding.


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Small Business Funding in South Carolina

According to the South Carolina Chamber of Commerce, there are roughly 400,000 small businesses operating throughout the state. Over 97 percent of all employees in South Carolina are working for small business owners. These staggering numbers make it apparent that entrepreneurship is common and highly important to residents. Many owners of small businesses seek out business funding to help get their ideas off the ground. Business funding are the saving grace for many companies, allowing owners to put money back into the brands and services they’ve created.

South Carolina is one of the Southeast’s most famous states – it played an integral role in many parts of the Civil War. The area is rich in history, it was originally an English colony. The state has a thriving tourist industry, but also has plenty of local industries that help the area stay afloat throughout the year. The economic downturn in 2007 impacted South Carolina significantly, but recent years have seen a resurgence of industry in the area. Agriculture, manufacturing, and services all play a major role in the local economy. There are a number of awesome cities in the state that can be used to start new small businesses.

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Top cities in South Carolina

Charleston, South Carolina

Charleston is one of the most beautiful cities in the state of South Carolina. The area has some of its original architecture. It’s a great spot for tourism, retail, and hospitality. The city also has a major university, which helps drive the economy. First Down Funding is one of the top funders in Charleston.

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Columbia, South Carolina

Columbia, South Carolina is another large city in the state of Carolina. It has a thriving economy that is largely dependent on the services industries. Insurance and finance are major industries in the city. If you’re looking to work in a city that has the infrastructure to help a small business thrive, this is the place to be. First Down Funding is one of the top funders in Columbia.

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North Charleston, South Carolina

North Charleston is the northern part of the city of Charleston. It benefits from some of the same industries as Charleston. North Charleston is a slightly cheaper place to live, which makes it attractive for certain entrepreneurs. First Down Funding is one of the top funders in North Charleston.

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Mount Pleasant, South Carolina

Mount Pleasant is a small city in South Carolina that has some great agricultural land in the surrounding regions. It also has an awesome retail industry. If you’re thinking of starting a business in the area, use First Down Funding.

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Rockhill, South Carolina

Rockhill is one of the largest retail centers in its region. It plays home to some of the area’s top shopping malls. If you want to start a retail business, this is the best place to go. If you’re thinking of starting a business in the area, use First Down Funding.

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Here are 5 reasons why your business might need a funding for your South Carolina business:

Inventory

Cash Flow

Equipment

To Improve Terms on a Larger funding.

Expansion.

Probably the most obvious reason to consider Small Business Funding is to invest in an expansion opportunity for your business.

Learn more about what your business qualifies for with First Down Funding.

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How to Apply for a funding in South Carolina

Small Business Funding application is different from personal funding. If your company is older and well-established, you should have no problem taking out a funding. You’ll need documentation of sales and expenditures associated with your company. This lets First Down Funding know if you’ll have the funds to pay back the funding.

Quick Approval for Small Business Funding in South Carolina

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What First Down Funding is looking for

FINANCIAL BACKING

The ability to pay back the funding based on collateral, financial reserves, and assets.

GOOD BUSINESS HISTORY

The borrower’s successful past performance in business (for a new business)

CASH FLOW

The borrower’s existing cash flow (for an existing business)

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How to prepare for Small Business Funding:

Here are five steps to help you qualify for a small-business funding.

  1. Build credit scores.
  2. Know the First Down Funding qualifications and requirements.
  3. Gather financial and legal documents.
  4. Develop a strong business plan.
  5. Provide collateral.

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Small Business Funding in Columbia

Columbia is the capital and second largest city of the U.S. state of South Carolina, with a population estimate of 133,451 as of 2018. The name Columbia is a poetic term used for the United States, originating from the name of Christopher Columbus

Columbia, whose thriving economy has always been based on the education, health care, and insurance industries, is known as a recession-resistant community. Columbia has 13 banks and saving and funding with assets totaling more than $1.6 billion. The city is consistently named as a top place in the nation to live, retire, and do business, in publications such as Money, Entrepreneur, Kiplinger’s Personal Finance and Expansion Management. Forbes listed Columbia as a “Best Small Place to do Business” in May 2004. The city is home to Shelter Insurance Company, MFA Incorporated, and is a regional center for State Farm Insurance. Columbia’s manufacturers make and sell a wide variety of products. 3M is a major employer, producing projection lenses, optical equipment, electronic products, and interconnect systems. MBS is a textbook distribution center. There are three different factories making various automotive parts. Columbia Foods, a division of Oscar Mayer, employs about 700 workers at its food processing plant. Watlow-Columbia, Inc. manufactures electrical heating elements; the Square D Corporation makes circuit breakers; and Hubbell/Chance produces electric utility equipment.

Top Small Business Funders in Columbia

Maintaining a workforce and a small business is no small feat and can come with challenges, as well as perks. If your revenue shifts throughout the year, some months are better than others. Because of this, funds to add new hires and grow your company (or even cover payroll at times) can be limited.

Fortunately, there are plenty of funders in the ATL you can turn to for financing to fund your business expansion project, fill purchase orders or gain a boost in working capital. 

Whether you’re trying to decide between SBA versus non-SBA funding, looking for a business line of credit or in search of equipment financing, you’ve got options. 

Alternative Forms of Financing in Columbia

Banks just aren’t for everyone, and they aren’t the only players in town anymore. Alternative funders are known for their speed and access to funding, particularly for borrowers who need funds fast or have less-than-desirable credit scores. 

To provide funding to a broader group of business owners and hedge themselves from riskier funding, alternative funders typically have higher interest rates and shorter repayment terms. That being said, if your primary concerns are getting funded quickly and enjoying a streamlined application process, you might find that alternative funders trump conventional banks. 

First Down Funding is one of the top alternative funders in Columbia

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Types of funding in South Carolina

Whether you have a new business, an established business, or a non-profit organization, there are funding products that are designed to meet your needs. The right type of funding for you depends on your budget, your credit, and what type of organization you have. Here are some popular business funding options:

Business Term funding

This is a “traditional” funding, where your organization receives a lump sum in exchange for monthly payments. This funding is best suited for established businesses and non-profits, but newer organizations may be able to qualify as well.

Business funding typically have a term of one to five years, and the interest rate can vary. These funding can cover a range of business needs, including expansion or purchasing equipment. Some business funding may have a pre-payment penalty, so keep that in mind as you review options.

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Business Line of Credit

A business line of credit provides immediate funding for your organization. Your organization can access the credit line when you need funding, and then repay what you borrow. For example, if your organization is approved for a line of credit of $150,000, and your organization needs $50,000, you can withdraw the $50,000 and then repay the $50,000 with interest. If another expense comes up, your organization can borrow again, up to the credit limit. 

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