South Carolina is a state located in the southeastern United States. As of 2019, the state's population was estimated at 5,148,714, which makes it the 23rd most populous state in the country. The state's economy is primarily based on agriculture, manufacturing, and tourism.
Agriculture is a major part of South Carolina's economy, with the state being one of the leading producers of tobacco, cotton, and poultry in the United States. Manufacturing is also a significant contributor to the state's economy, with South Carolina being home to numerous automobile and aerospace manufacturing plants. Tourism is also a major industry in South Carolina, with the state being home to many popular tourist destinations such as Myrtle Beach and Charleston.
Small businesses are a vital part of South Carolina's economy, with 97% of all businesses in the state being classified as small businesses. The state's small business sector employs over 1.4 million people, which is approximately 42% of the state's workforce. The state's government offers a variety of programs and resources to support small businesses, including the South Carolina Small Business Development Center and the South Carolina Chamber of Commerce.
Comparing SBA loan types in South Carolina
Three SBA programs come up most often for South Carolina businesses, and they do different jobs.
SBA 7(a) loan: program overview
Maximum loan
$5 million (sba.gov, fetched 2026-07-24)
What it funds
Working capital, equipment, owner-occupied commercial real estate, refinancing business debt, and business acquisition.
Who lends
Participating banks and non-bank lenders. The SBA guarantees a portion of the loan; it does not lend directly to borrowers.
Rate structure
Negotiated between lender and borrower, capped at the SBA maximum. Most 7(a) loans price off the WSJ prime rate plus a spread.
Personal guaranty
Required from every owner of 20% or more of the business (13 CFR 120.160(a)).
Program facts confirmed against sba.gov/funding-programs/loans/7a-loans on Jul 24, 2026. Confirm current fees and maximum rates with your lender before relying on them.
SBA 504 loan: program overview
Maximum loan
$5.5 million per the SBA-backed debenture (sba.gov, fetched 2026-07-24). Total project size can be larger because a bank funds the first mortgage alongside it.
What it funds
Major fixed assets: owner-occupied commercial real estate and long-life machinery and equipment. Not working capital or inventory.
Structure
A conventional first-mortgage lender, a Certified Development Company holding the SBA-backed second, and a borrower down payment.
Rate
The CDC portion is fixed for the full term and set at the monthly debenture sale.
Program facts confirmed against sba.gov/funding-programs/loans/504-loans on Jul 24, 2026.
SBA Express: program overview
What it is
A delivery method inside the 7(a) program. The lender uses its own forms and procedures and gets an accelerated SBA response, in exchange for a lower SBA guarantee percentage than Standard 7(a).
What it funds
The same uses as 7(a), including revolving lines of credit, which Standard 7(a) term loans do not offer.
Trade-off
Faster turnaround and lighter paperwork, against a smaller guaranteed portion, which some lenders price for.
Current SBA Express maximum loan size and guarantee percentage are set by SBA notice and change. Confirm them on sba.gov or with your lender; this site does not publish an unverified figure.
Small business loans available in South Carolina
An SBA 7(a) loan made to a South Carolina business is made by a participating lender, not by the SBA.
The lender underwrites it, sets the rate within the SBA maximum, and services it. What varies locally is
which lenders are active, not the program rules.