Charleston is the largest city in the U.S. state of South Carolina, the county seat of Charleston County, and the principal city in the Charleston–North Charleston–Summerville Metropolitan Statistical Area. The city lies just south of the geographical midpoint of South Carolina's coastline and is located on Charleston Harbor, an inlet of the Atlantic Ocean formed by the confluence of the Ashley and Cooper rivers. Charleston had an estimated population of 134,385 in 2019. The Charleston–North Charleston–Summerville MSA had a population of 761,155 residents in 2019, the third-largest in the state and the 74th-largest metropolitan statistical area in the United States.
Charleston is a major tourist destination, ranking as the second most popular city in the United States for international visitors in 2017. The city's history, architecture, and coastal scenery attract high numbers of tourists each year. The Charleston region is home to several institutions of higher education, including the College of Charleston, The Citadel, and Charleston School of Law. In 2016, Charleston was ranked the "World's Best City" by Travel + Leisure.
The city's economy is primarily based on tourism and the military, although the Port of Charleston is also a major contributor. The service sector dominates the Charleston economy, accounting for 89.1% of the city's jobs in 2019. The top five employers in Charleston are the Medical University of South Carolina, the Charleston County School District, Roper St. Francis Healthcare, the Charleston Air Force Base, and the Naval Weapons Station Charleston. The largest industries in Charleston are health care and social assistance, educational services, and accommodation and food services.
Comparing SBA loan types in Charleston
Three SBA programs come up most often for Charleston, South Carolina businesses, and they do different jobs.
Small business loans available in Charleston
An SBA 7(a) loan made to a Charleston, 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.
Common uses here are the same as everywhere: working capital, equipment, owner-occupied commercial real estate, refinancing business debt, and buying an existing business.
Insurance and closing
Most SBA lenders require hazard and, where the collateral is real property, property insurance in place before closing. See commercial property insurance for businesses and ways to ensure your SBA loan closes smoothly.
Getting started in Charleston
Check the eligibility requirements, run the numbers with the SBA 7(a) loan calculator, then get financing and we will route your inquiry to lending partners.