CommunityWorks Microbusiness Loans

CommunityWorks Microbusiness Loans is sponsored by CommunityWorks. CommunityWorks offers microbusiness loans to small business owners throughout South Carolina for various general business purposes, including equipment, inventory, lease improvements, and working capital.

Small Business, Microbusiness, Startup Loans in South Carolina Small & Microbusiness Loans Small & Microbusiness Success in South Carolina CommunityWorks Offers Small Business Loans To Help Companies Build Sustained Success We provide financing to small business owners throughout South Carolina. Since our inception, we have helped over 250 companies receive a business loan to start or grow their business.

Our goal is to make sure your business or start-up finds the right financing and training to build a sustainable enterprise that will make an economic impact in our communities. From writing a business plan to applying for a small business loan, we are there every step of the way to help you and your business thrive. NOT SURE IF YOU’RE READY FOR A LOAN?

Visit our Resource Portal to access the capital readiness checklist that will gauge your financial readiness and guide your next steps. Our Small & Microbusiness Loan Products Credit Builder Secured Savings | Up to $1,000 Credit Builder Secured Savings The Credit Builder Secured Savings is for business owners looking to build personal credit, business credit, and facilitate intentional business savings practices.

Secured Savings accounts will go up to $1,000 over a 12-month period at a fixed rate of 2. 00% and will be based on room in a household budget for a savings payment. How it works?

If approved, we will close the loan and hold the funds in an escrow account for the life of the loan. Following your final payment, we will release you up to $1,000 as business savings. Pending successful completion of the program, CommunityWorks will match half of your savings.

Be prepared to upload the following documents: 3 months of personal bank statements 3 months of business bank statements, if available Verification of Personal Income (paystub, annual benefits letter, etc) Personal Financial Coaching Session Schedule a 30 Minute Conversation Express Loans | $1,000 – $10,000 The Express Loan is for business owners looking to start or build their business through a more expedited loan application process.

Business loans can be used for a variety of general business purposes including equipment, inventory, lease improvements, or working capital. Express Loans range from $1,000 to $10,000 up to 48 months at a fixed rate of up to 9. 50% with a 3% origination fee.

Be prepared to upload the following documents: 3 months of personal & business bank statements Personal Expense Worksheet Most recent personal & business federal tax return with W2s Year to Date Profit & Loss Verification of Personal Income (paystub, annual benefits letter, etc.) Articles of Incorporation or Operating Agreement, if applicable CommunityWorks is pausing acceptance of applications for businesses that are in the NAICS Code 62 category , which includes health care and social assistance industries.

We are currently unable to accept new loan applications for businesses that fall into this category. Microbusiness Loans | $10,001 – $50,000 The Microbusiness Loan is for a business that has been open for at least a year and is looking for loan capital to build or grow the enterprise.

These business loans can be used for a variety of general business purposes including equipment, inventory, lease improvements, energy efficiency/solar upgrades for owner-occupied commercial real estate, or working capital. Microbusiness Loans are from $10,001 to $50,000 up to 60 months at a fixed rate of 8. 75% with a 3% origination fee.

Be prepared to upload the following documents: 3 months of personal & business bank statements Personal Expense Worksheet Personal Financial Statement 2 Most Recent Years of Personal and Business Federal Tax Returns with W2s Business Plan, or a Business Plan Canvas if a Business Plan is unavailable Year to Date Profit & Loss Statement 12-Month Business Cash Flow Projections Verification of Personal Income (paystub, annual benefits letter, etc) Articles of Incorporation or Operating Agreement, if applicable CommunityWorks is pausing acceptance of applications for businesses that are in the NAICS Code 62 category , which includes health care and social assistance industries.

We are currently unable to accept new loan applications for businesses that fall into this category. Small Business Loans | Up to $350,000 CommunityWorks will consider small business loans up to $350,000 to qualifying, existing entities.

These business loans can be used for the purchase of equipment or real estate, to refinance existing debt, energy efficiency/solar upgrades for owner-occupied commercial real estate, or for use as working capital. Terms can be up to 10 years for equipment/working capital loans and 25 years for real estate-secured loans. The rate will typically float at Wall Street Journal Prime Rate plus up to 6.

00%.

Be prepared to upload the following documents: 3 months of personal & business bank statements Personal Financial Statement Most recent 3 Years of Personal and Business Tax Returns (with all schedules, W2, and/or K-1) 24-Month Business Cash Flow Projections Year to Date Profit & Loss, Balance Sheet, and Cash Flow Statement Verification of any personal income (most recent paystub, annual benefits letter, etc.) if applicable Copy of Governing Documents Filed with SC Secretary of State 3 Most Recent Years of Business Financials including Profit& Loss and Balance Sheet) CommunityWorks is pausing acceptance of applications for businesses that are in the NAICS Code 62 category , which includes health care and social assistance industries.

We are currently unable to accept new loan applications for businesses that fall into this category. Start-Up Loans | Up to $50,000 This business loan product is exclusively for start-up businesses that are in the pre-launch stage through 1 year of operation. The loan can be used for equipment, inventory, lease improvements, and/or up to 3 months of working capital necessary to start or run your business.

Terms are up to 5 years at a fixed interest rate of 8. 75% with a 3% origination fee. Schedule a 30 Minute Conversation For More Small Business Loan Information or Assistance Contact CommunityWorks Loan Officers by email or call (864) 235-6331.

EMAIL LOANINFO@CWCAROLINA. ORG Call (864) 235-6331