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

Our Experts

When it comes to small business loans, the SBA 7(a), SBA 504, and SBA Express programs are some of the best options available. Boasting favorable terms and low rates, these financing vehicles can provide up to $5 million for your business plans.

SBA 7(a) Loans specifically connects small business owners with lenders across the country who are prepared to offer the very best terms to support their businesses. If you're looking to buy commercial real estate or equipment, or if you need access to repair capital, SBA 7(a) loans should definitely be one of your top options.

Our experienced team will provide you with the very best terms from our network of lenders to ensure your business has what it needs to succeed. We offer this service completely free of charge.

Looking for more information about Charleston? Read on below. Otherwise, click the button below, and we'll get right back to you with your free SBA 7(a) loan quote.

Small Business Loans Available in Charleston

There are several options for small business loans in Charleston. The Small Business Administration (SBA) offers several loan programs, including the 7a, 504, and Express programs, that can be used for a variety of purposes, such as working capital, equipment, and real estate. SBA loans are backed by the government and usually have lower interest rates and longer repayment terms than other types of loans.

1. SBA 7(a) Loans

The SBA 7(a) loan program is the Small Business Administration's most popular loan program. It can be used for a variety of different purposes, from working capital to equipment and even real estate. An SBA 7(a) loan's interest rate is generally lower than interest rates on conventional loans. Loan terms are also longer than most conventional loans, which keeps monthly debt service costs low. SBA 7(a) loans are capped at $5 million.

2. SBA 504 Loans

The SBA 504 program is aimed at businesses looking to acquire heavy equipment or fixed assets or for purchasing or developing real estate. Loan terms are typically up to 10 years for equipment purchases and 25 years for real estate, and interest rates are generally lower than most conventional financing options.

3. SBA Express Loans

SBA's Express Loan program are designed for speed: While loans max out at $500,000, the application turnaround time is just a few days. This convenience does not come for free, with interest rates generally higher — and repayment schedules typically shorter — than other SBA loan types, which increases the cost of debt service.

If you are interested in applying for a small business loan in Charleston, we’ll match you with the best lender: Click here for a free quote.

Getting the Right Insurance for Your Property

If you own the property you operate out of, you'll need adequate insurance in place as part of the SBA financing process. Unfortunately, the cost of property insurance has shot up in recent years — and not just in the disaster-prone areas that may immediately come to mind.

Janover Insurance Group is happy to provide you with a free, zero-obligation quote on insuring the commercial real estate your business owns and occupies. Simply click here to get started.