Whether a business is seeking financing to expand operations or invest in new equipment, understanding the various financing options available can be crucial.
Here, we provide vital information for both borrowers and lenders regarding access to capital, aiming to empower small business owners and facilitate smoother lending processes for financial institutions.
Access to capital for a small business owner means having the financial resources to start or grow their business. This capital can come in various forms, such as loans, investments, or personal savings. BDC is a provider of growth capital in the form of loans.
There are various resources available to help small business owners access capital, including:
Unfortunately, many small business owners face challenges in accessing capital, as traditional lenders may be hesitant to lend to them due to perceived risks, and alternative financing options can be expensive or come with unfavorable terms. That's where BDC comes in, as we offer attractive lending options and special programs specifically for small business needs.
BDC is a
Privately-owned,
non-bank commercial lender
organized in 1958 by the South Carolina State Legislature to promote business and industry in the state, and is the oldest SBA lender in SC.
BDC is a
Community Development Financial Institution (CDFI)
which is an organization that provides loans and financial services to underserved communities, including small businesses.
As long as borrower size limitations are met, it is possibly easier to qualify for an SBA loan than a conventional loan.
Most banks today ask for thorough underwriting information. Borrowers can expect to supply about as much documentation as for a home mortgage loan.
With a complete loan package, closing can occur in as little as 60 days.
SBA 7(a) loan size can go up to $5 million and support projects up to $12.5 million for an SBA 504 loan.
BDC is a private company and acts as the liaison with SBA. Loan proceeds are not government funds.
Most fees can be financed, plus, 504 rates are very competitive for a 25-year fixed loan.
Navigating the complex lending process can be an intimidating and daunting task for small business owners. At BDC, we are here to help, so if you have questions or need guidance on how to get started, please contact us today to explore your options.
Contact BDC