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Money WACH-Small Business Loans

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MoneyWACH-August-1280x720.jpg

Having ready access to capital and financial services is the lifeline of any small business. Unfortunately, affordable, personalized services have not always been forthcoming from larger financial institutions. Palmetto Citizens' high-value small business services offers you the same low rates when you borrow and high rates when you save as we have offered our members since 1936. As always, you will receive the same great service you would expect from a cooperatively owned institution.

Palmetto Citizens offers small business accounts to sole proprietorships, corporations (profit & non-profit), partnerships/limited partnerships, LLC's and organizations.*

If you would like to open an account for your small business, or have any questions, please contact us.

How can organizations, like Palmetto Citizens, help small business owners?

• Just as we can for our members with personal accounts, since we’re a local, not-for-profit, we do not have to pay stockholders like the banks do. Therefore, we can offer better rates and fewer fees to our small business account holders.

• We are focused entirely on providing solutions for small business owners, including offering accounts, resources and guidance that will help them grow and succeed with their business.

Starting a business, what are some things people should consider before beginning that process?

• There are many options for potential new small businesses right here in the Midlands including free counseling and training programs through the Small Business Administration (SBA), South Carolina Small Business Development Center, SCORE, and several others non profit organizations.

• Most start-up businesses cannot supply a history or trend of cash flow to support the repayment of a loan and therefore must rely on other resources to start a business such as cash on hand or other investments until the business can provide at least two years of financial statements.

What types of business loans are most common?

• Palmetto Citizens offers loans for businesses for vehicles, equipment, lines of credit and commercial real estate, those are generally the most common.

• We’ve assisted many of our business members with loans for cars, tractor trailers, equipment, rental property, shopping centers, restaurants, and churches.

What are the requirements to obtain a business loan?

• The business and guarantors need to have an established and good credit history and be able to provide cash flow history or projections that indicate the ability to service the debt.

Where can a small business owner go for more information about getting a loan for their business?

• They can always contact me at Palmetto Citizens for additional information. Also, we are a qualified SBA lender and they can go to www.sba.gov which is a great resource.

• In addition to their educational resources, the Small Business Administration offers a variety of loan programs for very specific purposes. The 7(a) Loan Program, the SBA’s most common, may be used to establish a new business or to assist with an existing business.

MoneyWACH is a partnership between Palmetto Citizens Federal Credit Union and WACH FOX focused on financial education in the Midlands. Over the course of the year we'll cover financial and economic topics that matter to you. The segment airs the first Monday of every month on Good Day Columbia and will also be archived here for your convenience. Achieve your potential with Palmetto Citizens Federal Credit Union and WACH FOX.