Start Your Application

Learn more about eligibility and application requirements, fill out our New Client Questionnaire, and download your LDC Loan Application.

LDC Client Criteria

Loan amounts normally don’t exceed $250,000

Your business must be located in the LDC’s lending area

Your business cannot be:

Residential real estate (purchase or improvement, single or multi-family)

Not-for-profit

Your business has been unable to obtain bank financing

Typical Turndown Reasons:

Industry type

Insufficient cash flow

Personal Credit History / Bankruptcy

LDC may provide “gap financing” for LTV policy, Owner Investment, or Exposure reasons

What We’re Looking For

Character

The owner’s credit history (not score)

Background experience – are the owners qualified to run the business?

Ownership – amount of $ (and time) invested in business

Capacity

Can (does?) the business pay its bills?

Secondary source of income (can the business owner / guarantor personally repay the loan if the business fails?)

Conditions

Local economic climate of industry & business

Terms of loan:

Intended purpose of loan

How much is requested

Length of loan

 

The LDC Application Process

To Submit Your Application You’ll Need

LDC Application

Your Business Plan

Business & Personal Federal Tax Returns

Current Business Financials

Personal Financial Statements

Pertinent Legal Information, Insurances, & Leases

Approval Timeline

Application package deadlines are the 1st of the month

If recommended for approval, the Board of Directors reviews the 1st Wednesday of the following month

Financing Terms

Interest Rate – Currently under 10%

Fees – 3% origination fee

Repayment terms – Based on use of loan proceeds

Application fee – $100 for startups + $25 for add’l owners; $additional $155 for existing (D&B)

We’re Flexible

Credit – we’re more concerned with your credit history than score

Collateral – collateral is reviewed case-by-case basis

Terms – our terms are flexible to fit to use of funds

New borrowers are encouraged to attend a 1-hour seminar on how to package a loan request.

Seminar schedule:

  • LDC – 2 George Street, Ste. 3600,  LDC Conference Room
    • First and last Tuesday of the month @ 10:00 a.m.
    • Thursdays @ 4:00 p.m.
  • Other seminars will be posted on the LDC’s Facebook Page

RSVP to info@charlestonldc.org or call 843-973-7298.

Free parking is provided in the Galliard Parking Garage on Alexander Street, please bring your ticket for validation.

Visit our Resources section for  templates for business plans, links to technical assistance partners, and other resources. Use the button below to fill out our New Client Questionnaire and download a loan application.

Ready To Start Your Application

Click the button below to give us more information about your business, what you need financing for, and if you have everything you need to submit a formal loan application.  You can then download the formal LDC Loan Application.

Fill Out Your New Client Questionnaire