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)
Your business has been unable to obtain bank financing
Typical Turndown Reasons:
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
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
Can (does?) the business pay its bills?
Secondary source of income (can the business owner / guarantor personally repay the loan if the business fails?)
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
Your Business Plan
Business & Personal Federal Tax Returns
Current Business Financials
Personal Financial Statements
Pertinent Legal Information, Insurances, & Leases
Application package deadlines are the 1st of the month
The Loan Committee meets the last Thursday of each month.
Interest Rate – Loans are currently under 10% and Lines of Credit are WSJ Prime + 5%
Fees – 3% origination fee
Repayment terms – Based on use of loan proceeds
Application fee – $100 for startups + $25 for additional owners; additional $155 for existing (D&B)
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
Potential borrowers are encouraged to attend a 1-hour seminar on how to package a loan request.
Seminar schedule, held at LDC – 2 Race Street, LDC Conference Room
- First and last Tuesday of the month @ 10:00 a.m.
- First and last Thursday of the month @ 4:00 p.m.
- Other seminars will be posted on the LDC’s Facebook Page
After your new LDC loan has funded…
New borrowers are required to attend a Borrower Orientation, which is on the second Wednesday each month, at 3:30 p.m.
RSVP to email@example.com or call 843-973-7298.
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.
Free parking is provided in our lot at 2 Race Street
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.