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:

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

The Loan Committee meets the last Thursday of each month.

Financing Terms

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)

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

Potential borrowers are encouraged to attend a 1-hour workshop

on how to package a loan request.

Please contact info@charlestonldc.org with questions or to register.

 

Workshops are held at LDC – 2 Race Street,  LDC Conference Room.  Schedule is subject to change.
  • First and last Tuesday of the month @ 10:00 a.m.
  • First and last Thursday of the month @ 3:30 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 info@charlestonldc.org 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

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