Bank Statement Loans for Small Business Owners in Greenville, SC

Counting the work in Greenville

In Greenville County, payroll records show roughly 19,984 private establishments with staff. The most numerous are professional, scientific and technical services (3,406), health care and social assistance (2,202), and retail trade (2,014). A sole proprietor with no staff is not in that number. The American Community Survey does count them, at approximately 3,701 self-employed residents of the city of Greenville.

Greenville snapshot

A supplier ecosystem

The Upstate's big manufacturers use hundreds of small suppliers for machining, logistics, packaging, tooling, maintenance and staffing. Many operators spun out of employment at those plants. Customer concentration is common, with a handful of key customers making up most revenue.

Housing and ownership numbers

Census data for the city of Greenville show that median household income is around $71,000; homeownership stands at 41 percent of households; and detached homes are 42 percent of units and buildings of ten or more units are 34 percent. A mortgage lender reviews the particular property, so these medians are only a opening point.

Reading purchase orders and invoices

An underwriter links deposits to purchase orders or invoices, checks that the customers recur and applies the program's expense factor. A customer that cuts its orders is a risk the mortgage lender will ask about. A longer history with the same customers reassures.

Industry cycles

Automotive supply cycles, model changeovers and plant shutdowns can reduce orders for a handful of weeks. A short note that spells out any dip and a 24 month window to smooth it are usually enough.

Housing and location

Owners often choose Simpsonville, Mauldin, Greer or Taylors for proximity to plants and highways. Tell the mortgage lender if the home tallies a shop or big outbuilding. A building that hosts business activity changes appraisal considerations.

Paperwork worth gathering

The median resident of Greenville is 35 years old, so first-time buyers and move-up homebuyers both turn up in local files. A business loan or line of credit deposit is not income. If you borrowed to cover a lean month, the reviewer will remove it, and the monthly obligation counts against you in the debt picture. Be ready to show the loan agreement and balance for any financing that appears in the statements.

Measured against the state

Statewide, 10.1 percent of South Carolina workers in agriculture and mining together with construction together with manufacturing together with wholesale trade together with retail together with transportation and warehousing together with information together with finance, insurance and real estate together with professional and business services together with education and health care together with hospitality and the arts together with personal and repair services together with public administration are self-employed, so the Greenville share of 9.1 percent is around that mark. Among the 18 South Carolina areas on this site with enough workers to measure, Greenville ranks 10th for self-employment in this group.

Common sticking points

If your company has a payroll account dedicated from the primary one, the reviewer may ask for statements from both. They want to know whether the business can cover its own expenses and whether your pay is regular. A payroll summary from your provider answers both questions.

Reading the deposits

Greenville is a market where 9.1 percent of workers are self-employed, so the points below come up generally. Proprietors who file a partnership or S corporation return may be asked for a letter from a tax professional that states how long they have prepared the business's return and that the business is busy. Where the program asks for the letter, getting it at the start prevents delays around closing.

Where the employers are around Greenville

These figures come from the Census Bureau's American Community Survey and BLS payroll records, explained on our data sources page.

This page is general information, not an offer. Lenders verify income and ability to repay, and program availability depends on the borrower and the property.

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