Home / South Carolina / Myrtle Beach / Seasonal Business Owners
Bank Statement Loans for Seasonal Business Owners in Myrtle Beach, SC
The Grand Strand's year runs from a loud summer to a quiet winter, and a statement shows it.
Myrtle Beach seasonal business operators earn most of their money in the warm months. A lender reads 12 or 24 months of statements, where the program allows, and 24 months usually shows two full cycles.
Counting the work in Myrtle Beach
The Bureau of Labor Statistics includes approximately 219 accommodation establishments with employees in Horry County, together employing roughly 6,510 people at an average annual pay of $41,867. Operators with no employees are not in that count, so the real figure of solo seasonal business proprietors is higher. A location quotient of 3.65 for jobs puts this work above the U.S. norm of 1.0.
The survey also finds roughly 263 self-employed residents of the city of Myrtle Beach in hospitality and the arts. That is 7.7 percent of the workers in the group and 10.4 percent of the self-employed as a entire.
Myrtle Beach snapshot
| Measure | Figure |
|---|---|
| Employer establishments in accommodation | 219 |
| Jobs at those establishments | 6,510 |
| Average annual pay | $41,867 |
| Self-employed residents in the related group | 263 |
| Share of that group who are self-employed | 7.7 percent |
| Statewide share for the same group | 7.0 percent |
A beach calendar
Memorial Day to Labor Day is the core season, with spring break and fall golf as shoulders. Mini-golf, arcades, water-sports rentals, souvenir shops, beach-chair vendors and boardwalk restaurants earn most of their annual income in a handful of months. Inland services like roofers and HVAC see steadier demand.
Housing and ownership numbers
What purchasers face in the city of Myrtle Beach: college graduates make up 34 percent of adults aged 25 and older; the ordinary home carries a value around $389,000 (approximately 50 percent above the South Carolina median of $259,000); and real estate taxes run a median of roughly $1,209 a year for proprietors with a mortgage. Medians hide a wide range, and the appraisal on the actual home is what tallies.
How a reviewer averages it
The lender divides total eligible deposits by every month in the window, including the lean ones. That way the monthly figure holds for the whole year. A balance of savings in the account at the end of the season supports that the owner can manage the winter.
Hurricanes and shutdowns
A storm or an evacuation can cost days of income. A short note describing any disruption, with dates, and a 24 month period to dilute it, help the file. Insurance payments for business interruption are treated separately from routine sales.
Records worth keeping
A business license, a seasonal worker payroll summary, statements for each account and a short summary of your annual calendar. If you operate on leased land or a pier, bring the lease. A letter from a tax professional spells out the business and the seasonal pattern.
Getting the details right
The median household income in Myrtle Beach is about $60,000, and local files vary a great deal close to that figure. Seasonal operators earn most of their income in several months and run slow the rest of the year. An underwriter reads the full 12 or 24 months and averages all of it, so a strong summer and a quiet winter turn into one monthly number. Building the file around the full cycle tends to give a truer result than quoting the busy.
Against the state and peers
Set against 7.0 percent for South Carolina as a whole, the 7.7 percent share here is near the state level. Among the 18 South Carolina areas on this site with enough workers to measure, Myrtle Beach ranks 9th for self-employment in this group. At $41,867, average pay in this line of work is on the lower side, so operators tend to run thin margins and the expense factor deserves attention.
What a reviewer looks for
Off season income from a second job, rental or contract work can fill gaps, but each source needs its own paperwork. Deposits from another employer are listed as wages and are counted separately from business deposits.
What to explain up front
The usual home in Myrtle Beach was built near 1994, so property condition is part of the conversation alongside income. A first-year seasonal business is tough to document, since a full cycle may not exist yet. Programs that accept a quicker record may ask for prior experience in the same business, a lease or permit, and a plan that shows the seasonal pattern. Ask early whether your timeline works.
Employers in the work around Myrtle Beach
| Line of business | Establishments | Jobs | Average annual pay |
|---|---|---|---|
| Traveler accommodation | 192 | 5,387 | $44,103 |
| Other amusement and recreation | 161 | 3,472 | $24,055 |
| Amusement parks and arcades | 26 | 449 | $34,856 |
Local statistics are from the Census Bureau and the Bureau of Labor Statistics, as described on the data sources page.
Not a loan offer or a quote. Rules differ by program, and a lender confirms your income, debts and ability to repay.
Related
- Bank statement loans in Myrtle Beach, SC
- Seasonal Business Owners: national guide
- What you need to prove
- Restaurant and Retail Owners in Myrtle Beach
- Real Estate Agents in Myrtle Beach
- Seasonal Business Owners in Charleston, SC
Questions about financing in Myrtle Beach?
Start online or call us. We will say what to gather before anything else.
Frequently asked questions
My winter deposits are very thin. Is that a problem?
An underwriter expects that for a seasonal business. A 24 month window and savings carried through winter help.
Do business-interruption payments count?
They are generally treated separately from ordinary revenue. Keep records of what they covered.
Are there many seasonal business proprietors in the Myrtle Beach area?
Payroll data for Horry County show approximately 219 establishments with employees in accommodation, and Census estimates count about 263 self-employed residents of the city of Myrtle Beach in the related industry group. Proprietors with no employees show up only in the Census figure.
Is the Myrtle Beach market different for seasonal business proprietors who want a bank statement loan?
Not in the way income is read. Local differences are mixed into the property: a median value close to $389,000 in the city of Myrtle Beach compared with $259,000 statewide, 61 percent homeownership and a median build year of 1994.