Launching your small business takes a lot of careful planning, so don’t let choosing the right bank be an afterthought. The best banks for small businesses go beyond just storing your money. These banks offer services and resources to help you thrive. Here in South Carolina, you have a wealth of options for your business banking partner. 

Before you decide, consider their key factors, like monthly maintenance fees, transaction charges, small business services and the bank’s presence in your local community. By prioritizing these aspects, you’ll find the perfect banking partner to empower your South Carolina small business dream. 

The Top Banks for Small Businesses in South Carolina

The best banks for small businesses in South Carolina stand out for their checking and savings account features and fees, competitive loan offerings, user-friendly online and mobile banking platforms, exceptional customer service and strong commitment to supporting local businesses.

1. North One

North One focuses their services on startups and growing businesses. Founded as a fintech company, North One prioritizes online business banking, offering a user-friendly platform designed for your convenience. They use a mobile-first approach, allowing business owners to access their accounts and manage finances on the go. Their budgeting and cash flow management tools help keep finances on track, and flexible lines of credit and business term loans provide growth opportunities.

North One provides a secure, FDIC-insured environment for your business funds and features to effectively manage and analyze cash flow. Some standout features include check handling, ACH transfers, access to over 90,000 GreenDot ATMs and wire transfers for efficient money movement. Additionally, their team banking feature, which provides unique logins and debit cards for each co-owner, ensures transparency and simplifies expense management.

North One’s customer support team is always available to provide assistance – often faster than a trip to the bank. For small business owners looking for a comprehensive and convenient banking solution, North One is the standout choice.

2. South Carolina Federal Credit Union

South Carolina Federal Credit Union (SCFCU) leverages its long history of community-oriented service and member-owned structure to offer small business owners a reliable business bank. Since 1936, SCFCU has been a trusted financial partner, providing personalized service tailored to its members’ unique needs. As a member-owned credit union, SCFCU offers better rates on loans and accounts, ensuring small business owners save money and get the best financial support.

SCFCU offers various financial products for business owners. These include business checking accounts with low minimum deposits, competitive dividends on savings accounts and business loans with flexible terms. SCFU’s experienced loan officers can help ensure timely funding for business growth. They can offer guidance on obtaining lines of credit, commercial real estate loans and SBA funds. The Business Mastercard® Credit Card also provides purchasing power, cost-control features and generous rewards, all with no annual fee.

This credit union offers concierge-level service, personalized financial wellness tools and workshops through the Bank at Work program, enhancing employee benefits at no additional cost. With 24/7 online and mobile banking access, South Carolina Federal Credit Union enables small business owners to manage their finances effortlessly.

3. The Citizens Bank 

The Citizens Bank offers a unique blend of traditional, personalized service and modern financial products for South Carolina small business owners. Founded in 1943 in Olanta during the post-Depression era, The Citizens Bank has a long-standing commitment to community banking. With branches throughout the state, The Citizens Bank remains deeply rooted in local communities, understanding their customers’ specific needs and dreams.

Small businesses can greatly benefit from The Citizens Bank’s focus on building solid relationships with local enterprises. They offer financial products designed to meet diverse business needs, from small business and commercial interest checking accounts to competitive savings options like premium money market accounts and certificates of deposit. Their dedication to small businesses is evident in their SBA loan offerings and flexible cash management solutions. The Citizens Bank ensures 24/7 access to accounts, transactions, bill payments and more.

The Citizens Bank’s merchant services, provided through BancCard, support various payment processing needs, ensuring secure and reliable systems. Their business cash management products help streamline operations by allowing businesses to create and submit direct deposit or invoice payment collection files. The bank’s personalized approach and advanced financial solutions make The Citizens Bank a smart choice for small business owners in South Carolina.

4. First Palmetto Bank

First Palmetto Bank, established in 1904 in South Carolina, has a long-standing tradition of supporting local communities and small businesses. With over a century of experience, it understands the unique needs of South Carolina’s entrepreneurs. As a community bank, First Palmetto offers personalized, full-service banking solutions tailored to help small businesses thrive.

Small business owners will find First Palmetto Bank’s business checking accounts particularly beneficial. With options like the Palmetto Business Checking and Palmetto Business Interest Checking, businesses can choose the account that best fits their activity level and financial goals. These accounts feature low minimum opening balances and competitive fees, making them accessible to a wide range of businesses. First Palmetto also provides merchant services that facilitate secure and efficient payment processing, which is essential for smooth daily operations.

First Palmetto Bank offers free business consultations, helping owners navigate their financial needs and plan for growth. Their decision-making process ensures quick responses and personalized attention, crucial for small businesses looking to manage cash flow efficiently. With advanced treasury management services and an online banking platform, First Palmetto enables businesses to manage transactions and finances conveniently.

5. Bank of Travelers Rest

The Bank of Travelers Rest can be a valuable partner for small business owners due to its tailored financial services for local businesses. This bank has a longstanding tradition of serving the unique needs of the communities within Greenville County and beyond. Their focus on community and reinvestment underscores their dedication to fostering local economic growth.

For small business owners, Bank of Travelers Rest offers personalized financial solutions to meet their specific needs. Their loan options are diverse and flexible, including commercial real estate, equipment financing and lines of credit. The bank also provides business checking accounts with features like free online banking, mobile deposits and 24/7 customer support.

Bank of Travelers Rest offers merchant services that streamline payment processing and cash management solutions that enhance operational efficiency. Personalized service from experienced relationship bankers ensures business owners receive the guidance they need to navigate financial decisions confidently. Overall, the Bank of Travelers Rest combines the benefits of modern banking with the personal touch of a community institution, making it a good choice for South Carolina’s small business owners.

Methodology: How We Chose the Best Banks for South Carolina Small Businesses

Our comprehensive evaluation of South Carolina’s banking scene, focuses on the factors most critical to small business’s success. We compared features and fees to ensure they align with small business budgets and day-to-day operations. 

We prioritized banks offering a suite of loan options, including SBA loans, lines of credit and equipment financing, all at competitive interest rates. Banks with user-friendly online and mobile banking platforms ranked higher than those without. We also looked for banks with a stellar customer service reputation, offering multiple channels to ensure you receive prompt and helpful assistance whenever you need it.

Finally, we looked for a strong commitment to serving South Carolina’s small businesses. By prioritizing local expertise, you’ll work with bankers who are invested in your community’s success. 

Find Success With the Right South Carolina Small Businesses Bank

Choosing the right bank is a key decision for your South Carolina small business.  The perfect partner will provide the tools and resources you need to thrive.  We’ve explored the key factors to consider and introduced some of the top contenders vying for your business. Taking the time to evaluate your options will ensure you find a bank that empowers your small business to flourish. Don’t settle for anything less than a financial partner who champions your success.