Types of Business Loans in Myrtle Beach, SC: Built Around Supplier Payments

An equipment loan is a loan: the shop borrows the price of the racks, mannequins, display tables or a POS station, owns them, and repays on a schedule while the items serve as collateral. An equipment lease is a different contract. The leasing company owns the items, the shop pays to use them, and at the end it can return them or buy them at the stated price.

Horry County counted 390 clothing and clothing accessories stores with paid staff in 2023 (CBP, NAICS 448), and 146 such stores had a ZIP 29577 address that year (ZIP Code Business Patterns). When the fixtures on a shop floor are small-ticket items, the paperwork of a lease or a loan can weigh as much as the rate.

With a merchant cash advance, the hotel sells part of its coming card receipts. The provider hands over a sum today and keeps back a fixed share of each day’s card deposits until a larger, agreed amount has come in. Because nothing is lent, no interest rate applies; what the hotel pays for the money is set by the provider’s factor.

Illustration only, invented figures: a hotel takes a $22,000 advance for linen and supply stock at a 1.29 factor, so the provider is owed $28,380.00, a cost of $6,380.00. With 14% held back from $2,350 of card sales a day, $329.00 is collected per business day, and collection ends after about 87 business days (our arithmetic). Slower card days stretch that out.

Secured means the loan names collateral a lender may claim if payments stop, such as racks and display tables, the stock on the floor, money customers owe, or a blanket lien over the shop’s assets. An unsecured loan has no specific collateral, though a personal guarantee from the owner may still be part of it. A funding partner decides which form it offers.

• Reorders of stock the shop already sells: the stock itself can be collateral in inventory financing
• A reorder plus other bills: a working capital loan, secured or not, depending on the partner
• Repeated small reorders: a credit line, which may carry a lien on business assets

A clothing or gift shop that reorders sizes and styles as they sell might use a secured option for one big order and an unsecured line for the small ones in between.

Commercial loans in plain terms: money borrowed by a business for a business purpose. For one payroll week, the useful question is which type fits a short gap, and which fits a longer need that only looks like payroll.

The 2023 ZIP Code Business Patterns count for ZIP 29577 put 449 employer establishments in accommodation and food services. At a restaurant or hotel the pay dates arrive whatever the week’s sales did.

With a business term loan, the hotel receives the whole amount at once and pays it back in equal monthly installments until the agreed end date. Each payment covers interest on the balance plus some principal, so the balance falls with every payment.

Illustration only, invented figures: a Horry County, SC hotel buys 50 guest-room mini-fridges at $189 and 50 microwaves at $109, $14,900 in all. Financed at 10.9% over 36 months, the payment comes to $487.10; across all 36 payments the hotel pays $17,535.60, which includes $2,635.60 of interest (our arithmetic). Both plug into the outlets already in each room, so no work on the building is part of the order.

Think of a business line of credit as a ceiling: a partner fixes it, the hotel takes out what a bill needs, pays that back, and the room under the ceiling reopens. Interest runs only on the drawn balance. For hotels, an insurance premium due in one payment is a typical case: the line covers it, and the room revenue of the next weeks pays it down.

A funding partner may review a line each year at renewal and may lower or raise the limit then; the terms are in the partner’s agreement, not set by this site.

The post on working capital for shops and kitchens follows one cash gap from a weekly calendar to a priced request.