The Revolving Loan Fund Program was started in 1987 with funds from the federal Economic Development Administration and other public sources. These funds have been used by many businesses in the region, creating hundreds of jobs and leveraging millions of dollars in private investment. RLF funds from $50,000 to $300,000 are available to small businesses located in Aiken, Allendale, Bamberg, Barnwell, Beaufort, Calhoun, Chester, Chesterfield, Clarendon, Colleton, Darlington, Dillon, Fairfield, Florence, Hampton, Jasper, Kershaw, Lancaster, Lee, Marion, Marlboro, Orangeburg, Richland, Sumter, Union, and York counties. These funds can be used in conjunction with bank financing to fund eligible project costs. A competitive interest rate and negotiable term can significantly lower overall debt service providing improved cash flow for the business.
The application process includes submitting projections, business financials, personal financial statements, and an outline of project costs. Business plans are required for start-up companies. Cash flow, credit history, and collateral will be considered in the loan review process.
RLF funds combined with bank financing can be a powerful economic development tool. These funds are available to new and expanding businesses for the purpose of increasing the local tax base and creating jobs. Borrower injections required.
Industrial, commercial, service, and retail companies are eligible for RLF funds. Job creation is a key component to the program, with a goal to create one permanent job for every $65,000 of RLF funds loaned.
New SC Agribusiness Loan Fund (SC ALF) In August 2016, EDA awarded Catawba Regional grant funding of $1,040,000 to start an agribusiness revolving loan fund. Loans will be available to family farmers, agribusinesses, and aquaculture companies in 32 counties across the state. The SC ALF is the newest addition to Catawba Regional’s economic development lending programs.
- Loan Amounts – $50,000-$300,000
- Interest Rate – Fixed
- Term – Negotiable
- Maximum Loan Amount – $300,000
- Origination Fee – 1.5%
- Legal Fees – Varies
- Prepayment Penalty – Up to 1.5%
Job Creation – The goal of the RLF loan program is to create one job per $65,000 of RLF funds.
Uses For Loan Funds – Land, Building Construction, Building Expansion, Machinery, Equipment, and Working Capital. Now available for agricultural uses.
For additional information on the Revolving Loan Fund, please contact Randy Pellisero at 803-327-9041.
Link to Loan Application