SC Business Loan Fund (COVID-19)

SOUTH CAROLINA BUSINESS LOAN FUND

 

 

$8.2M Available for COVID-Impacted Operations for Businesses/Agribusinesses in 29 SC Counties

The South Carolina Business Loan Fund (SCBLF) was started from funds awarded to the Catawba Regional Council of Governments (CRCOG) by the federal Economic Development Administration (EDA) through the Coronavirus Aid Relief and Economic Security (CARES) Act. The SCBLF goal is to lend capital to retain and grow jobs, strengthen supply chains, and aid in economic recovery as local business communities across the state face the challenges of resuming operations during/after the COVID-19 pandemic. SCBLF funds can be used independently or in conjunction with bank financing to fund eligible project costs.

 

The SCBLF Loan Program specifics include:

Loan Amount:  $50,000 – $750,000

Interest Rate:  Fixed, Below Market

Term:  Negotiable

Uses for Loan Funds:  Fixed Assets, Technology, Personal Protective Equipment (PPE), and Working Capital

The Application Process includes completing an SCBLF Loan Application and submitting projections, business financials, personal financial

statements and an outline of project costs to CRCOG for review. Cash flow, credit history, and collateral will also be considered in the loan review process.

SCBLF funds are available to SC Businesses/Agribusinesses impacted by the COVID-19 pandemic located in Aiken, Allendale, Bamberg, Barnwell, Beaufort, Calhoun, Chester, Chesterfield, Clarendon, Colleton, Darlington, Dillon, Fairfield, Florence, Georgetown, Hampton, Horry, Jasper, Kershaw, Lancaster, Lee, Marion, Marlboro, Orangeburg, Richland, Sumter, Union, Williamsburg, and York counties.

For additional information on the South Carolina Business Loan Fund, please contact Randy Pellisero, Ed Brock, Candace Barnes, or Tyler Lewis at (803)327-9041.