South Carolina Business Loan Fund Update

The South Carolina Business Loan Fund (SCBLF) is a two year loan program which began in July 2020 with funds awarded 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 sustaining business operations during the COVID-19 pandemic. SCBLF funds are available in 29 SC Counties and can be used independently or in conjunction with bank financing to fund eligible project costs. As of May 1, 2021 Catawba Regional Council of Governments has closed or is in the process of closing 20 loans totaling $5.7 million resulting in creating or retaining over 250 jobs.

Finding themselves in the middle of a global pandemic with a need for working capital, principals of HG Global Services, Inc. (pictured), also current CRCOG RLF borrowers, reached out to Catawba Regional for financing assistance. CRCOG was able to assist with a SCBLF loan to aid in operational business expenses impacted by the Coronavirus, successfully retaining existing jobs while creating two (2) additional jobs in York County. HG Global Services, Inc. is a regional Engineering Metal & Fabrication Company.