IRP loans from $50,000 to $400,000 are available to small businesses located throughout the entire state. These funds can be used in conjunction with bank financing to fund up to 75% of 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.
Loan Program Information:
- Loan Amounts – $50,000-$400,000
- Maximum Loan Amount – 75% of total project costs up to $400,000
- Interest Rate – Fixed
- Origination Fee – Up-to 1.5% of loan amount
- Term – Negotiable
- Legal Fees – Varies
- Prepayment Penalty – Up to 1.5% of loan amount
- Job Creation - Create or retain one job for every $90,000 loaned
- Uses - Building purchase/expansion, equipment, land, machinery, refinance, working capital
- Eligible Counties - All South Carolina counties
- Catawba Regional Business Loan Application