The South Carolina Business Loan Fund Program (SCBLF) was capitalized with funding from the 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. SCBLF funds can be used independently or in conjunction with bank financing to fund eligible project costs.
SCBLF funds from $50,000 to $750,000 are available to start-up companies, existing small businesses, and agribusinesses located in 29 SC Counties. These funds can be used in conjunction with bank financing to fund up to 95% of eligible project costs. A competitive interest rate and negotiable term can significantly lower overall debt service providing improved cash flow.The Application Process includes completing the Catawba Regional Business Loan Application and submitting projections, business financials, personal financial statements and an outline of project costs for review. Cash flow, credit history, and collateral will also be considered in the loan review process.
Loan Program Information:
- Loan Amounts - $50,000-$750,000
- Maximum Loan Amount - 95% of total project costs up to $750,000
- Interest Rate - Fixed, Below Market
- Origination Fee - 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 - 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
- Catawba Regional Business Loan Application