The funds were authorized by the Coronavirus Aid, Relief, and Economic Security Act and distributed through the Department of Commerce Economic Development Administration. The City of Charleston, in partnership with the LDC, was awarded the $850,000 in lending capital as a supplement to an existing EDA revolving loan fund.
The $850,000 will be used to make initial loans, with a minimum of $10,000, maximum of $100,000, and 4% interest rate.
South Carolina Association for Economic Development (SCACED) is a coalition that supports the development of healthy and economically sustainable communities throughout South Carolina. The MicroBusiness Program provides capital to microentrepreneurs in underserved areas through a competitive grant program and delivers development services to help establish or expand microbusinesses.
South Carolina Community Loan Fund is a nonprofit organization that finances the capital needs of community businesses including, but not limited to, retail stores and service businesses, wholesalers, and small manufacturers serving and employing low to moderate-income individuals.
Chamber of Commerce is the go-to digital resource for small business owners and entrepreneurs, providing the guidance they need to start and run successful businesses. They research products, write reviews, and create in-depth guides and how-tos on topics like ideation, marketing, financing, accounting, and human resources.