The COVID-19 pandemic has tested our nation and region in unprecedented ways.
In response, the U.S. Department of Commerce Economic Development Administration (EDA) has awarded BCDCOG $560,000 in Coronavirus Aid, Relief, and Economic Security (CARES) Act funding. The federal money will be used to capitalize the BCDCOG CARES Revolving Loan Fund, aimed at stimulating long-term, private-sector investment and employment in the region.
This new effort will allow BCDCOG to assist the private-sector’s recovery from economic losses related to COVID-19 and to create and retain long-term job opportunities in the region by making funds available more quickly and easily available to borrowers.
Eligible businesses seeking assistance should operate in Berkeley, Charleston or Dorchester counties and be able to provide evidence of revenue loss since the start of the COVID-19 pandemic. Business owners may apply for one-year, interest-deferred and/or an interest-free loans ranging from $10,000-$100,000.
The BCDCOG CARES Revolving Loan Fund, through the EDA, is offering award flexibilities in response to the impact of COVID-19 and the need to provide credit quickly and efficiently. These include:
- No minimum interest rate
- No requirement to leverage additional capital
- No requirement to demonstrate credit is otherwise not available
- Deferment of accrued interest
- Reduced or eliminated collateral requirements
Loan considerations and reduced associated costs include:
LOAN CONSIDERATIONS:
- Evidence of loss in revenue (strongly suggested)
- Years of business operation
- Employee retention plan
- Business sector
ASSOCIATED COSTS:
- $500 application fee (may be waived)
- Up to 1.5% origination fee
- 0.5% annual service fee
BCDCOG has also hired an administrator to manage and facilitate the loan process. Melanie Pasheluk can be reached at (843) 529-2573 or melaniep@bcdcog.com. Loan applications will be reviewed by BCDCOG staff.
To begin the BCDCOG Cares Revolving Loan fund application process, please complete the informational form on BCDCOG’s website.
