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The Lowcountry Alliance for Model Communities (LAMC) and the Local Development Corporation Partners to Address Economic Impact by COVID-19 on Minority Business

The Lowcountry Alliance for Model Communities (LAMC) has partnered with the Local Development Corporation (LDC) to provide loans to minority businesses. LAMC is providing $300,000 to LDC to fund the program. The loans will be available to qualified applicants in the amount of $2,500 to $25,000. The LDC agrees to administer the LAMC Back to Work Loan Fund for startup and existing businesses, owned by people of color, located in one of following neighborhoods: Acabee, Chicora/Cherokee, Union Heights, Howard Heights, Windsor Place, Five Mile and Liberty Hill.

LAMC’s Back to Work Loan fund will provide loans to existing and new businesses. Loans will be available with an interest rate of no more than 4%. 25% of the principle will be forgiven if the applicant hires and/or retains at least one employee from one of the 7 LAMC neighborhoods prorated over the term of the loan. LAMC will handle marketing with Lowcountry Local First and do the initial intake of all loan applications.

The LAMC board and staff are excited to partner with the Local Development Corporation with this initiative. LAMC recognizes the positive impacts initiatives such as this will have on minority businesses and we will be working with other funders to expand this opportunity.

“The LAMC organization has forged this partnership to leverage our resources and create opportunities in ways that have perpetual impacts in our community. Our partnership with LDC exemplifies LAMC’s commitment with ensuring opportunities exists for our residents says Omar Muhammad, LAMC’s Executive Director.

About LAMC

LAMC is a 501(c)3 organization started by the residents from communities on the southern end of North Charleston. LAMC’s purpose is to build healthy families by creating opportunities. LAMC works toward this purpose by creating opportunities for the creation of affordable housing, closing the economic and educational gaps through resource allocation and addressing environmental justice concerns to improve the quality of life for our communities.

Posted on
May 28th 2020
Written by
Charleston Metro Chamber
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