Webinar: Small Business Funding Opportunities

In our community, there are at least five different loan programs available to provide small businesses with the help you need right now.

This panel discussion identifies funding in detail, including lenders, loan criteria and dollars available.

Featuring:

  • Anna Lewin, CEO, South Carolina Community Loan Fund
  • Melanie Pasheluk, Loan Administrator, Berkeley-Charleston-Dorchester Council of Governments
  • Sam Skardon, Director of Development & Policy, Charleston LDC

South Carolina Community Loan Fund

www.sccommunityloanfund.org

SCCLF COVID Working Capital Loan

  • Open to small businesses and non-profits
  • Loans from $10,000-$75,000
  • No application fee
  • Prime + 1%, fixed rate
  • Maximum three year term with six month deferment at origination
  • No prepayment penalty

Berkeley-Charleston-Dorchester Council of Governments

www.bcdcog.com

CARES Act Supplemental Award

  • Existing business in the tri-county region
  • Provide evidence of revenue loss
  • Retention and/or creation of jobs (For every $10,000 lent, 1 job is retained or created; must be recognized as an employee by IRS)
  • $10,000 -$100,000 requests

Contact: Melanie Pasheluk, Loan Administrator, (843) 529-2573 or melaniep@bcdcog.com


Charleston LDC

www.charlestonldc.org

City of Charleston COVID-19 Business Relief Fund

Loan Terms

  • Businesses in City of Charleston
  • Businesses with <$2.5 million gross revenues and <25 employees
  • Loans between $10,000-$100,000
  • Up to 5 years
  • No collateral required/no personal guaranty
  • (Corporate Guaranty

Fees

  • $125 application
  • 1% Origination
  • No servicing fee
  • 4% interest

City of Goose Creek

Loan Terms

  • Loan amounts $2,500-$25,000
  • <25 full-time equivalent employees
  • Borrowers must have a physical location within the corporate limits of the City of Goose Creek
  • Loans will be exclusively used for working capital
  • Must demonstrate COVID-19 related impact to business operations

Fees

  • Application fee of $25 – payable to LDC
  • 4% interest rate
  • 1% Origination fee paid by the City of Goose Creek
  • Loan terms of 12-24 months with no prepayment penalty

Town of James Island

Loan Terms

  • Loan amounts $2,500-$25,000
  • <25 full-time equivalent employees
  • Borrowers must have a brick and mortar location within the corporate limits of the Town of James Island
  • Loans will be exclusively used for working capital
  • Must demonstrate COVID-19 related impact to business operations
  • Loan terms of 12-24 months with no prepayment penalty

Fees

  • Application fee of $25 – payable to LDC
  • 4% interest rate
  • 1% Origination fee paid by the Town of James Island

Lowcountry Alliance for Model Communities

Loan Terms

  • Sole proprietors and small businesses that have a presence or business owner resides in one of the 7 LAMC neighborhoods (Accabee, Chicora/Cherokee, Union Heights, Howard Heights, Windsor Place, Five Mile, Liberty Hill)
  • Terms up to 3 years with no prepayment penalties
  • No payments for up to first 6 months
  • Interest does not accrue for first 6 months
  • Full personal and corporate guarantees
  • Up to 25% of principal forgiven if they hire and retain at least one employee from one of the 7 LAMC neighborhoods prorates over the term of the loan

Fees

  • Loan origination fee is 1% of loan total to cover closing costs
  • Application fee of $25

Contact: Cindi Rourk, Director of Lending and Business Development, Cindi@Charlestonldc.org


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