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