$8.2 million is available for low-interest loans to assist businesses and agribusinesses impacted by the COVID-19 pandemic. Loans can range from $50,000 to $750,000 and are available in 29 South Carolina counties, including Horry and Georgetown counties. Funding for the SC Business Loan Fund (SCBLF) has been provided from the U.S. Economic Development Administration as part of the CARES Act. Loan proceeds may be used to acquire fixed assets, like buildings and furniture, fixtures, and equipment, as well as inventory, technology, personal protective equipment, and other working capital needs.

The South Carolina Business Loan Fund (SCBLF) was started from funds awarded to the Catawba Regional Council of Governments (CRCOG) by the federal Economic Development Administration (EDA) through the Coronavirus Aid Relief and Economic Security (CARES) Act. The SCBLF goal is to lend capital to retain and grow jobs, strengthen supply chains, and aid
in economic recovery as local business communities across the state face the challenges of resuming operations during/after the COVID-19 pandemic. SCBLF funds can be used independently or in conjunction with bank financing to fund eligible project costs.

Eligible Counties

Aiken, Allendale, Bamberg, Barnwell, Beaufort, Calhoun, Chester, Chesterfield, Clarendon, Colleton, Darlington, Dillon, Fairfield, Florence, Georgetown, Hampton, Horry, Jasper, Kershaw, Lancaster, Lee, Marion, Marlboro, Orangeburg, Richland, Sumter, Union, Williamsburg, and York counties.

Loan Program Specifics

Loan Amount: $50,000 – $750,000
Interest Rate: Fixed, Below Market
Term: Negotiable
Uses for Loan Funds: Fixed Assets,
Technology, Personal Protective
Equipment (PPE), and
Working Capital

Application Process

The application process includes submitting:
-SCBLF Application Document
-Business Financials/Tax Returns— 2 years
-Personal Financials/Tax Returns— 2 years
-Outline of Project Costs
-Business Projections
Cash flow, credit history and collateral will be considered in the loan approval process.

For More Information Contact

Randy Pellisero,Senior Lending Officer([email protected])
Ed Brock, Senior Lending Officer([email protected])
Candace Barnes, Closing & Servicing Officer([email protected])
Tyler Lewis, Program & Lending Officer([email protected])

For more information and FAQs, see link below!