Any small business in the state of South Carolina with less than 10 employees is eligible.
WEST COLUMBIA, SC — Minority-owned businesses across the state are about to get new help. New loans are now available thanks to a small business credit initiative launched a few weeks ago.
This initiative helps ensure the success of as many small businesses as possible across the state.
It is divided into two components: financing and technical assistance. Eligible persons must have less than 10 employees.
The money for South Carolina – $50 million to be exact – comes from the US Treasury Department to South Carolina’s Jobs Economic Development Authority.
“I think it’s great that there are government agencies that are willing to provide money to small businesses like ours to help us maneuver through the economy,” said George Grogan, co-owner of Always. Original Bakery.
The small West Columbia company has only seven employees.
Their landlord tells News19 that if he was approved and liked the terms, he would use that loan money for payroll.
“Packaging, because we individually package everything, COVID and everything, or other supplies. I mean, running a small business, we have to buy everything and so the big issue for businesses would of course be the payroll. C That’s the big post,” Grogan said.
Organizations like the SC Small Business Development Center will focus on technical assistance, helping businesses with financial projections, business plans, and financial statements, all for free, and then helping those businesses apply for that loan.
Loans will be first come, first served. Where each small business receives this loan, six minority-owned small businesses will also receive money.
“It would be small and minority, women, veterans are the main categories and that’s because we’re seeing it’s traditionally the companies that have the most challenges,” said Paul Featheringill, USC regional director of SC Small. Business Development Center. .