Any small business in South Carolina with fewer than 10 employees is eligible.
WEST COLUMBIA, S.C. — Minority businesses across the state are about to get new help. New loans are now available thanks to a small business credit program that started a few weeks ago.
This move helps ensure that as many small businesses as possible across the state are successful.
It is divided into two areas: funding and technical assistance. Eligible employees must be less than 10.
South Carolina funding — $50 million to be specific — was provided by the U.S. Treasury Department to South Carolina’s Employment and Economic Development Authority.
George Grogan, co-owner of Always Original Bakery, said: “I think it’s great to have a government agency willing to fund small businesses like ours to help us get through this tough economy. .”
The small business in Western Columbia has only seven employees.
Their boss told News19 he would use the loan to pay wages if he was approved and liked the terms.
“Packaging because we pack everything individually, COVID and everything or whatever. I mean, running a small business, we have to buy everything, so of course the most important thing for a business is wages. Single. It’s the big-ticket item, Grogan said.
Organizations such as the SC Small Business Development Center will focus on technical assistance, helping businesses with financial projections, business plans and financial statements, and then helping those businesses apply for this loan.
Loans will be on a first-come, first-served basis. With every small business receiving the loan, six minority-owned small businesses will also receive the loan.
“It’s going to be small and minority-owned, women-owned, veteran-owned being the main categories, and that’s because we’ve found that traditionally these businesses are the most challenging,” said Paul S., regional director of the USC SC Center for Small Business Development. Featherlinger said.
If you are a small business in South Carolina, or a minority-owned small business and would like to learn more or attend an information session, you can visit scsbdc.com or email scsbdc@sc.edu.