What is the Purpose of the Microloan Program?
To provide small loans to start-up, newly established, or growing small businesses.
Who is Eligible to Apply?
Any business wishing to establish a new operation or expand an existing operation in Allendale, Bamberg, Beaufort, Barnwell, Colleton, Hampton, or Jasper Counties.
How can These Funds be used?
Acquisition of land, buildings, and fixed equipment; Site preparation, construction, and reconstruction for non-speculative projects; Installation of fixed equipment; Clearance, demolition, removal, rehabilitation or construction of buildings and improvements; Payment of assessments for sewer, water, street, and other public utilities if the provision of the facilities help business expand; Working Capital which finances short-term operating expenses and can include training expenses and some relocation expenses; Inventory purchases, furniture, fixtures, supplies; Natural disaster recovery; Downtown facade, historic reinvestment, and streetscape improvements; Micro financing; Short-term interim financing; and Other Special Projects.
How Much Can Be Borrowed?
$5,000 to 50,000
When can an Application be Submitted?
Anytime during the calendar year
What is the Interest Rate?
Prime plus one
Who do I contact for more information?
Microloan Program Manager
1750 Jackson Street
Barnwell, South Carolina 29812