Business Financing

Funding Opportunities:

SC CARES- Minority & Small Business Relief Grant Program

WHO 
Minority or Small Businesses that meet the following criteria: 
  • Employ 25 or fewer employees; Physically located in the State of South Carolina; In operation from October 13, 2019 to present; and Experienced a business impact due to COVID-1
WHAT 
Up to $40 million in grant funds are available to reimburse qualifying expenditures for providing services or revenue loss due to COVID-19. Grant awards will range from $2,500 to $25,000.  Qualifying expenditures include: 
  • Business staffing costs 
  • Business operating costs 
  • Facility costs 
  • Personal Protective Equipment 
  • Revenue loss 
WHEN 
The application window opens on October 19, 2020 and closes on November 1, 2020. 

City of Charleston & Charleston LDC Small Business Relief Fund 

  • Press Release
  • The funds were authorized by the Coronavirus Aid, Relief, and Economic Security Act and distributed through the Department of Commerce Economic Development Administration. The City of Charleston, in partnership with the LDC, was awarded the $850,000 in lending capital as a supplement to an existing EDA revolving loan fund. 
  • The $850,000 will be used to make initial loans, with a minimum of $10,000, maximum of $100,000, and 4% interest rate.  
  • Supporting small, local, & minority-owned businesses. 
  • Applicants may begin the process of applying for a loan by contacting the Charleston LDC at info@charlestonldc.org or calling 843-973-7298.


Additional Financing Resources:

Business Planning & Education Resources

Charleston Local Development Corporation (LDC)

Charleston Local Development Corporation (LDC) is a not-for-profit organization that lends money to small businesses in the following counties:

  • Berkeley
  • Charleston
  • Colleton
  • Dorchester
United States Small Business Administration

United States Small Business Administration provides guidance on starting and managing a business, financing and Federal contracting opportunities, and training programs.

South Carolina Community Loan Fund

South Carolina Association for Economic Development (SCACED) is a coalition that supports the development of healthy and economically sustainable communities throughout South Carolina. The MicroBusiness Program provides capital to microentrepreneurs in underserved areas through a competitive grant program and delivers development services to help establish or expand microbusinesses.

South Carolina Association for Economic Development

South Carolina Community Loan Fund is a nonprofit organization that finances the capital needs of community businesses including, but not limited to, retail stores and service businesses, wholesalers, and small manufacturers serving and employing low to moderate-income individuals.

COC

Chamber of Commerce is the go-to digital resource for small business owners and entrepreneurs, providing the guidance they need to start and run successful businesses. They research products, write reviews, and create in-depth guides and how-tos on topics like ideation, marketing, financing, accounting, and human resources.