New small business loan funds available through the CARES Act
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.
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.
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.
What is the standard requirement for borrower equity injection to receive an SCBLF loan?
A minimum 5% borrower equity injection of total project costs is required. Total borrower equity injection is subject to loan review and underwriting.
Who should a borrower contact if they do not live in the Catawba region?
CRCOG serves as the operator of the SCBLF and is partnering with six other COGs throughout the state. Each eligible county has both a regional and CRCOG contact. Regional and CRCOG contacts can be found below.
Can a borrower receive an SCBLF loan if they have already received a PPP or EIDL loan?
Yes! However, SCBLF funds cannot be used for the same purpose of the PPP or EIDL loans. For example, if the borrower has received a PPP loan to cover payroll, the SCBLF funding can be used for payroll expenses, but would need to cover different pay periods. The borrower will also be asked to verify the uses of SCBLF loan funds, and that their business has been impacted by the COVID-19 pandemic in the loan application.
Can the SCBLF partner with a bank to provide project financing?
Yes! SCBLF funds can be used in conjunction with local bank financing, or independently to cover up to 95% of total project costs.
Chesterfield, Darlington, Dillon, Florence, Marion & Marlboro Counties
Community and Economic Development Director
Pee Dee Regional Council of Governments
P.O. Box 5719
Florence, SC 29502