WEST COLUMBIA, S.C. — Minority-owned businesses across the state are about to get a new bit of help . New loans are now available thanks to a small business credit initiative that started a few weeks ago.
This initiative is helping ensure success for as many small businesses as possible throughout the state.
It’s divided into two aspects: finance and technical assistance. Those eligible have to have less than 10 employees.
The money for South Carolina,–$50 million to be specific–is coming from the U.S. Department of Treasury to South Carolina’s Jobs Economic Development Authority.
“I think it’s great that there are government agencies that are willing to provide small businesses like ours with money to help us maneuver through the economy,” said George Grogan, co-owner of Always Original Bakery.
The small business in West Columbia has only seven employees.
Their owner tells News19 if he was approved and liked the terms, he would use this loan money for payroll.
“Packaging, because we package everything individually, COVID and all, or other supplies. I mean, running a small business, we have to buy everything and so, the big thing of course for businesses would be payroll. That’s the big ticket item,” Grogan said.
Organizations like the SC Small Business Development Center will be focusing on the technical assistance, helping businesses with financial projections, business plans, and financial statements all for free to then help theses businesses apply for this loan money.
The loans will be first come, first serve. Where every small business receives this loan money, six minority owned small businesses will also receive money.
“That would be small and minority owned, woman owned, veteran owned are the primary categories and it’s because we find that traditionally those are the businesses that have the most challenge,” said Paul Featheringill, USC region director of the SC Small Business Development Center.
If you are a small business in South Carolina, or a minority-owned small business looking to learn more or attend an information session, you can visit scsbdc.com or email scsbdc@sc.edu.
