LDC Awarded Major Loan Funds For Small Business
October 20, 2011
CHARLESTON, SC – October 10, 2011 – The U.S. Treasury through its Small Business Lending Fund (SBLF) recently awarded $1,000,000 to the Charleston LDC for providing small business loans to eligible businesses in the Charleston area. The SBLF does place an emphasis on businesses owned by women, minorities, and veterans.
As an initiative of the Small Business Jobs Act of 2010, the Small Business Loan Fund was opened to banks to apply early in the year and then to community development loan funds in June. The LDC submitted its application and met the metrics for eligibility.
The LDC will use to the loan funds to capitalize its Small Business Incentive Loan Program. The program supports the creation, development and expansion of small businesses and can provide funds to eligible small businesses for almost any operational need.
Mayor Joseph P. Riley, Jr. said “Small businesses are the backbone of a strong economy. We are so pleased to be able to provide these loans through the LDC to provide valuable capital for these businesses.
Businesses interested in applying may visit the LDC’s website www.charlestonldc.com to complete and download an application or they can call Cindi Rourk, Loan Officer, at 965-4089.
LDC
The LDC is a not-for-profit economic development organization with a strategy to assist the creation, growth and development of business concerns while helping to facilitate increased employment opportunities. The organization fulfills its purpose by providing technical and financial assistance to small businesses in the local area.
