City of Columbia Office of Business Opportunities Reveals “Main Street Capital” Loan Program

COLUMBIA, SC – At a press conference, held today at Bourbon Columbia, the City of Columbia Office of Business Opportunities revealed their new business loan program called “Main Street Capital…Creating More Feet on Main Street”.

“With nearly $1 billion in new investment in less than three years and landmark successes like the Hub and Agape, there’s no doubt that something special is happening in Downtown Columbia,” says Mayor Benjamin. “This new initiative will help us take that momentum and create a critical mass of activity that raises Main Street to the next level.”

The Main Street Capital program will offer loans up to $50,000 for new businesses locating to Main Street or existing businesses expanding on Main Street. To be eligible, businesses must be located on Main Street between Gervais Street and Elmwood Avenue. There will be special consideration given to businesses locating in the 1300-1600 blocks of Main Street.

“This program will help us continue to grow Main Street beyond the 9 to 5 crowd, and create a good atmosphere for weekends and evenings,” says Tina Herbert, executive director of the Office of Business Opportunities.

Funds may be used for exterior building improvements, interior space improvements, purchase of equipment and/or inventory and working capital. The interest rate for the loans will be the prime rate quoted in the Wall street Journal plus one. All loans will have a 10-year term.  After five years, if all requirements of the program have been met, the remaining loan balance will be forgiven.

Based on the Downtown Market Analysis, The City of Columbia is seeking a particular retail mix for Main Street.  Priority will be given to the following types of businesses:

•              Eateries

•              Apparel and accessories

•              Home décor and furnishings

•              Arts and culture

Applications will be accepted between September 1, 2014 and December 1, 2014 and funds will be awarded in January 2015.

Business owners interested in applying for the Main Street Capital program should contact Paul Featheringill, Business Loan Officer, at 803-545-3259 or [email protected].

For more information about business loans or opportunities, please contact the Office of Business Opportunities at803-545-3950 or visit www.columbiasc.net/obo.