South Carolina Revolving Loan Fund Offers Commercial Financing to Small Businesses

January 9, 2009

COLUMBIA, SC – January 8, 2009 – South Carolina Revolving Loan Fund provides commercial financing to traditional and non- traditional small and minority owned firms. The program is designed to promote economic development in distressed communities and job creation among small and minority businesses.

The South Carolina Revolving Loan Fund (SCRLF) is a program specifically designed to provide commercial loan capital to qualified small and/or minority owned businesses so that they can be successful in creating new jobs, expanding the tax base and enhancing the overall quality of life in their communities.

The SCRLF program has removed certain restricting barriers of traditional lenders to offer more flexibility, to approved applicants, in the terms of the loan and willing accepts higher risk loan applicants.

“As I looked for financing to start my business, I thought I was impressive on paper as a qualified loan applicant for a bank: good credit and collateral. But I was turned down more than once.”, says Sharon Moorer, owner of ChoiceCare Pharmacy and the first loan applicant approved by the SCRLF.

“The Revolving Loan Fund Program not only approved my financing request, they have provided me with marketing and technical assistance as I move forward with my business.”

There are two types of financing options with the SCRLF: micro loans, ranging from $5,000 to $25,000, and small business loans, ranging from $25,000- $100,000. Financing applications are available at the South Carolina Revolving Loan Fund Office, located at 2601 Read Street in Downtown Columbia.

For more information on the SCRLF program please call John Hudson 803-705-4515.