U.S. Department of Commerce invests $14.3M in CARES Act Funding to capitalize Revolving Loan Funds to help small businesses across South Carolina respond to coronavirus

Today, U.S. Secretary of Commerce Wilbur Ross announced that the Department’s Economic Development Administration (EDA) is awarding $14.3 million in CARES Act Recovery Assistance grants to capitalize and administer Revolving Loan Funds (RLFs) that will provide critical gap financing to small businesses and entrepreneurs adversely affected by the coronavirus pandemic across South Carolina.

“President Trump is working diligently every day to support our nation’s economy following the impacts of COVID-19 through the CARES Act,” said Secretary of Commerce Wilbur Ross. “These investments will provide small businesses across South Carolina with the necessary capital to rebound from the coronavirus pandemic and, in turn, create a stronger and more resilient state economy for the future.”

“These investments come at a crucial time to help South Carolina’s and our nation’s economy come roaring back and provide hard-working Americans with new opportunities,” said Dana Gartzke, Performing the Delegated Duties of the Assistant Secretary of Commerce for Economic Development. “Small businesses are the lifeblood of our communities, and EDA is pleased to invest these CARES Act funds so that South Carolina businesses have access to capital to respond to and recover from the coronavirus pandemic.”

“South Carolina’s small businesses are the backbone of our economy and, by no fault of their own, have been significantly impacted by the coronavirus pandemic,” said Governor Henry McMaster. “Secretary Ross’ decision to invest in these businesses will enhance our economy’s continued recovery and will help get South Carolinians back to work.”

“It is easy to understand how gap financing options can provide a critical lifeline to many of our nation’s small businesses, particularly those trying to weather this pandemic,” said Congressman Ralph Norman (SC-05). “Today’s announcement that over $14 million in Revolving Fund Loans will be available for South Carolina businesses is welcome news, especially for many businesses right here in South Carolina’s Fifth Congressional District.  This is a trying time for our nation, and I am grateful for all the work the U.S. Department of Commerce has done to help support our nation’s businesses and the jobs they provide.”

The EDA investments announced today are:

  • Catawba Regional Council of Governments, Rock Hill, South Carolina, will receive a $9 million EDA CARES Act Recovery Assistance grant to respond to the coronavirus pandemic by providing loans of $35,000-$750,000 to coronavirus-impacted businesses in 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 city of Columbia will receive a $2.9 million EDA CARES Act Recovery Assistance grant to capitalize and administer an RLF to make loans to coronavirus-impacted businesses in Columbia.
  • The city of Charleston will receive a $935,000 EDA CARES Act Recovery Assistance grant to respond to the coronavirus pandemic by capitalizing and administering an RLF to make loans to coronavirus-impacted businesses in Charleston.
  • The Upper Savanah Council of Governments, Greenwood, South Carolina, will receive an $836,000 EDA CARES Act Recovery Assistance grant to respond to the coronavirus pandemic by capitalizing and administering an RLF to make loans to coronavirus-impacted businesses in Abbeville, Edgefield, Greenwood, Laurens, McCormick, and Saluda counties.
  • Berkeley-Charleston-Dorchester Council of Governments, North Charleston, South Carolina, will receive a $616,000 EDA CARES Act Recovery Assistance grant to capitalize and administer an RLF to make loans to coronavirus-impacted businesses in Berkeley, Charleston, and Dorchester counties.

These current EDA RLF grantees are some of the more than 850 existing, high-performing EDA RLF, Economic Development District, University Center, and Tribal grant recipients invited to apply for supplemental funding under the Coronavirus Aid, Relief, and Economic Security (CARES) Act.

The CARES Act, signed into law by President Donald J. Trump, provides EDA with $1.5 billion for economic development assistance programs to help communities prevent, prepare for, and respond to the coronavirus pandemic.

On May 7, Secretary Ross announced that EDA is accepting applications for CARES Act Recovery Assistance funding opportunities.

EDA CARES Act Recovery Assistance, which is being administered under the authority of the bureau’s flexible Economic Adjustment Assistance (EAA) (PDF) program, provides a wide-range of financial assistance to eligible communities and regions as they respond to and recover from the impacts of the coronavirus pandemic. For complete information, please visit our recently updated EDA CARES Act Recovery Assistance page.

 

About the U.S. Economic Development Administration (www.eda.gov)

The mission of the U.S. Economic Development Administration (EDA) is to lead the federal economic development agenda by promoting competitiveness and preparing the nation’s regions for growth and success in the worldwide economy. An agency within the U.S. Department of Commerce, EDA makes investments in economically distressed communities in order to create jobs for U.S. workers, promote American innovation, and accelerate long-term sustainable economic growth.