Money still available in Charleston loan fund to help businesses, mayor says
CHARLESTON, SC (WCSC) – Charleston City Mayor John Tecklenburg has encouraged small businesses in the Charleston area struggling with the pandemic to consider applying for a low-interest loan from a fund in which money is still available.
Tecklenburg praised some local businesses that took out the loans and used the funds to keep their businesses running and employees on the payroll during the pandemic during a Tuesday afternoon press conference of the Charleston City Hall.
Charleston Local Development Corporation CEO Steve Saltzman said about $ 400,000 is available in the business fund. As the loans are repaid, that money becomes available for loans to other businesses, he said.
The COVID-19 Small Business Relief Fund was established in September to help businesses with a revolving loan fund of $ 850,000.
Saltzman said the program’s loan program has grown to greater scale than ever before.
“The loans we give are loans with interest rates below 4% of the market and are absolutely unsecured,” he said.
The $ 850,000 will be used to make upfront loans, with a minimum of $ 10,000, a maximum of $ 100,000, according to a city statement.
Saltzman said most loans are typically paid off in three years, but the Charleston LDC is working with businesses to find a program that works best for the business.
Loans can be used for working capital to hire or retain employees or for permanent working capital to fund upgrades and upgrades needed to comply with COVID-19 safety precautions and / or develop new models that reach customers who spend differently because of COVID.
Several loan recipients attended the press conference. including Morgan Smith, manager of the B&S Snack Bar; Sophia Marzouca-Hutchinson and Mike Wise of Marquee Limo; Cody Cooper of Grit Box Fitness; Jeff and Robin Brooks of the Magnolia Center; and Sabatino Covollo from Sabatino’s Pizza.
Companies wishing to apply can call 843-973-7298 or email [email protected]
Copyright 2021 WCSC. All rights reserved.