The U.S. Department of Commerce is awarding $14.3 million in pandemic relief funds to provide gap financing to S.C. small businesses and entrepreneurs affected by the coronavirus.
The revolving loan funds, awarded through the department’s Economic Development Administration, will go to five S.C. recipients, including the city of Columbia, which will receive a $2.9 million grant to make loans to affected businesses, according to a news release.
“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,” Dana Gartzke, performing the delegated duties of the Assistant Secretary of Commerce for Economic Development, said in the release. “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.”
- The Catawba Regional Council of Governments in Rock Hill will receive $9 million to provide loans ranging from $35,000 to $750,000 to 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 Charleston will receive $935,000 to provide loans to businesses.
- The Upper Savannah Council of Governments in Greenwood will receive $836,000 to provide loans to businesses in Abbeville, Edgefield, Greenwood, Laurens, McCormick, and Saluda counties.
- The Berkeley-Charleston-Dorchester Council of Governments in North Charleston will receive $616,000 to provide loans to businesses in Berkeley, Charleston, and Dorchester counties.