The Spartanburg Area Chamber of Commerce and nonprofit CommunityWorks unveiled the Bringing Back the Burg Small Business Fund, a low interest loan pool for local companies pummeled by the economic impact of COVID-19, at a Thursday press conference.
The $453,000 fund extends forgivable loans up to $10,000 for eligible businesses, according to a news release. Private and public contributors to the fund include Spartanburg County, the city of Spartanburg, the Mark Black Foundation, South State Bank and the Spartanburg Chamber.
At least half of the funding has been set aside for businesses within — or that employ people from — low-income or moderate-income areas.
Eligible businesses are for-profit, employ less than 50 full-time employees and have made less than $5 million in gross revenue for the past 12 months, according to the business fund website. Applicants will also be expected to demonstrate how the pandemic has hurt their businesses and to prepare a post-COVID-19 business plan among other documents before connecting with a CommunityWorks loan officer.
The 24-month, 2% interest rate loan can be used for rent, accounts payable, payroll, inventory, equipment or other forms of working capital, according to the site. Loan payments can be deferred for up to three months after the closing date, and up to 50% of the loan could be forgiven after the first year.