The LDC is a not-for-profit organization created by Mayor Riley and other city leaders in 1979 as a flow-through entity for large federally-funded projects such as Charleston Place and Majestic Square. Over the last 29 years, the organization’s focus transitioned into revitalizing Charleston’s economic development by lending primarily to small businesses. In recent years, the organization expanded its territory to include all of the Charleston metro region – including the surrounding rural areas. The LDC has partnered with the SBA and other outside funding sources for its loan programs.

The LDC does not compete with the traditional commercial lending sector; we work with banks and other financial institutions. A business can only qualify for an LDC loan if conventional financing is not available. However, the LDC does have a minimum credit criteria and enjoys a very low default rate with its borrowers.

Small businesses in Berkeley, Charleston, Colleton and Dorchester counties have used the LDC for start-up, expansion or business continuation financing in a variety of loan programs. Also with the LDC, minority-owned, women-owned and other disadvantaged businesses are able to access funds they would not normally have available.

LDC loans are used for virtually any business purpose, including inventory and equipment purchases, leasehold improvements, working capital, the improvement of real estate and, in some cases, the purchase of real estate.
Timing means everything in the business world and the same is true with the LDC. Every loan request is considered by The LDC Board of Directors, which meets the first week of every month. Applications are accepted through the fifth business day of a month for review at the following month’s meeting.

If you are a Small Business Owner in the Charleston area and need funding sources to start your business or help your business grow, the LDC can help guide you through the process. In addition to alternative lending, it also offers technical business planning assistance. Staff will review your business plan, make any suggestions necessary and help you find the appropriate lending source.

It is the LDC’s mission to be an economic development organization with a strategy for offering economic opportunity combining human needs with revitalization (economic and physical) needs within defined service areas; to strive to eliminate blight; to maintain the identity of Charleston and the surrounding service areas.