The small business sector is key to the economic vitality of the local area. This sector provides economic diversity to the region’s economy and provides jobs for thousands of its citizens. Small businesses, however, have limited access to the credit necessary for start-up, growth, and expansion. Even the most successful businesses can have difficulty accessing traditional bank financing. Collateral requirements, loan term limitations, loan amounts, business location and price of the loan can adversely affect a business’ access to capital.

The Charleston Local Development Corporation (LDC) offers financial assistance to new or existing businesses through a variety of loan programs. Established in 1979 as a tax-exempt, non-profit organization, the LDC fosters economic development in Berkeley, Charleston, Colleton and Dorchester Counties by promoting and assisting the growth and development of business concerns. In addition to its financial assistance offerings, the LDC provides extensive and specialized technical assistance for business development and retention.

The LDC offers and manages loan programs including the following:

SBA MICROLOAN
FACADE & CORNER STORE PROGRAM
SMALL BUSINESS INCENTIVE LOAN
REVOLVING LOAN FUND (RLF)
RURAL REVOLVING LOAN FUND (Rural RLF)
SMALL BUSINESS DISASTER RELIEF LOAN PROGRAM

Programs are offered as a result of the following partnerships:

Calvert Social Investment Foundation
Charleston Renewal Community
City of Charleston
Communities at Work Fund™
National Trust for Historic Preservation
U.S. Department of Agriculture
U.S. Small Business Administration
U.S. Department of Commerce,
Economic Development Administration
U.S. Department of the Treasury,
Small Business Lending Fund
Charleston Citywide Bank Consortium