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Purpose
In order to promote economic development in Berkeley, Charleston and Dorchester Counties, the Charleston Local Development Corporation has developed the Small Business Incentive Loan Program (SBILP). This program, designed to provide capital to businesses, which cannot otherwise access funds. The SBILP program’s main goals are to create job opportunities and induce the redevelopment and development of commercial and industrial properties.
Business Eligibility
- The business must be located in Berkeley, Charleston or Dorchester Counties. If the business moves from the Tri-County area, the loan will become due and payable.
- Business owners eligible for traditional bank financing or other LDC loan programs are not eligible for the SBILP. However, the program can be used in conjunction with bank and other appropriate LDC financing to fill gaps, which may exist in the total financing package.
- For-profit retail, manufacturing, wholesale, and service businesses are eligible for assistance, except those involved in the following activities: gambling, speculative ventures, investment-oriented activities, religious activities, businesses engaged primarily in the sale of alcoholic beverages, or any other activities as may be set forth from time to time by the LDC.
- The business must meet the SBA’s definition of a small business.
- Eligible Project Costs: Proceeds of the loan may be used for the following needs of a small business: real estate, leasehold improvements, fixtures and furniture, machinery and equipment, working capital, inventory, gap financing, or collateral assistance for bank financing.
- The business must create a minimum of two (2) jobs within three (3) years of funding.
Terms and Conditions
- Maximum loan amount - $50,000.00
- Term - maximum of 10 years
- The LDC will obtain sufficient and adequate collateral to secure the loan.
- All loans must be personally guaranteed.
The LDC is an Equal Opportunity Lender.
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