As a SBA Microloan Intermediary, the LDC provides up to $50,000 to a small business owner or prospective owner for the operation of a for-profit business located in Berkeley, Charleston, Colleton and Dorchester Counties. Proceeds may be used for working capital, inventory, supplies, fixtures, furniture, machinery and equipment. The moneys cannot be used to purchase real estate or to refinance existing debt.
- Loan amount is up to $50,000 with no minimum amount.
- Loan term is for as long as 6 years with no pre-payment penalty.
Use of Proceeds
- The loan may be used for almost any business-related purpose except to refinance debt, acquire real estate or improve owner-occupied real estate.
- Uses of the proceeds include leasehold improvements, inventory, machinery, furniture, fixtures, equipment, and working capital.
- Proceeds may help both start-up and existing businesses.
The LDC is an Equal Opportunity Lender.
- The Business must be located in Charleston, Berkeley, Colleton and Dorchester Counties.
- The Business must meet the SBA’s definition of small business.
- The LDC acts as a bank of last resort, meaning the applicant’s loan request has been turned down by local banks.
- Minimum credit criteria applies to all owners of 20% or greater.
- The LDC will obtain sufficient and adequate collateral to secure the loan.
- All loans must be personally guaranteed.
RETURN TO PROGRAMS OFFERED