LOAN PROGRAMS OFFERED

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 and can provide a referral to tax incentives and credits associated with the City of Charleston’s federally designated Renewal Community.

The LDC offers and manages loan programs including the following:

SBA MICROLOAN ~ Up to $35,000 to a small business owner or prospective owner for the operation of a for-profit business;

FACADE LOAN ~ A maximum loan of $20,000 for the rehabilitation of the historic façade of a commercial or mixed-use building located on King Street (between Broad and Line), Spring Street, or Cannon Street;

CORNER STORE PROGRAM ~ Up to $30,000 for the purpose of restoring the façades of mixed-use corner stores that are located on the list of eligible properties in the Department of Economic Development;

SMALL BUSINESS INCENTIVE LOAN ~ Up to $50,000 for qualifying businesses for start up or expansion;

REVOLVING LOAN FUND (RLF) ~ Up to $75,000 for fixed assets and working capital for qualifying businesses in the City of Charleston;

SBA SECTION 504 ~ Referral source for fixed asset financing for a “user” business requiring substantial funding for expansion or relocation;

RURAL REVOLVING LOAN FUND (Rural RLF) ~ Up to $50,000 for small businesses outside of cities with a population of 50,000 or more and their adjacent boundaries in Charleston, Berkeley, Dorchester and Colleton Counties; and

SMALL BUSINESS DISASTER RELIEF PROGRAM ~ Up to $10,000 in a short-term note which will be repaid when funds are received from insurance or other sources. Proceeds can be used for securing damaged buildings, purchasing generators, replacing perishable inventory, paying salaries, etc.

LDC program directors are available to talk with you about your needs and help you assess which program is the most appropriate for you. A series of workshops is also offered during the year on a variety of topics relating to business planning and financial management.