NORTH CHARLESTON, S.C. (WCBD) – The Berkeley Charleston Dorchester Council of Governments (BCDCOG) has a new way to help several local businesses during the pandemic.
The organization received a $560,000 grant from the U.S. Department of Commerce Economic Development Administration.
This grant will help local businesses who have been impacted financially by COVID-19.
“There’s a low barrier to entry here, very favorable terms and rates and the idea is to get this money into the hands of business owners that need it,” said Daniel Brock, Regional Strategist for the BCDCOG.
BCDCOG officials say eligible businesses should be located in one of the three counties and be able to provide proof of revenue loss since the start of the pandemic.
Brock explains the process of how a business can apply for a loan.
“You fill out an initial form, we’ve hired a loan administrator to work on this program. She will take the initial forms and then be in touch to discuss further, provide some application documents, and then and then to that point we’ll get into some of the nuts and bolts of how the program works and who can be receiving some of this money.”Daniel Brock, Regional Strategist, BCDCOG
Businesses could receive a loan between the amounts of $10,000 – $100,000.
Associated costs could include a $500 application fee, up to a 1.5% origination fee and a .5% annual service fee.
Brock says they’ve received over 50 applications up to this point and expect to receive more.
The type of businesses that have applied for the loan range from child care facilities to transportation providers.
Click here to view more information and apply for the BCDCOG loan.