CHARLESTON, S.C. (WCBD) – Charleston small businesses impacted by COVID-19 now have the opportunity to see some financial relief from the city. Charleston Mayor John Tecklenberg and other city leaders announced a new loan program Wednesday morning.
$850,000 is available through this program to aid struggling businesses.
It’s a partnership between the City of Charleston and the Local Development Corporation (LDC).
Loans will be between $10,000 and $100,000 depending on need and a payment plan and other details will be tailored to each business.
According to Steve Saltzman, the CEO of Charleston LDC, there are certain criteria that a business must meet in order to be eligible for a loan.
“It’s ostensibly for businesses whose gross revenues are 2.5 million or less, with 25 employees or less,” said Saltzman.
He also said this loan money helping those business owners who may have not received help from other programs this year, such as the Paycheck Protection Program (PPP).
This $850,000 is not the only available funding for aid for small businesses. Mayor Tecklenburg says combined with leftover money from an existing loan fund, the city has over one million dollars to help businesses.
It’s set up to be a revolving loan fund in order to help as many businesses as possible.
Mayor Tecklenburg explained that a revolving fund means, for example, if the city gives one business a loan of $25,000, once that business pays the city back, the city can then give that $25,000 to another business in need.
To apply for a loan, or find out if a business is eligible, email the LDC at info@CharlestonLDC.org. Saltzman says that once someone sends an email, the LDC will respond with the next steps and how to move forward in the application process.
Some non-profits are also eligible to apply for the loan program.