Disaster Relief Business Loans Available Locally

Local CDFI and partners expand business loan services to disaster victims

 

CommunityWorks of Greenville, SC and local business coaching partners, the Conway Innovation Center and the Georgetown Innovation Center, are pleased to announce a new small business loan product for local business owners struck by hurricane Florence and its aftermath.

Loans are available in amounts up to $10,000 for small business owners in areas affected by the storm. These short -term loans are available for up to 180 days while owners wait for relief from insurers or other assistance. The loans are intended to ease small business's recoveries and allow business doors to reopen more quickly. The interest rate is a low 4% and is accompanied by a professional business coach.

Deborah McKetty, President of Community Works said, "Small or microbusinesses can be particularly vulnerable to indiscriminate disasters. Re-opening local business is a key step to recovery and we are pleased to offer this responsive loan option to our friends and neighbors whose small businesses have been affected by hurricane Florence."

Applications will be taken at the Conway Office 1119 Third Ave (843-488-2783) or the Georgetown office at 901 Front Street (202 -468-9581). Please contact either office for an appointment. Applications are available online at www.communityworkscarolina.org.

About CommunityWorks
Founded in 2008, CommunityWorks is a non-profit mission lender with a goal to build a brighter future for underserved families and communities through financial education, lending and investing. CW is
U.S. Treasury certified Community Development Financial Institution {CDFI) which operates a community loan fund that supports community economic development. Since its inception, CW has generated over $157 million in local economic impact and has provided 30,000 hours of training and coaching, served 3,612 families, provided over $2.6 million loans to startups and existing small businesses, and deployed over $5.1 million in affordable housing and community loans that have created or preserved over 445 affordable housing units. For more information, visit communityworkscarolina.org.

About Innovation Centers
The Conway and Georgetown Innovation Centers are business incubation centers that focus on the development of emerging technology, life science, information technology, and service businesses. They are designed to foster entrepreneurial growth and sustainable companies in Georgetown and Horry counties. The centers are a public/private economic development effort, which is funded by the regional business community, our major educational and other leading private foundations and are administered through the Fifth T Innovation Group, a registered 501{c){3) non-profit organization.

If you would like more information about this topic, please contact 5th Innovation Group at 1-843-488- 2783 or email jsilverman@cicinnovation.com.

Small Business Disaster Relief Loan

Documents Checklist:

  • Completed Small Business Disaster Relief Loan Application
  • A copy of a valid business license
  • Documentation of business being located in a state or federally declared disaster zone
  • Copy of a government issued photo ID for all applicant(s)
  • Loan Request Detail form
  • Personal Financial Statement
  • Global Cash Flow
  • Most recent year's Federal tax return

NOTE: Other documentation may be required to support the application, such as a copy of the insurance claim, lease, credit reports, etc. These will be required as deemed necessary by the CW's Staff.

Terms and Conditions:

  • Maximum Loan Amount - Up to $10,000
  • Interest Rate - 4%
  • Term - up to 180 days or due upon receipt of proceeds from insurance, FEMA, SBA or another source of funding, whichever occurs first
  • Repayment - All funds, principal and interest, as applicable due at maturity
  • Security - all loans will require collateral and personal guarantees
  • Origination Fee - 2% of the loan amount will be due at closing

Minimum Requirements:

  • Business must be located in the state of South Carolina.
  • Business must be located in a state or federally declared disaster zone.
  • No bankruptcy in any business owner's credit history in the past 18 months.
  • Must be an existing business.
  • A citizen or a lawful permanent resident of the United States must own the business.
  • The business must be eligible to receive insurance moneys or funding from FEMA, SBA, or other traditional sources OR appear to be eligible for permanent financing through one of the CW programs.
  • Business involved in the following activities: gambling, speculative ventures, investment-oriented activities, religious activities, or any other activities as may be set forth by CW are ineligible for funds.
  • The CW will take an assignment of the applicant's insurance and will place a lien against the business assets.

 

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