S.C. to announce new small business loan program (update: details are in)

Image by Flickr user teamjenkins Need seed money for your small business? This new program might just be your ticket.

Update July 27: The Charleston Regional Business Journal has an informative post on yesterday's announcement that South Carolina has been awarded $18 million from the federal government to create a capital access program for credit-worthy small businesses.

South Carolina is the 14th state to join the capital access program and it is expected to generate $180 million in small business lending.

First reporting: At a news conference in Columbia today, the South Carolina Jobs Economic Development Authority along with business advocates and bankers will announce a new federal program that will supply small businesses with a new funds source.

Up to $18 million in reserve funds is being made available to banks, encouraging them to lend to small businesses with ample credit. The State Small Business Credit Initiative will offer loans of up to $5 million; previously, a similar program couldn't offer loans over $100,000.

Get a few more details over at The Post and Courier's brief, and stay tuned--we'll keep you updated as we get more information. 

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