The City of Columbia is happy to announce the launch of the Resilient Columbia CARES Act Revolving Loan Fund (RLF) Program. The U.S. Department of Commerce, Economic Development Administration (EDA) awarded $14.3 million in CARES Act funding across South Carolina to capitalize and administer Revolving Loan Funds (RLFs) that will provide gap financing to small businesses and entrepreneurs adversely affected by the coronavirus pandemic. The City of Columbia received $2.9 million of the funds awarded to the state. The funds have been used to establish the Resilient Columbia CARES Act RLF.
The Resilient Columbia CARES Act Loan application, and required checklist cover page are available on our Resilient Columbia microsite, resilient.columbiasc.gov. The City of Columbia Office of Business Opportunities will began accepting loan applications for the new RLF starting today, October 1, 2020. Small businesses located within the corporate limits of the City of Columbia that have been impacted by COVID-19 are eligible to apply. To determine if you address is located within the city limits, please visit our GIS website.
Under the Resilient Columbia CARES Act RLF, business owners may apply for a loan ranging from $10,000 – $200,000. These loans will be at 0% the first year of repayment and 2.5% fixed for the remaining loan term. For a list of allowable expenses click here.
To make credit more quickly and easily available to borrowers impacted by COVID-19 under this RLF, the City of Columbia will:
- Waive the application fee ($100.00) and credit check fee ($19.00);
- Waive the loan origination Fee (1% of total amount borrowed);
- Review individual credit worthiness and when necessary, waive the minimum credit score of 600;
- Review minimum collateral requirements when necessary and assess assets on a case by case basis;
- Encourage bank participation but not required; and
- Streamline the application process and documentation required for consideration.
Current City of Columbia Commercial Revolving Loan Fund (CRLF) recipients in good standing are eligible for additional funding under the Resilient Columbia CARES Act RLF at the discretion of the CRLF Committee. Additionally, funds must be used to “prevent, prepare for, and respond” to the economic injury attributed to the coronavirus (COVID-19).
For more information regarding the Resilient Columbia CARES Act Revolving Loan Fund or to submit an application, please contact us at [email protected] or call 803-545-3950.