BCDCOG CARES: REVOLVING LOAN FUND
Flexible Funding For Your Business
About the Fund
In response to the COVID-19 pandemic, the U.S. Department of Commerce Economic Development Administration (EDA) awarded BCDCOG $560,000 in Coronavirus Aid, Relief, and Economic Security (CARES) Act funding. The federal money capitalized and created the BCDCOG CARES Revolving Loan Fund, aimed at stimulating long-term, private-sector investment and employment in the region.
“We were looking to expand our Food Truck business and we were made aware of the BCDCOG Cares: Revolving Loan Fund. The loan application process was easy and efficient with BCDCOG. Our Loan Administrator Melanie was responsive and proactive walking us through the paperwork and the loan was funded in a timely fashion. We highly recommend BCDCOG as a resource to small business owners in the local community.”
LaToya Gardner, owner, Gardner Gains, LLC
Eligible businesses seeking assistance should operate in Berkeley, Charleston or Dorchester counties and be able to provide evidence of revenue loss since the start of the COVID-19 pandemic. Business owners may apply for a loan ranging from $10,000- $100,000, with the option to defer interest for up to one year. Applications will be accepted thru the award end date of July 24, 2022 or until the funds are exhausted.
Loan considerations and reduced associated costs include:
- Evidence of loss in revenue (strongly suggested)
- Years of business operation
- Employee retention plan
- Business sector
- $25 application fee (may be waived)
- Up to 1.5% origination fee
- 0.5% annual service fee
Ready to apply? Please complete the informational form to speak with our Loan Administrator about next steps.
The BCDCOG CARES Revolving Loan Fund, through the EDA, is offering award flexibilities in response to the impact of COVID-19 and the need to provide credit quickly and efficiently. These include:
- No minimum interest rate
- No requirement to leverage additional capital
- No requirement to demonstrate credit is otherwise not available
- Option to defer interest
- Reduced or eliminated collateral requirements
- Experienced Loan Administrator to guide you through the application process