Yesterday, we announced the formation of the BCDCOG CARES Revolving Loan Fund – and the response from business owners has already been huge.
This new effort is allowing BCDCOG to assist in the private-sector’s recovery from economic losses related to COVID-19. It's also enabling the creation and retention of long-term job opportunities in the region by making funds available to borrowers more quickly and easily.
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 one-year, interest-deferred and/or interest-free loans ranging from $10,000-$100,000.
The BCDCOG CARES Revolving Loan Fund, through the U.S. Economic Development Administration, 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
Deferment of accrued interest
Reduced or eliminated collateral requirements
Evidence of loss in revenue (strongly suggested)
Years of business operation
Employee retention plan
$500 application fee (may be waived)
Up to 1.5% origination fee
0.5% annual service fee
BCDCOG has also hired an administrator to manage and facilitate the loan process. Melanie Pasheluk can be reached at (843) 529-2573 or firstname.lastname@example.org. Loan applications will be reviewed by BCDCOG staff.
Take a moment now to get the full details at www.bcdcog.com/bcdcogcares, then either share this information with someone who could benefit from it or begin the application process yourself.