Small Business Quick Recovery Loan
by Charleston LDC | September 17, 2018 | LDC News |
The LDC offers a Quick Recovery Loan for businesses in the local area, to include those located in Berkeley, Charleston, Colleton, Dorchester, and Williamsburg counties. Following a natural disaster, businesses can receive temporary financial relief through the program. It is designed as a prompt stop-gap loan for businesses that have suffered losses due to a natural disaster.
Following a catastrophic event, businesses are often unable to quickly resume operations due to a lack of cash reserves and the time it can take to receive insurance proceeds, assistance through SBA, or traditional lenders. The LDC program, with its streamlined application and expedited process, can provide almost immediate financial assistance to eligible small businesses within its five-county service area. Loan proceeds can provide the swift relief that businesses need to be back in operation quickly.
The program is designed to provide up to $25,000 in funding for the purposes of repairing damages to a place of business, purchasing generators, replacing perishable inventory, paying salaries, and meeting other operational needs. The short-term loan provides favorable terms and calls for repayment when funds are received from insurance proceeds, SBA funding, or traditional financing.
Outside of disaster relief, the LDC provides other loan programs for a variety of business needs, including funds for business startup. Businesses unable to access commercial financing may be eligible for one of the LDC’s other programs.
The LDC is a community-driven nonprofit, dedicated to growing the local economy by providing flexible, affordable, and customizable loans to small businesses that are unable to obtain traditional commercial financing. The LDC is located at 2 Race Street and can be contacted at 843-973-7298, through its website @ www.charlestonldc.org or email @ info@charlestonldc.org
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