The Berkeley-Charleston-Dorchester Council of Governments (BCDCOG) has been awarded $560,000 in Coronavirus Aid, Relief, and Economic Security (CARES) Act funding by the U.S. Department of Commerce Economic Development Administration (EDA). The federal money will be used to capitalize the BCDCOG CARES Revolving Loan Fund (RLF), aimed at stimulating long-term, private-sector investment and employment in the region.
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 one-year, interest-deferred and/or an interest-free loan ranging from $10,000-$100,000.
“This grant award will allow BCDCOG to effectively assist in the private-sector recovery from the COVID-19 pandemic and help create and retain job opportunities in the region,” said BCDCOG Executive Director Ron Mitchum. “The capitalization of the RLF is fully in line with the BCDCOG’s regional economic recovery strategy and a much-needed lifeline for businesses affected by COVID-19.”
EDA is offering award flexibilities in response to the impact of COVID-19 and the need for RLFs 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
Loan considerations and reduced associated costs include:
- Evidence of loss in revenue (strongly suggested)
- Years of business operation
- Employee retention plan
- Business sector
- $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 [email protected]. To learn more about BCDCOG Cares Revolving Loan Fund or to begin the application process, visit www.bcdcog.com/bcdcogcares.