SC to unveil new small business loan program

COLUMBIA, S.C. (AP) — South Carolina small businesses are getting a new source of funds under a new federal program.

The state Jobs Economic Development Authority, bankers and business advocates are scheduled to announce the program Tuesday at a news conference in Columbia.

The State Small Business Credit Initiative is making up to $18 million in reserve funds available to banks to encourage lending to credit-worthy small businesses.

Harry Huntley is executive director of the South Carolina Jobs Economic Development Authority, and he says the program will offer loans of up to $5 million. The state already has a similar program but it can offer loans of no more than $100,000 each.

The Business Development Corporation of South Carolina, South Carolina Bankers Association and South Carolina Chamber of Commerce support the program.