SC granted $37 million to expand business, entrepreneur opportunities

The U.S. Department of Agriculture granted $37 million in loans and grants to South Carolina businesses and entrepreneurs to help expand the state’s market opportunities.

COLUMBIA, S.C. (WOLO)— The U.S. Department of Agriculture (USDA) awarded $37 million in loans and grants to South Carolina businesses and entrepreneurs to help expand the state’s market opportunities.

In a release, USDA Rural Development SC State Director Dr. Saundra Glover says, “We believe that these investments will create and save jobs for our citizens and help facilitate economic growth for rural South Carolina.”

The award aims to help rural Americans start businesses and allow current business owners to grow. The funds will keep resources and wealth made by rural people at home through technical assistance and affordable financing, say officials.

For example, in South Carolina:

  • Decorum Walterboro LLC will use a $8,254,000 loan to provide financing for the
    purchase and improvements to a hotel. The hotel is located in Walterboro, South
    Carolina. This project will create three new jobs and save 10 jobs in the local area.
  • Landrace Holdings LLC will use a $6,264,000 loan to purchase and install a 74.27
    MWdc solar array. Landrace Holdings LLC is a newly created entity for the purposes of
    generating electricity in Horry County, South Carolina. The system is estimated to
    produce 137,217,693 kWh per year, which is enough electricity to power 12,662 homes.
  • Sumter Propco LLC will use a $17,550,000 loan to acquire a 140 unit assisted living,
    memory care, and independent living facility, known as Covenant Place of Sumter Inc.
    This project will be beneficial by retaining 50 jobs in the local area.
  • The Maximum Entertainment Group LLC will use a $5,114,000 loan to provide debt
    refinancing and business expansion and to add a go-kart amusement feature and
    miniature golf course at The Max Family Entertainment facility. This is a recently
    opened, locally owned and operated family entertainment center in Orangeburg, South
    Carolina. This project will save 27 jobs and create an additional 10 jobs in the local
    community.
  • Clemson University will use a $199,697 grant to provide technical assistance to rural
    cooperatives and mutually-owned businesses throughout South Carolina for cooperative
    and enterprise development. It is anticipated that two new cooperatives will be created,10
    existing cooperatives will participate in the training, and two jobs will be saved as a result
    of this project.
  • The Beaufort County Black Chamber Commerce will use a $57,710 grant to provide
    training and technical assistance to microloan borrowers and microentrepreneurs located
    in the Lowcountry Region of South Carolina. This project is expected to provide
    technical assistance to at least 20 small businesses.
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