SC to unveil new small business loan program

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

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 Center, 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 lending program will be unveiled at a news conference on July 26 with the Business Development Corporation of South Carolina and the South Carolina Bankers Association.