News Summary
The Upper Savannah Council of Governments (USCOG) has initiated a Revolving Loan Fund (RLF) to provide critical financing for local businesses in Greenwood and surrounding counties. This funding program supports small businesses that face challenges in securing traditional bank loans. With success stories like Good Times Brewing, the RLF has distributed over $1 million in loans since 2020, promoting economic growth and job creation in the area. USCOG’s efforts extend beyond loans, assisting in infrastructure funding and strategic planning for community development.
Hello Greenwood! Exciting News for Local Businesses!
Did you know that in our very own Greenwood and nearby counties, there’s a special program designed to help local businesses flourish? That’s right! The Upper Savannah Council of Governments (USCOG) has a Revolving Loan Fund (RLF) that’s making a real difference.
What’s This Revolving Loan Fund All About?
The RLF is like a superhero for local businesses. It steps in to provide critical financing support when traditional banks can’t or won’t lend the full amount a business needs. Think of it as a helping hand for those tricky financing gaps that many small businesses face. With the goal of boosting overall economic development in our region, the USCOG has really put its heart into this initiative!
Success Stories Galore!
One amazing story comes from right here in Greenwood involving Good Times Brewing, co-owned by Gianpaolo Bonaca. Starting a business can be a rollercoaster, especially after the economic downturn back in 2008. Many banks were hesitant, but the RLF stepped in to support Bonaca in 2013. Since then, he’s been able to expand his brewery and improve his offerings, creating a fun and inviting space for folks in Uptown Greenwood.
With RLF funding, Bonaca was able to acquire adjacent properties and further elevate his business. It’s a clear example of how this fund not only helps with finances but also sparks growth and opportunity in our community.
How Does It Work?
If you’re wondering how a local business can access these funds, here’s the scoop. Generally, a business should first reach out to a bank. Once a loan request is submitted, the RLF can step in to cover about one-third of the total financing needed. This collaboration with banks helps keep upfront costs lower for small businesses. As a bonus, businesses looking for RLF assistance must have bank participation, which increases the chances of getting funded!
Numbers That Speak Volumes!
Let’s talk numbers! Since 2020, USCOG has doled out a whopping $1,151,617 through 24 loans across several counties, including Greenwood, Laurens, Abbeville, McCormick, Saluda, and Newberry. The RLF has been operational since 1988, providing 119 loans totaling over $21 million. These figures shine a light on the positive impact this program has on our local economy.
Creating Jobs and a Brighter Future
What’s even more awesome is that these loans aim to create or retain one job for every $35,000 loaned out. This not only uplifts individual businesses but also boosts the entire community. Strong businesses mean more jobs and a healthier economy!
More Than Just Loans
But that’s not the only way USCOG helps! They offer much more than just the RLF. From infrastructure funding assistance to strategic planning for local governments and businesses, USCOG is here for us! Their Economic Development division is constantly working on attracting industries to our area and aiding developers in preparing the way for new growth.
Getting Involved
For business owners looking to explore funding options, USCOG is eager to help. They invite you to reach out for information about RLF support and to see how their services can assist you in navigating the world of business financing.
In a nutshell, the Upper Savannah Council of Governments’ Revolving Loan Fund is a shining beacon of hope for local businesses in our region. With the right support, businesses can thrive, grow, and contribute to a vibrant community we all love.
So, whether you’ve got a business idea or an existing venture, keep the RLF in mind. Together, we can make Greenwood shine even brighter!
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Additional Resources
- Index Journal: Fueling Growth in Upper Savannah
- Delaware Business Times: Grow NCC Fund
- Star Tribune: Article Overview
- WGRV: TN Revolving Loan Fund for Hazard Mitigation
- GoLocalProv: Greenwood Credit Union Appointments
- Wikipedia: Economic Development
- Google Search: Revolving Loan Fund
- Google Scholar: Local Business Funding
- Encyclopedia Britannica: Business
- Google News: Small Business Support
