A statewide nonprofit hopes to expand offerings in the Upstate by deploying $5 million in flexible, low-rate capital for community development projects this year.
Based in Charleston, the S.C. Community Loan Fund changed its name and broadened its reach last year, providing $550,000 in loans for Upstate projects to date, said Patrick King, the organization’s assistant director.
Loans from the S.C. Community Loan Fund have lower fees, lower interest rates and offer more than traditional loans, said King.
Loans are available for projects in specific focus areas, such as affordable housing, food and essential services access, neighborhood facility quality and availability, employment opportunities, projects that attract additional investment and opportunities to strengthen communities.
King said the nonprofit financed a $200,000 loan to Greenville-based Community Works Carolina, which then used the capital to finance affordable housing projects in the Upstate.
The $1.6 million Northside Initiative food hub project in Spartanburg also received $350,000 in financing, and is expected to support 25 jobs within two years. The healthy food hub opened last year and includes a community garden, kitchen, café and farmers market.
The S.C. Community Loan Fund will hold a mandatory application and information workshop on Tuesday, Feb. 24, from 1 to 4 p.m. at the Hughes Main Library in Greenville. The workshop is required for those intending to apply during this funding round.
More information is available at sccommunityloanfund.org.
