The first group of small businesses has received funding made possible through Power Up Spartanburg, an initiative developed by OneSpartanburg to build a thriving small and minority-owned business ecosystem in Spartanburg County.
Power Up’s funding phase kicked off in July and involved a direct investment of $1 million to leverage a loan pool of $10 million in partnership with Carolina Foothills Federal Credit Union available to existing small businesses.
A further funding source has been made available for startup loans in partnership with the Charleston-based Climb Fund for firms that have operated less than two years.
Among the first cohort of firms receiving loans through the program are the following:
- BASIC Training & Event Center, 10678 Greenville Highway, Wellford
- The “A” Salon and Spa, 300 Spartanburg Highway, Suite 306, Lyman
- We Are the Light, 631 Union St., Spartanburg
It’s gratifying to already be getting money into the hands of small businesses just six months after the program launched, according to Jay Jenkins, director of small and minority-owned business development for OneSpartanburg.
For BASIC Training and Event Center founder Shaunna Thomas, the loan that has helped her renovate and update her facility is only part of the benefit. While the funding is important, Thomas said the support of the Power Up team and other small business owners has been invaluable.
“I think what I love most is the collaboration and the relationships,” she said.
Amanda Allison, owner of The “A” Salon and Spa, agreed and said the network of support and encouragement she’s found through the initiative has been a boost to her confidence.
“Having people have your back has been a really big help,” she said.
Jenkins said the outpouring of interest and enthusiasm during Power Up’s first six months was encouraging, but the five-year initiative’s goals of building a thriving small-business community will take work.
“I think it’s going to get even better” as we roll out more Power Up programs, he said.
For more information, visit powerupspartanburg.com.
