Small businesses across Spartanburg County now have a new tool in finding a suitable location thanks to a new program launched Feb. 5 by Power Up Spartanburg.
The Access to Space program is part of Power Up Spartanburg’s broader initiative to start, run and grow small and minority-owned businesses across the county.
The program was announced during a launch ceremony at PuddN’, the Upstate’s first pudding bar, at 147A W. Main Street in Duncan.
Owner Sedrick Posey said the new initiative had helped his business secure its new location after three years of only selling his products wholesale to more than 20 area stores.
The Access to Space program aims to develop 12 locations across the county with an emphasis on attracting businesses to downtown areas in Spartanburg’s municipalities, according to Allen Smith, president and CEO of OneSpartanburg.
The program is designed to benefit three primary groups: small business owners, local landlords seeking tenants, and the towns where those businesses and landlords come together to bring new life downtown, said Jay Jenkins, director of small and minority business development at OneSpartanburg.
The program offers rental assistance for eligible businesses for 12 months with 100% of rent covered for the first six months. That support is reduced on a sliding scale by 10% per month for the remaining six months.
Smith said there is a stringent vetting process for businesses applying to the program. There are also a number of eligibility requirements, including:
- The business must be located in or plan to locate in Spartanburg County.
- Applicants must have been in business for at least three years
- Must be willing and financially able to commit to a three-year minimum lease in one of the pre-qualified locations across the county
- Must open their business within 60 days of executing a lease
More information can be found at powerupspartanburg.com/space.
Loan update
Jenkins also announced updates to Power Up Spartanburg’s Access to Capital program, which includes loans of up to $50,000 through Carolina Foothills Federal Credit Union at 3.99%
The program is also now offering businesses lines of credit of up to $50,000 for up to 12 months at the prime interest rate.
More information on the Access to Capital program can be found at powerupspartanburg.com/loans.
