OneSpartanburg Inc. announced June 29 it has launched Power Up: Funding, a program funded by Spartanburg County Council that provides small and minority businesses with access to capital through exclusive loan and grant offerings.
Created through strategic partnerships with Carolina Foothills Federal Credit Union, the CLIMB Fund, and the National Development Council, the program includes a $10 million loan pool and $665,000 in grant funds.
Power Up: Funding’s grant and loan opportunities include:
Carolina Foothills Credit Unit
- Existing business loans of up to $50,000 – small and minority businesses in business for more than two years.
The CLIMB Fund
- Start-up loans of up to $50,000 for small and minority businesses in business for less than two years, including start-ups and entrepreneurs.
The National Development Council
- Existing business grants for small and minority businesses operating for two or more years.
- Businesses with between $25,000 and $150,000 in revenue can apply for up to $5,000.
- Businesses with between $150,000 and $3 million in revenue can apply for up to $10,000.
“Thanks to Spartanburg County Council leadership, Spartanburg has long been the state’s leading destination for big business investment. Today, we take another step towards becoming the premier destination for small business growth and investment,” said OneSpartanburg Inc. President and CEO Allen Smith. “Thanks to the support of County Council and a partnership with three community development financial institutions, existing and prospective small and minority businesses will be able to obtain funding at exclusive rates.”
Power Up Spartanburg is accepting applications for loans and will open grant applications July 17. For the program’s first two years, 30% of funds will be reserved for minority-owned businesses. For more information, visit powerupspartanburg.com/funding.