Helping Small Businesses Grow, Expand and Create Work in SC
The SSBCI Loan Participation Program allows smaller businesses in sc to acquire brief to long-lasting funding to help companies grow and expand, fundamentally creating and keeping jobs in South Carolina. This program provides small business loans at competitive terms while reducing the risk for the lender and allowing borrowers to receive attractive financing terms and lower down payments by partnering with financial institutions.
Quick to Long-Term Financing for Small Business Growth in sc.
SSBCI Loan Participation Program Overview. Qualifying entities that are not-for-profit additionally eligible.
System was created to target companies with 500 or less workers and whoever loan demand is ten dollars million or less.
Optimum BDC Participation Amount
$1,000,000 (exceptions may use).
Optimum Participation Portion
Eligible Loan Purposes
Profits is employed for the continuing company function.
Ineligible Loan Purposes
Passive estate that is real, speculative tasks, gambling, pyramid product sales, tasks prohibited by Federal or State legislation.
Optimum Loan Term
As much as 20 amortizations year.
Dependant on lender, subject to BDC concurrence.
Kind Of Participation
During the time of loan inception, loan provider and BDC to mutually concur whether security position will undoubtedly be equal (pari-passu) or BDC subordinated to lender in the case of standard.
Lender is in charge of all loan liquidation and servicing(if needed).
Master Loan Participation Agreement, Application for Participation, Bank’s Underwriting Credit Memo and Borrower’s Financial Statements, BDC Commitment Letter, Participation Certificate, Borrower Certification, Bank Closing Documents.
Certifications required because placed in papers called above.
Benefitting Both Small Businesses and Loan Providers
The SSBCI Loan Participation Program benefits both small businesses and lenders in addition to helping promote economic development and create jobs in South Carolina.
Provides business that is small at appealing terms
Provides lender paid off chance of loss
Offers a versatile and non-bureaucratic resource for funding
The ability to approve a loan that would otherwise be declined due to high Loan-to-Value/Loan-to-Cost allows the lender
Provides disbursement that is fast of towards the debtor
Helps the financial institution retain client and banking that is ancillary
Allows borrowers to get a fast reaction to a loan demand
Offers the loan provider CRA credit for each deal
Usage of profits
Profits can be used for the continuing company function when you look at the state of sc, including (it is not restricted to) the immediate following:
For Revenue and businesses that are non-Profit Qualify
Companies that will be eligible for this loan system are entities that keep on a continuing company task for revenue or not-for-profit in sc, including:
Relevant Papers
Participating Banking Institutions
Ameris Bank Bank of Clarendon Bank of Greeleyville Bank of Travelers sleep Coastal Carolina nationwide Bank Coastal States Bank Countybank CresCom Bank Dedicated Community Bank Entegra Bank, A Division of Macon Bank First people Bank First Community Bank First nationwide Bank of SC First Palmetto Bank First Reliance Bank Residence Trust Bank IBERIA Bank Independence nationwide Bank Oconee Federal Savings & Loan Association Palmetto State Bank Security Federal Bank Servis First South Atlantic Southern State Bank Southern First Bank Synovus Bank The people Bank United Community Bank
BDC Resources
Nat Green
Senior Vice President & Loan Officer
Company Development Corporation of SC (BDC) ended up being created in 1958 because of the South Carolina State Legislature to http://paydayloanmaryland.com promote company and industry in the state. BDC is really a non-bank lending company that is commercial.
