Helping Small Businesses Grow, Expand and produce Work in SC
The SSBCI Loan Participation Program allows smaller businesses in sc to get brief to long-lasting funding to assist companies grow and expand, eventually producing 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.
Brief to Long-Term Financing for Small Business development in sc.
SSBCI Loan Participation Program Overview. Qualifying not-for-profit entities are also qualified.
System is made to target companies with 500 or less workers and whoever loan demand is ten dollars million or less.
Maximum BDC Participation Amount
$1,000,000 (exceptions may apply).
Optimum Participation Portion
Eligible Loan Needs
Profits is employed for the continuing company function.
Ineligible Loan Purposes
Passive estate that is real, speculative tasks, gambling, pyramid product sales, tasks forbidden by Federal or State legislation.
Optimum Loan Term
As much as 20 12 months amortizations.
Dependant on lender, susceptible to BDC concurrence.
As A Type Of Participation
During the time of loan inception, loan provider and BDC to mutually concur whether security position will soon be equal (pari-passu) or BDC subordinated to lender in the eventuality of standard.
Lender accounts for all loan servicing and liquidation (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 since listed in papers called above.
Benefitting Both Smaller 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 down chance of loss
Provides a versatile and resource that is non-bureaucratic 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 quick disbursement of funds to your debtor
Helps the financial institution retain client and ancillary banking services
Allows borrowers to get a fast reaction to a loan request
Gives the loan provider CRA credit for every single deal
Usage of profits
Profits can be used for the continuing company function within the state of sc, including (it is not restricted to) the immediate following:
For Profit and Non-Profit Organizations that Qualify
Organizations which will be eligible for a this loan system are entities that keep on company task for revenue or not-for-profit in sc, including:
Participating Finance Institutions
Ameris Bank Bank of Clarendon Bank of Greeleyville Bank of Travelers sleep Coastal Carolina National 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 safety paydayloansgeorgia.net credit Federal Bank Servis First Southern Atlantic Southern State Bank Southern First Bank Synovus Bank The people Bank United Community Bank
Senior Vice President & Loan Officer
Company developing Corporation of SC (BDC) had been created in 1958 by the sc State Legislature to advertise business and industry in the state. BDC is a non-bank commercial mortgage lender.