The Department of Commerce shall establish the Microenterprise Partnership Program to coordinate and facilitate the development of microlending and microenterprises in this State and:

(1) shall secure funding to provide grants to microloan delivery organizations for the development and financing of microenterprises, including identifying and coordinating private and federal sources of funds that may be available to the department to enhance the State’s ability to facilitate program grants;

Terms Used In South Carolina Code 11-56-40

  • Department: means the Department of Commerce. See South Carolina Code 11-56-20
  • Microenterprise: means any business, whether new or existing, with five or fewer employees, including startup, home-based, and self-employed businesses. See South Carolina Code 11-56-20
  • Microloan: means any business loan up to twenty-five thousand dollars. See South Carolina Code 11-56-20
  • Partnership: A voluntary contract between two or more persons to pool some or all of their assets into a business, with the agreement that there will be a proportional sharing of profits and losses.
  • Program: means the Microenterprise Partnership Program. See South Carolina Code 11-56-20

(2) may engage in contractual relationships with statewide microlending support organizations to assist with the administration of this program, including awarding and overseeing grants.

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