South Carolina Code 11-56-50. Criteria for awarding grants
(1) plan for providing business development services and microloans to microenterprises;
Terms Used In South Carolina Code 11-56-50
- Department: means the Department of Commerce. See South Carolina Code 11-56-20
- Equitable: Pertaining to civil suits in "equity" rather than in "law." In English legal history, the courts of "law" could order the payment of damages and could afford no other remedy. See damages. A separate court of "equity" could order someone to do something or to cease to do something. See, e.g., injunction. In American jurisprudence, the federal courts have both legal and equitable power, but the distinction is still an important one. For example, a trial by jury is normally available in "law" cases but not in "equity" cases. Source: U.S. Courts
- 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
- Microloan delivery organization: means a community-based or nonprofit program that has developed a viable plan for providing training, access to financing, and technical assistance for microenterprises. See South Carolina Code 11-56-20
- Oversight: Committee review of the activities of a Federal agency or program.
(2) plan for securing loan assistance from financial institutions;
(3) plan for coordinating the services and loans provided by the microloan delivery organization with loans from financial institutions;
(4) scope of services to be provided;
(5) ability to provide business development in areas of chronic economic distress and low-income regions of the State;
(6) area of the State to be served, with consideration being given to achieving equitable geographic distribution in awarding grants to areas of the State in need, including rural and urban communities and neighborhoods;
(7) ability to provide business training and technical assistance to microenterprise clients;
(8) ability to monitor and provide financial oversight of microloan recipients; and
(9) sources and sufficiency of operating funds.