A grant made by the department to a microloan delivery organization may be used to:

(1) satisfy matching fund requirements for other federal or private grants;

Terms Used In South Carolina Code 11-56-70

  • Department: means the Department of Commerce. 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
  • Operating costs: means the costs associated with administering a loan or a loan guaranty, administering a revolving loan program, or providing for business training and technical assistance to a microloan recipient. See South Carolina Code 11-56-20

(2) establish a revolving loan fund from which the microloan delivery organization may make loans to microenterprises;

(3) establish a guaranty fund from which the microloan delivery organization may guarantee loans made by financial institutions to microenterprises; and

(4) provide funding for the operating costs of a microloan delivery organization.

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