South Carolina Code 11-56-90. Annual report
Current as of: 2023 | Check for updates
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Terms Used In South Carolina Code 11-56-90
- 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
The department shall submit an annual report to the Governor and the General Assembly before January first of each year that must include, but is not limited to, the demand for grants and a description of the type of applicants who have sought grants from the Microenterprise Partnership Program, a list of the recipients, the amount of each grant awarded and the intended purpose of each grant, the impact of grants awarded, which may include information from previous years, a number and description of the partnerships between financial institutions and microloan delivery organizations that have resulted from grants made to microloan delivery organizations, and an evaluation of the program’s performance based on the purposes of this chapter.