South Carolina Code 41-43-190. Expert programs; purposes; criteria for assistance
(1) Issue (a) direct loans, to eligible exporters and (b) loans to lending institutions in accordance with the provisions of §§ 41-43-160 and 41-43-170.
Terms Used In South Carolina Code 41-43-190
- Authority: means the South Carolina Jobs - Economic Development Authority, which is a state-owned enterprise. See South Carolina Code 41-43-20
- Fixed Rate: Having a "fixed" rate means that the APR doesn't change based on fluctuations of some external rate (such as the "Prime Rate"). In other words, a fixed rate is a rate that is not a variable rate. A fixed APR can change over time, in several circumstances:
- You are late making a payment or commit some other default, triggering an increase to a penalty rate
- The bank changes the terms of your account and you do not reject the change.
- The rate expires (if the rate was fixed for only a certain period of time).
- Personal property: All property that is not real property.
- Program funds: means any monies, including, but not limited to, the proceeds from bond sales, the sale or disposition of any assets, or any other source available to the authority, other than administrative funds and the earnings on the funds. See South Carolina Code 41-43-20
(2) Provide guarantees or insurance of up to ninety percent for:
(a) Line of credit extended by lending institutions to eligible exporters with specific unfilled orders from foreign buyers.
(b) Political and commercial risk on loans extended by lending institutions to foreign buyers for the purchase of property or services supplied by eligible exporters from this State.
(c) Loans extended by lending institutions to eligible exporters with specific unfilled orders from foreign buyers.
(3) Obtain guarantees and direct loans as the Export-Import Bank of the United States may make available for the purpose of facilitating programs authorized under this section.
(4) Allocate funds to administer the programs authorized under this section.
(5) Develop and implement other programs as it determines are necessary to improve the export potential for business enterprises located in the State.
In developing and implementing the programs described in this section, the authority may consider the advice and counsel of the Governor’s Export Advisory Committee, created by executive order as an adjunct to the State Development Board, or any successor thereto, and allocate available resources in a manner as will ensure that priority consideration is given to the needs of small and medium size businesses.
(B) In addition to the findings and considerations required under § 41-43-150, the following conditions must be met before an export transaction qualifies for assistance under this section:
(1) The goods, services, commodities, machinery, equipment, or other personal property must have value added to it in South Carolina.
(2) The exporter must be able to demonstrate to the satisfaction of the authority that the transaction complies with the applicable laws of this State, the United States, and the country of destination.
(3) The exporter and the foreign purchaser must not be related persons as determined pursuant to the provisions of Sections 267(b) and (c) and 707(b) of the Internal Revenue Code, as amended, nor members of the same controlled group of corporations, as defined in Section 1563(a) of the Internal Revenue Code, as amended, (except that "more than 50 percent" may be substituted for "at least 80 percent" each place it appears therein), nor may either the exporter or the foreign purchaser otherwise indirectly or constructively own or control the other.
(4) The foreign purchaser and the country in which it is located must otherwise be acceptable to the authority, taking into account factors such as the history of the trade relationship between the firms in this State and the purchaser or country of destination.