In June of this year, we announced our 2014 Funding Round and from that initial invitation and subsequent follow-up, we received eleven applications. We’re pleased to announce that we have approved five loans totaling $1,005,137; financing will be used within communities across the state to address local economic development needs.

Here is an overview of the five approved loans:

C & M Learning Center, Orangeburg
Provides after-school tutoring and teaching of the South Carolina State Common Core Standards to children from ages 5 through high school. SCCLF financing will be used for construction, land improvements, equipment, and working capital.

Lighthouse Real Estate Services, LLC, Charleston
Provides quality housing at affordable rates by specializing in the acquisition, improvement and management of properties in the Charleston Metro Area. SCCLF financing will be used to acquire and renovate five, 2-3 bedroom homes available to low-income families (living at or below 80% AMI).

New America Corporation, Orangeburg
Specializes in business development, affordable housing, and education in Orangeburg. SCCLF financing will be used to develop four, 2-bedroom townhouses available to low-income families (living between 80% to 120% AMI).

P.A.S.T.O.R.S., Inc., Charleston
Stimulates economic and commercial growth within Charleston, Berkeley and Dorchester counties. SCCLF financing will be used to acquire and develop one, 3-bedroom home available to a low-income family (living at or below 80% AMI).

Perrin Woodworking, LLC, Charleston
A company specializing in high quality cabinetry and furniture for residential and commercial clients. SCCLF financing will be used to acquire property for relocation and expansion of the existing business.

We accept loan applications throughout the year, with applications reviewed bi-monthly by our loan committees. For more information on our loan programs, please contact Patrick King at patrick@sccommunityloanfund.org.

SCCLF’s Revolving Loan Fund is capitalized through public and private sources including Anita Zucker, Architectural Associates, Bank of America, Bank of South Carolina, Charleston County, City of Beaufort, City of Charleston, Frances P. Bunnelle Foundation, Georgetown County, Heritage Trust Federal Credit Union, Jessie Smith Noyes Foundation, James O. and Harriet P. Rigney Endowment, Marty and Julie Klaper, Mary Reynolds Babcock Foundation, PNC Bank, Robert Johnston, SCBT, Tidelands Bank, Town of Port Royal, USDA, US Treasury CDFI Fund, and Wells Fargo.