South Carolina Community Loan Fund (SCCLF) is committed to building healthy, resilient communities throughout South Carolina. Through our New Market Tax Credit Program (NMTC), SCCLF have deployed a $35MM allocation into six community-focused projects in the Upstate and Midlands regions.
Although each of the NMTC projects SCCLF financed are unique to the needs of their communities, they all are designed to provide resources to communities that have been historically underserved or denied access to capital and economic opportunity.
Projects like the TK Gregg Community Center in Spartanburg and Claflin University’s Student Center in Orangeburg are the center of the communities in which they exist Community facilities enhance the lives of residents in numerous ways.
The New Markets Tax Credit Program (NMTC Program) helps economically distressed communities attract private capital by providing investors with a federal tax credit. SCCLF received its first NMTC allocation in 2019.
“The NMTC program permits SCCLF to help communities develop facilities that might not be feasible. For the right project, the combination of federal tax credits and private capital make all the difference to a resource-challenged community,” said Nate Barber, CEO of SCCLF.
In addition to deploying tax credits, SCCLF provides financing, such as bridge loans or gap financing, to help bring large-scale projects to fruition. For more information on the NMTC Program and SCCLF’s allocation, contact Brendan Buttimer, Senior Loan Officer and NMTC Officer, at brendan@sccommunityloanfund.org.