This month, SCCLF released our first five-year impact report examining the impact of our lending program on South Carolina’s economy from 2013-2017. Understanding that the total economic impact of SCCLF’s lending program extends beyond the dollar amount loaned, this study sought to quantify the longer-term economic impact of the projects we finance on the communities we strive to serve. Through this study we learned:
- SCCLF’s lending program produced a total economic impact of $184 million from 2013-2017, as well as an estimated 1,458 jobs.
- SCCLF’s loans have been leveraged to produce a 1:12 impact. For every $1 of financing SCCLF provided between 2013-2017, $12 was circulated into local South Carolina economies.
- SCCLF’s economic impact increased each year, with the most significant increase following our statewide expansion in 2014.
- SCCLF is getting capital into the hands of individuals and communities that have historically lacked access to financing. From 2013-2017, three out of every four loans were made to borrowers of color and/or female borrowers, over a quarter were made in rural communities, and one third of SCCLF’s lending impact was concentrated in low-income communities.
The study was conducted by SCCLF staff with assistance from IMPLAN economists, and the results are based on data provided by SCCLF borrowers. More information on the modeling and methodology used is available in the report one-pager.