“The response to our Funding Round has been overwhelming,” states Patrick King, CLF’s assistant director. “Forty percent of those in attendance at the workshop submitted a LOI, signaling a high demand for flexible capital needed to transform South Carolina’s low-wealth, underserved and rural communities.”
More than 70 non-profit, for profit and local government developers attended CLF’s 2014 Funding Round Application Workshop. From this, CLF received 23 Letters of Intent for a total of $4.9 million in requested financing.
Requests are for all four focus areas, and represent communities from across the state. Examples of potential projects include:
$100,000 for the construction of a child care center for low-income families residing in Orangeburg County
$95,000 for the acquisition and rehabilitation of affordable rental units in Bamberg County
$500,000 for the acquisition and construction of business space to create awoodworking co-op and education center in Charleston County
Full applications are due this week, with the funding announcement scheduled for early October.
CLF plans to incorporate funding rounds into its ongoing loan deployment strategy to facilitate investment of patient and flexible capital in low-wealth, underserved and rural South Carolina communities. Funding rounds will not replace CLF’s open application process; the next deadline for open submissions is October 15.
For more information on CLF’s loan programs, please contact Patrick King at patrick@sccommunityloanfund.org.
CLF’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.
