The Local Entrepreneur Acceleration Program (LEAP) supports diversity in small business ownership in South Carolina by helping minority and women entrepreneurs with business plan development, technical skills, and startup capital opportunities. SCCLF offers this 10-week course annually, with the goal of LEAP laying a solid foundation for aspiring or growing business owners.
To date, SCCLF’s LEAP has received 535 applications, awarded $395,000 in business grants, and issued 20 forgivable loans totaling more than $173,500. Because of the success of LEAP, SCCLF is now offering a new financial product designed to further empower LEAP and Feeding Innovation alumni, the LEAP Forward Loan.
LEAP to LEAP Forward Loan
The LEAP Forward Loan was born because SCCLF recognized the need for ongoing support for LEAP graduates. After the 10-week course, many LEAP graduates are ready to take the next step in their business—which is often gaining more capital to grow. This loan is an exclusive opportunity tailored for alumni, providing accessible capital with favorable terms.
LEAP Forward Loan: Key Features
- Loan Terms: Up to 3 years
- Interest Rate: 10%
- Credit Score: No minimum requirement
- Origination Fee: 2%
- Personal Guarantee: Required
- Collateral: Secured by business assets
Required Documents:
- Prior year and year-to-date profit and loss statements
- Prior year and year-to-date balance sheet
- Personal financial statement
- Debt schedule
- Sources and uses statement
- Most recent tax returns
- $25 credit report fee
Why Consider a LEAP Forward Loan?
- Accessible Capital: With no credit score minimum, the LEAP Forward Loan is designed to be accessible to a wider range of entrepreneurs who may face barriers to traditional financing.
- Technical Support: Borrowers receive one-on-one assistance and technical support from loan officers throughout the process, ensuring they have the guidance needed to succeed.
- Community Impact: By advancing equitable access to capital, the LEAP Forward Loan contributes to the creation of thriving, economically resilient communities across South Carolina.
- Favorable Terms: The loan offers a reasonable interest rate and a term length that provides flexibility for small business owners to manage repayments without undue stress.
“The LEAP Forward Loan represents the next step in SCCLF’s mission to support diverse small business ownership in South Carolina. By offering this exclusive opportunity to LEAP and Feeding Innovation alumni, SCCLF is fostering an environment where minority and women entrepreneurs can thrive,” said Deborah McKetty, President of SCCLF.
If you are a small business owner looking for accessible capital and comprehensive support, the LEAP Forward Loan could be the perfect solution to help your business grow and succeed. Learn more and apply here.
