The LDC (Charleston Local Development Corporation) wants to remind businesses in the greater Charleston area about its Small Business Disaster Relief Loan Program. Following a natural disaster, businesses can receive temporary financial relief through the program. It’s a prompt stop-gap loan for businesses that have suffered losses due to a natural disaster.
Often, businesses are unable to resume operations following a catastrophic event because of a lack of cash reserves, and because of the time required to receive insurance proceeds, or assistance through SBA or traditional lenders. The LDC program, with its streamlined application and expedited process, can provide almost immediate financial assistance to eligible small businesses in the greater Charleston region to include those located in Berkeley, Charleston, Colleton, Dorchester, and Williamsburg counties. Loan proceeds can provide the swift relief that businesses need to be back in operation quickly.
The LDC recognizes the importance of the small business sector to the economic livelihood of the greater Charleston region and provides the Small Business Disaster Relief Loan Program not only so businesses can be back in operation but also so business owners can quickly bring their employees back to work.
The program is designed to provide up to $10,000 in funding for the purposes of securing damages to a place of business, purchasing generators, replacing perishable inventory, paying salaries, and meeting other operational needs. The short-term loan provides favorable terms and calls for repayment when funds are received from insurance proceeds, SBA funding or traditional financing.
Outside of disaster relief, the LDC provides other loan programs for a variety of business needs, including funds for business startup. Businesses not able to access commercial financing may be eligible for one of the LDC’s other programs.
The LDC is a community-driven nonprofit, dedicated to growing the local economy by providing flexible, affordable, and customizable loans to small businesses that are unable to obtain traditional commercial financing. The LDC is located at 2 George Street and can be contacted at 843-973-7298, through its website @ www.charlestonldc.org or email @ info@charlestonldc.org.