SC State Small Company Credit Initiative (SSBCI) Loan Participation System

SC State Small Company Credit Initiative (SSBCI) Loan Participation System

Helping businesses that are small, Expand and produce Work in SC

The SSBCI Loan Participation Program allows small enterprises in sc to acquire brief to financing that is long-term assist organizations grow and expand, finally producing and keeping jobs in South Carolina. This program provides small business loans at competitive terms while reducing the risk for the lender and allowing borrowers to receive attractive financing terms and lower down payments by partnering with financial virginia payday loans near me institutions.

Brief to Long-Term Financing for Small Business development in sc.

SSBCI Loan Participation Program Overview. Qualifying not-for-profit entities are additionally qualified.

System is made to target organizations with 500 or less workers and whoever loan demand is ten dollars million or less.

Maximum BDC Participation Amount

$1,000,000 (exceptions may use).

Optimum Participation Portion

Eligible Loan Needs

Profits can be used for the company function.

Ineligible Loan Needs

Passive investment, speculative activities, gambling, pyramid product sales, tasks forbidden by Federal or State legislation.

Optimum Loan Term

As much as 20 amortizations year.

Decided by lender, susceptible to BDC concurrence.

Kind Of Participation

During the time of loan inception, loan provider and BDC to mutually concur whether security position will likely to be equal (pari-passu) or BDC subordinated to lender in the eventuality of standard.

Lender is in charge of all loan liquidation and servicing(if required).

Master Loan Participation Agreement, Application for Participation, Bank’s Underwriting Credit Memo and Borrower’s Financial Statements, BDC Commitment Letter, Participation Certificate, Borrower Certification, Bank Closing Documents.

Certifications required since listed in papers called above.

Benefitting Both Smaller Businesses and Loan Providers

As well as helping market economic development and produce jobs in sc, the SSBCI Loan Participation Program advantages both smaller businesses and loan providers.

Provides business that is small at appealing terms

Provides lender paid down chance of loss

Provides a versatile and non-bureaucratic resource for funding

Allows the lending company the capacity to accept a loan that will otherwise be declined because of high Loan-to-Value/Loan-to-Cost

Provides quick disbursement of funds to your debtor

Helps the financial institution retain client and ancillary banking services

Allows borrowers to get a fast reaction to a loan demand

Offers the loan provider CRA credit for every single transaction

Utilization of profits

Proceeds is employed for a company function into the state of sc, which include (it is not restricted to) the annotated following:

For Revenue and Non-Profit Organizations that Qualify

Companies which could be eligible for this loan system are entities that continue company task for revenue or not-for-profit in sc, including:

Relevant Documents

Participating Banking Institutions

Ameris Bank Bank of Clarendon Bank of Greeleyville Bank of Travelers sleep Coastal Carolina nationwide Bank Coastal States Bank Countybank CresCom Bank Dedicated Community Bank Entegra Bank, A Division of Macon Bank First people Bank First Community Bank First nationwide Bank of SC First Palmetto Bank First Reliance Bank Residence Trust Bank IBERIA Bank Independence National Bank Oconee Federal Savings & Loan Association Palmetto State Bank safety Federal Bank Servis First South Atlantic Southern State Bank Southern First Bank Synovus Bank The people Bank United Community Bank

BDC Resources

Nat Green

Senior Vice President & Loan Officer

Company developing Corporation of SC (BDC) had been created in 1958 by the South Carolina State Legislature to market industry and business in the state. BDC is a non-bank commercial mortgage lender.

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