$8.2M Available for COVID-Impacted Operations

$8.2M Available for COVID-Impacted Operations

Low Interest Loans for Businesses/Agribusinesses
GEORGETOWN, SC, August 10, 2020 – $8.2 million is available for low-interest loans to assist
businesses and agribusinesses impacted by the COVID-19 pandemic.

Loans can range from $50,000 to $750,000 and are available in 29 SC counties, including Georgetown,
Horry, and Williamsburg counties. Funding for the SC Business Loan Fund (SCBLF) has been provided
from the U.S. Economic Development Administration as part of the CARES Act.

J. Yancey McGill, Former Lieutenant Governor and Chairman of the Waccamaw Regional Council of
Governments (COG), was encouraged that COGs could assist businesses in this way. “As our business
community re-opens and faces challenges in the months ahead, this capital will be used to grow
jobs, strengthen supply chains, and aid in the economic recovery of our region and state.”

Waccamaw Regional COG is partnering with the administrator of the fund, the Catawba Regional COG,
based in Rock Hill. “We are glad to see the COGs working together to help our state’s businesses
recover,” said Catawba Regional COG Chairman Frank Hart, Supervisor of Union County. “We are
stronger when we support each other and work to efficiently and effectively deliver services to
business and the public, regardless of political boundaries.”

Loan proceeds may be used to acquire fixed assets, like buildings
and furniture, fixtures, and equipment, as well as inventory, technology, personal protective
equipment, and other working capital needs. The SCBLF can make loans in conjunction with or without
a company’s bank or credit union. Loans are underwritten by experienced commercial lenders and
Catawba Regional COG has made over $75 million of economic development loans throughout the state
of South Carolina. Borrowers will need two years of personal and business tax returns, a current
personal financial statement, and satisfactory personal credit to be considered for a SCBLF loan.

Waccamaw Regional COG (WRCOG.org) and Catawba Regional COG (CatawbaCOG.org) are part of a network
of ten COGs across the state of South Carolina (SCCOGS.org). The COGs are comprised of local
municipal and county governments within each region and support economic and community development
and provide a variety of services to members.

For more information or to inquire about a possible loan, please contact: Rusty Gaskins, at
RGaskins@WRCOG.org, Ed Brock, at EBrock@catawbacog.org, or Tyler Lewis, at TLewis@catawbacog.org.