Spartanburg unveils $10M loan pool for small and minority businesses

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A new loan pool and grant funding is now available to support the growth of small and minority businesses in Spartanburg.

OneSpartanburg, Inc. has unveiled Power Up: Funding, a new Power Up Spartanburg program, that provides Spartanburg County’s small and minority businesses with access to capital through exclusive loan and grant offerings, according to a OneSpartanburg Inc. news release. 

Made possible by funding from Spartanburg County Council, Power Up Spartanburg is a comprehensive movement to make Spartanburg County the No. 1 place in the U.S. to start, run, and grow a small or minority business, the release stated.

Through strategic partnerships with Carolina Foothills Federal Credit Union, the CLIMB Fund, and the National Development Council, a $10 million loan pool and $665,000 in grant funds will be made available to Spartanburg County small and minority businesses, the release stated.

“Thanks to Spartanburg County Council leadership, Spartanburg has long been the state’s leading destination for big business investment. Today, we take another step towards becoming the premier destination for small business growth and investment,” said OneSpartanburg Inc. President and CEO Allen Smith in the release. “Thanks to the support of County Council and a partnership with three community development financial institutions, existing and prospective small and minority businesses will be able to obtain funding at exclusive rates.”

For the first two years, 30% of funds will be reserved for minority-owned businesses.

“All the resources, above and beyond capital, provided by Power Up Spartanburg are designed to have a long-term impact on the small business community at large. However, we acknowledge the unique barriers facing minority-owned businesses and in particular Black-owned firms,” said Spartanburg County Councilman Monier Abusaft in the release. “Power Up Spartanburg, through funding and many other programs, will provide the additional support needed by minority-owned businesses. There’s never been a brighter future for those businesses here in Spartanburg County.”

Applications will be submitted directly to Carolina Foothills Federal Credit Union, the CLIMB Fund and the National Development Council, which will serve as fiduciary agents for the program, assessing applicants and disbursing funds.

Loan applications can be submitted now, with grant applications opening July 17. Eligibility for Power Up: Funding requires participating businesses to fill out a Power Up Spartanburg intake form. To submit an application click here.

Funding opportunities are as follows:

• Existing Business Loans of up to $50,000 for small and minority businesses in business for more than two years. Administered by Carolina Foothills Federal Credit Union
• Start-Up Loans of up to $50,000 for small and minority businesses in business for less than two years, including start-ups and entrepreneurs. Administered by The CLIMB Fund
• Existing Business Grants for small and minority businesses operating for two or more years. Administered by The National Development Council
• Businesses with between $25,000 and $150,000 in revenue can apply for up to $5,000.
• Businesses with between $150,000 and $3 million in revenue can apply for up to $10,000.