South Carolina has a rich culture, delicious cuisine, and plenty of Southern charm. It also attracts entrepreneurs due to the low costs of doing business within the state. Are you a business owner who operates within the Palmetto State? If you do—or if you want to start one—read through the funding options below. These business loans and grants are only available to South Carolina businesses.
Department or Agency: South Carolina Department of Employment & Workforce
Loan or Grant title: SC CompTIA IWT Scholarship Program
The SC CompTIA IWT Scholarship Program is designed to help South Carolina businesses be more competitive by upskilling employees to be more technology-savvy. The program awards business scholarships for certified technology training in two areas: 1) A+ is a 16-week training that prepares workers for IT operations roles, and 2) Security+ is an 8-week program including one-on-one mentored learning and certification to manage IT infrastructure and cybersecurity at an organization. Each is valued at over $5,000 per worker. Eligible South Carolina businesses will have at least one full-time employee (not including the owner) who has been on staff for more than six months and has at least an average understanding of information technology.
Department or Agency: South Carolina Research Authority (SCRA)
Loan or Grant title: SCRA Grant Funding – Startup Grant
The South Carolina Research Authority (SCRA) supports entrepreneurs and technology startups by offering grants, coaching, and outside investment. The Startup Grant is geared toward early-stage startups that need extra funding to reach commercialization. Grants are up to $25,000.
Department or Agency: South Carolina Research Authority (SCRA)
Loan or Grant title: SCRA Grant Funding – Academic Startup Grant
The SCRA’s Academic Startup Grant supports early-stage academic startups that need funding to reach commercialization. Grants are up to $25,000.
Department or Agency: South Carolina Research Authority (SCRA)
Loan or Grant title: SCRA Grant Funding – Acceleration Grant
The SCRA’s Acceleration Grant grants up to $50,000 to established early-stage technology companies in South Carolina. Companies can use the funds to improve their market readiness. To be eligible, companies must have their principal place of business in South Carolina and have at least 51% of their employees working in the state.
Department or Agency: South Carolina Research Authority (SCRA)
Loan or Grant title: SCRA Grant Funding – Federal Matching Grant
The Federal Matching Grant gives matching grants to South Carolina companies that have received a federal Small Business Innovation Research (SBIR) or Small Business Technology Transfer (SBTT) Phase I award and need additional funding to further their product development. SCRA will match up to 50% of a qualifying award amount, up to $50,000.
Department or Agency: South Carolina Research Authority (SCRA)
Loan or Grant title: SCRA Grant Funding – Small Business Demonstration Grant
The Small Business Demonstration Grant gives one-to-one matching grants to eligible small technology businesses that need capital for technology demonstrations, performance testing, or process improvement. To qualify, businesses must be registered within South Carolina, have their principal place of business located in the state, and have at least 51% of their full-time employees working in South Carolina. Grants are up to $50,000.
Department or Agency: South Carolina Research Authority (SCRA)
Loan or Grant title: SCRA Grant Funding – Relocation Grant
The Relocation Grant supports companies relocating to South Carolina by reimbursing them for moving costs. Businesses can get up to $50,000 to use on moving equipment, employee relocation costs, and upfitting facilities. To qualify for the grant, the business has to demonstrate strong technology job growth prospects in South Carolina and have a minimum of five employees located in the state after the relocation.
Department or Agency: South Carolina Jobs Economic Development Authority (JEDA)
Loan or Grant title: SSBCI Loan Participation Program
The State Small Business Credit Initiative Program (SSBCI) supports the growth and expansion of small businesses in South Carolina with short and long-term loans. For-profit businesses located in South Carolina are eligible if they have fewer than 500 employees and if their loan requests are $5 million or less. Eligible uses for long-term loans include real estate purchases (owner-occupied only) and equipment. Short-term loans may be used for interim financing or construction.
Department or Agency: South Carolina Community Loan Fund
Loan or Grant title: Small Business Loans
The South Carolina Community Loan Fund supports the funding needs of community businesses serving and employing low to moderate-income people in underserved communities in the state. For-profit, as well as nonprofit organizations and governments, are eligible to apply. Loans can be used for a variety of business needs, including working capital, machinery, construction, renovation, site development, and property acquisition.
Department or Agency: South Carolina Community Loan Fund
Loan or Grant title: Healthy Food Retail Loans
The South Carolina Food Retail Loans promote access to healthy food products in underserved communities in the state. Nonprofit, government, and for-profit projects are encouraged to apply. Eligible projects for loans include grocery stores, corner stores, farmers’ markets, food hubs, and mobile markets selling healthy foods.
Department or Agency: CLIMB Fund
Loan or Grant title: Microloan
The CLIMB Fund is a certified community development financial institution serving businesses across South Carolina. Their microloan is geared toward small businesses that have struggled to obtain financing through traditional financial institutions. Eligible businesses can get up to $50,000 in microloans from CLIMB Fund.
Department or Agency: CLIMB Fund
Loan or Grant title: Small Business Loan
The CLIMB Fund’s Small Business Loan gives loans starting at $50,000 to businesses in South Carolina that need capital to support their operational needs to invest in growth and expansion.
Department or Agency: CLIMB Fund
Loan or Grant title: Real Estate Loan
The CLIMB Fund’s Real Estate Loan helps South Carolina businesses get the capital they need to acquire land or property, renovate, construct, or improve their facilities.
Department or Agency: CLIMB Fund
Loan or Grant title: CUMMINS Care Loan Program
The Cummins Advocating for Racial Equity (CARE) Loan Program—organized in partnership with the CLIMB Fund—supports small and minority-owned businesses in South Carolina’s Tri-state area. Eligible businesses can get loans with terms up to five years for working capital, equipment, and inventory. Businesses also get access to free technical business assistance in a variety of areas.
Department or Agency: CLIMB Fund and The City of Goose Creek
Loan or Grant title: Kickstart the Creek – Small Business Loan Program
In partnership with the CLIMB Fund, the City of Goose Creek has a small business assistance program designed to help new and existing operations open their doors or expand within Goose Creek. Loans are up to $125,000. To qualify, businesses must be located within Goose Creek and have 25 or fewer employees.
Department or Agency: The City of Goose Creek
Loan or Grant title: Facade Grant
The City of Goose Creek offers a Facade Grant to local businesses that need funds to improve their business exteriors. Eligible businesses can get up to $5,000 in matching funds to put toward painting, landscaping, and other aesthetic changes.
Department or Agency: The City of Goose Creek
Loan or Grant title: Sign Replacement Incentive Program
The City of Goose Creek has a Sign Replacement Incentive Program designed to help businesses comply with the city’s updated sign requirements. Businesses can get up to 80% of their sign removal and replacement costs reimbursed, up to $7,000.
Department or Agency: Power Up Spartanburg
Loan or Grant title: Existing Business Loans
Power Up Spartanburg offers loans to small and minority-owned businesses in Spartanburg County. Loans up to $50,000 will have a 3.99% APR. Businesses need to have been in operation for at least two years to qualify.
Department or Agency: Power Up Spartanburg
Loan or Grant title: Start-Up Loans
In partnership with the CLIMB Fund, Power Up Spartanburg offers loans up to $50,000 to small and minority-owned businesses in Spartanburg County that have been in operation for less than two years. Businesses must complete a virtual workshop and commit to eight hours of technical assistance to qualify.
Department or Agency: City of Columbia Office of Business Opportunities
Loan or Grant title: Commercial Revolving Loan Fund
The City of Columbia’s Office of Business Opportunities has a Commercial Revolving Loan Fund available to local businesses committed to expanding and creating new jobs. The program has a special focus on minority-owned and women-owned businesses, as well as operations located in priority development areas of the city. Businesses can use the loan funds to construct or rehabilitate buildings; expand; purchase real estate; buy machinery, equipment, supplies, or materials; or cover working capital.
Department or Agency: City of North Charleston
Loan or Grant title: Berkeley-Charleston-Dorchester Council of Governments’ Revolving Loan Fund
The City of North Charleston has a revolving loan fund available to start-up and growing businesses. Eligible businesses can use the loan funds to purchase machinery, equipment, real estate, and inventory; improve real estate and building facilities; and cover gaps in working capital.
