Micro-loans will be available in amounts up to $50,000 for startups and small businesses that are unable to obtain funding through traditional lending institutions. Loan applications and one on one business coaching to sustain and grow businesses will be available through the Georgetown and Conway Innovation Centers.
Dr. Michael Roberts, President of the Board of the 5th T Innovation Group said: “the addition of a micro-loan portfolio to our existing business-development activities, will allow our organization to further develop economic opportunity in the region. We are extremely excited by our partnership with Community Works, and look forward to helping expand the entrepreneurial ecosystem in the greater Grand Strand region.”
To qualify for a loan, the business must be located in South Carolina and the owner of the business must reside within the state. Loans may be used for equipment, machinery, inventory, lease improvements and/or working capital. In addition to helping small businesses through the application process, staff of the Innovation Centers will provide training and coaching sessions designed to equip owners with tools necessary to achieve business success.
The management of the loan process will be based out of the Georgetown location, but individuals seeking loans can apply at either of the two locations. The Georgetown Innovation Center is located at 901 Front St. in downtown Georgetown, SC. The phone number is 843-527-6636, and they can also be reached by email at: firstname.lastname@example.org. The Conway Innovation Center is located at 1119 3rd Ave in downtown Conway. The phone number is 483-488-2783, and they can also be reached by email at: email@example.com.