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S.C. Community Loan Fund receives $25,000 grant

Staff Report //April 24, 2020//

S.C. Community Loan Fund receives $25,000 grant

Staff Report //April 24, 2020//

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The S.C. Community Loan Fund has received a $25,000 grant from the Regions Foundation to help small businesses affected by the new coronavirus.

The fund, a Community Development Financial Institution, specializes in financing community initiatives that support access to food, housing and other essential services. It has offices in Columbia, Spartanburg and Charleston.

The Regions Foundation is a nonprofit initiative of Regions Bank.

“In mid-March, we surveyed our current borrowers to learn more about how the spread of COVID-19 was impacting operations and learned that nearly half of respondents have three months or less operating expenses on hand, so the need for flexible, affordable capital is urgent,” loan fund CEO Anna Lewin said in a news release. “The Regions Foundation’s rapid response to this unfolding crisis will help SCCLF as we work with our borrowers during this uncertain time.”

The fund is providing guidance to companies in areas such as alternative payment arrangements and applying for loans and grants.

Small businesses are vital to the strength of our communities, and during this unprecedented challenge, our goal is to help entrepreneurs and their businesses by supporting important resources that are available to them, said Leroy Abrahams, head of community affairs for Regions Bank. South Carolina Community Loan Fund and other CDFIs receiving grants from the Regions Foundation are working with small businesses directly, connecting them with valuable assistance to help them weather this storm.

The foundation, which is funding a total of $375,000 in grants to CDFIs, is also matching donations by Regions Bank associates to community foundations responding to the COVID-19 pandemic.