Find a recent, updated list of loans as well as free grant programs in South Carolina that will give priority to women as well as minority owned businesses. There are funds available, as well as free counseling or mentoring services, for Black owned companies, Latino businesses, LGBTQ organizations, veterans, women owned businesses as well as other disadvantaged and minority groups. Each and ever day, week, and/or month there are programs targeted at small to mid sized minority or women owned business that operate in South Carolina., including in Charleston, Greenville, Columbia and other cities. Find the latest programs below.
Small business assistance is provided by corporations, the state of South Carolina or the federal government, credit unions, banks, charities, and other lenders. There may be zero percent interest loans or forgivable loans. Grant programs may also provide the funds that veteran, Latino, or women owned businesses need to grow or succeed. Not only may financial assistance be provided, but there is also generally other assistance such as legal support, help with marketing/advertising, management training, mentoring, tax advice and more for MWBE, Veteran, and BIPOC (Black, Indigenous, People of Color) owned businesses.
Any entrepreneur, a small to mid sized businesses owner or start up company in South Carolina can apply. However each of the organizations or lender has designated a certain amount of funding, as well as other support, for women or minority owned companies. This means that women, Black owned companies, Asians, Latinos, veterans and others either (1) get priority or (2) have a certain amount of funding allocated to their businesses. Learn more below.
Loans and free grants for minority or women businesses in South Carolina
This list below is updated daily. There is generally a short window of time to apply. Therefore it is strongly recommended that any interested minority owned or run company, or a woman owned business, should apply right away. As the funding is always favorable and the assistance goes quickly.
Year Round Programs
The City of Charleston has an organization that focuses on supporting minority as well as women owned businesses. There is an group known as The Minority Business Enterprise Advisory. The organization provides information on applying for financial assistance including free government grants or SBA loans, business development workshops, mentoring resources, business plan development and more. Find details on the female, Asian, Black, Veteran and minority organization here. https://www.charleston-sc.gov/CivicAlerts.aspx?AID=829
Minority Business Accelerator is offered in Charleston, Columbia, and Greenville SC. It is a multi-faceted program launched in partnership with Interise StreetWise ‘MBA’. MWBE and BIPOC as well as veteran owned businesses can get free coaching, referrals to financing (both free grants or loans), training and other assistance. Select a city for information. Charleston area – www.charlestonchamber.org; Columbia area – https://www.columbiachamber.com/; Greenville area – http://greenvillechamber.org/
Women’s Business Center of Columbia SC offers a number of programs. There are networking events, information on applying to micro-loans and government free grants, coaching, use of a business center and more. They help women owned companies (Black, Latino, White, Asian, etc) or any race. https://www.columbiasc.edu/community/womens-business-center
September and October 2021
SCORE SC Lowcountry, which includes areas such as Hilton Head, Beaufort, Colleton, Hampton, and Jasper County, is offering minority owned businesses grants ranging from $500 to $2,000. The financial assistance is offering in partnership with local and national banks, including Wells Fargo. SCORE also helps with other needs including mentoring, business development, information on how to raise other capital from investors or loans, and more. Apply here. https://sclowcountry.score.org/lowcountry-minority-business-grants
August and September 2021
Charleston, Dorchester, Berkeley and Williamsburg County minority or women owned businesses (MWBE) can apply for free grants from SCORE and Truist. The funds are intended to help a business (1) keep employees or hire new ones; (2) start a company; or (3) meet other emergency needs. The grant program is combined with free coaching from SCORE mentors, business education, mentoring, and ongoing support. Apply here. https://charlestonsc.score.org/minority-and-women%E2%80%99s-small-business-initiative
October 2020 and November 2020
South Carolina CARES Act grant program, also known as the Minority and Small Business Relief Grant, is for minority owned businesses impacted by COVID. There are free government grants for black, Latino, veteran, Asian, and other disadvantaged businesses. Qualified applicants can get anywhere from $2,500 to $25,000, with a focus on customer-facing, service industries such as restaurants, travel industries, and others. The business must have been started in 2019 and meet other qualifications. The Minority and Small Business Relief Grant is also partnering with non-profits such as SCORE to give advice. Apply here. https://accelerate.sc.gov/cares-act/applying-sc-cares-act-funds
Charleston, LDC will be issuing hundreds of thousands of dollars in loans. A focus is on businesses impacted by COVID, and the assistance program is known as Coronavirus Aid, Relief, and Economic Security Act. Non-profits as well as for-profit businesses can apply, including minority, veteran, and women owned companies. the interest rate on the loans will be 4%. Use the money for hiring, working capital, and other bills. Apply here email@example.com.
Greenville County has $5 million dollars to issue to Minority Small Businesses. Applicants need to be small businesses that are at least 51 percent owned by one or more individuals who are both socially and economically disadvantaged. https://www.greenvillecounty.org/CARES.aspx
Duke Energy, S.C. Chamber open small business mentorship grant. The S.C. Chamber is partnering with the Duke Energy Foundation to administer this program focused on helping small and minority owned businesses in the state. Assistance includes six months of mentoring from experienced professionals from the marketing, legal support, advocacy training, governance, sustainability, finance and tax fields, as well as a $1,000 free microgrant. https://gsabusiness.com/news/energy/79023/
By Jon McNamara