Through a partnership with CommunityWorks, a local non-profit financial institution, the Bringing Back the Burg Small Business Fund will provide financial assistance to qualifying businesses negatively impacted by COVID-19. The business fund will provide 24-month loans with a 2% interest rate and a 3% origination fee which can be used for rent, accounts payable, payroll, inventory, other working capital, or equipment with the possibility of 50% of the loan being forgiven after the first year.
Eligible Businesses
- Businesses with a physical location and principally based in Spartanburg County.
- For-Profit Business
- Employing less than 50 full-time equivalent employees
- Less than $5million in gross revenues for the past 12 months
- Affected by COVID-19
Current funds amount to $453,000, including contributions by Spartanburg County, the City of Spartanburg, the Mary Black Foundation, South State Bank, and OneSpartanburg. More than half of the funds are restricted to businesses located in, employ people from, or serve low and moderate-income areas.