Revolving Loan Fund
The Revolving Loan Fund program was established in 2012 to create pools of funds for organizations for the purpose of providing loans to member organizations to enhance, expand, or create job growth and development. Funds for the program are accumulated through membership dues and philanthropic entities. SCMBA’s role is to enable small and minority owned business to grow and thrive, the Revolving Loan Fund program is just one of the programs used to empower member organizations.
The availability of an unrestricted supply of funds is one of the hurdles small and minority owned businesses face when trying to enhance, expand or grow their business. SCMBA established a committee of members to develop guidelines for a Revolving Loan Fund program to help member organizations secure small loans without the scrutiny associated with institutional loan programs.
Since its inception, the Revolving Loan Fund program has made one grant to a SCMBA member, Mr. Anthony Armstead, of Hand Wash Carwash. With funds secured by the Revolving Loan Program, Mr. Armstead was able to purchase a truck and take on a helper.