Authorized funds may be awarded as a grant to a microloan delivery organization if:
(1) the authorized funds granted are matched by the microloan delivery organization with nonstate funds equivalent in money or in kind equal to one dollar for each one dollar of the grant funds requested. These matching funds may be secured from any nonstate source, including private foundations, federal or local government sources, quasigovernmental entities, or financial institutions or from any other entity whose funding source does not include funds appropriated by the General Assembly; and
(2) at least fifty percent of microloan funds are disbursed by the microloan delivery organization in microloans that do not exceed ten thousand dollars.
HISTORY: 2014 Act No. 171 (H.3125), Section 1.A, eff January 1, 2014.
Structure South Carolina Code of Laws
Chapter 56 - Microenterprise Development
Section 11-56-10. Short title.
Section 11-56-20. Definitions.
Section 11-56-30. Purpose of chapter.
Section 11-56-40. Microenterprise Partnership Program.
Section 11-56-50. Criteria for awarding grants.
Section 11-56-60. Grant of authorized funds.
Section 11-56-70. Use of grants.
Section 11-56-80. Contracts with statewide microlending support organization.