A grant made by the department to a microloan delivery organization may be used to:
(1) satisfy matching fund requirements for other federal or private grants;
(2) establish a revolving loan fund from which the microloan delivery organization may make loans to microenterprises;
(3) establish a guaranty fund from which the microloan delivery organization may guarantee loans made by financial institutions to microenterprises; and
(4) provide funding for the operating costs of a microloan delivery organization.
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.