Richland County committee considers revolving loan fund to fill financing gap outside Columbia

The Richland County Office of Small Business Ad Hoc Committee on Tuesday heard a staff briefing on a proposed revolving loan fund intended to provide gap financing to small businesses located outside the City of Columbia.

Director Pam Green told the committee that the fund’s purpose would be “for those businesses that have difficulty obtaining financing through traditional measures,” and that the county would serve businesses in unincorporated Richland County while the City of Columbia’s program continues to serve city limits.

The program as presented would support job creation and retention, workforce and equity goals, and targeted revitalization in unincorporated areas. Green outlined three primary funding “buckets”: an Economic Development Administration (EDA) capitalization grant, Community Development Block Grant (CDBG) dollars with HUD requirements for low- and moderate-income beneficiaries, and a county general‑fund match. Green said EDA awards typically range “anywhere from 500,000 to 2,000,000” and that an application would require a five‑year lending strategy tied to the Central Midlands Council of Governments’ comprehensive economic development strategy.

Program mechanics described to the…