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Bellagiche CDC outlines $1.5 million lending plan for Gullah neighborhoods, seeks underwriting partners
Summary
The CDC proposed a small-business microloan program ($5,000–$50,000) and a real-estate development loan program ($50,000–$200,000), designating $500,000 and $1,000,000 respectively, and said underwriting will involve the finance department and may include external partners and training supports.
At a public board meeting, Thomas Boxley presented proposed loan programs intended to stabilize and strengthen historically Gullah neighborhoods. The plan calls for a small-business microloan fund offering loans of $5,000 to $50,000 and a real-estate development loan fund for projects of $50,000 to $200,000. Boxley said the CDC has designated $500,000 for the small-business program and $1,000,000 for the real-estate development program; amounts awarded will depend on funding availability.
Boxley said eligibility will require that businesses or development projects be located in identified culturally sensitive communities…
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