Representative Marvin Pendarvis (D – Charleston, Dorchester) sits on the executive board of the Low Country Alliance for Model Communities (LAMC) and is proud to help announce a partnership between the LAMC and LDC in order to issue microloans to businesses located within communities under the LAMC umbrella.
The initiative is called the LAMC Back to Work Loan Fund and will provide $300,000 worth of loans to the communities of Accabee, Chicora/Cherokee, Union Heights, Howard Heights, Windsor Place, Five Mile, and Liberty Hill. Amounts of the loans from the fund will be from $2,500 to $25,000 and will have an interest rate of no more than 4%.
LAMC’s mission is to “promote a sense of ownership within the community that translates into empowered residents that actively participate in initiatives to improve the quality of life of their communities.” The LDC states that it “provides flexible business lending products, along with extensive technical assistance, to women-owned, minority-owned, low-income, veteran, and other underserved business owners in Berkeley, Charleston, Colleton, Dorchester and Williamsburg Counties in SC.”
Rep. Pendarvis said, “The Back to Work Loan Fund is the result of a great partnership between two groups that want to make a real difference in communities that are working incredibly hard to make ends meet in these unprecedented times. Putting money in the pockets of small business during a sudden economic collapse will make the difference at the end of the day in keeping their doors open.”