Areas Served: Statewide South Carolina
TYPES OF LOANS The BMRLF offers two types of loan programs for businesses: Micro-loans $1,000 to $10,000 and can make a big difference to a small and/or minority-owned business that is building its foundation or is in need of reinforcement.
Small Business Loans Range in size from $25,000-$100,000 and are designed to assist more mature businesses with a documented operating history of 3 or more years.
( Our Small business loans are currently being capped at $25,000) LOAN QUALIFICATIONS Minority-Owned Business A socially and economically disadvantaged small business in operation 3 or more years organized for profit, performing a commercially useful function, which is owned and controlled by one or more minorities.
Ownership must be at least 60% minority.
Start-Up Small Business Any for-profit corporation or company with 3 years experience or less that is or will be engaged in legitimate (socially acceptable) commercial activity.
Location The business must be operated within the 7 counties of the SC Midlands which include: Richland, Lexington, Keshaw, Newberry, Fairfield, Saluda, and Calhoun counties.
Credit Worthiness Applicants are expected to be current on all open credit accounts for the past 12 months with no open collection items listed.
Defaulted student loans, tax liens, and judgements are automatic disqualifiers.
The accepted FICO Consumer Credit Score will need to be 580 or above.
Loan Security All loans approved by the BMRLF are fully collateralized.
Applicants will need to identify unencumbered collateral up to the loan request amount in order to complete the application process.
Contact InformationBenedict Minority Revolving Loan Fund
Address: 1600 Harden Street
City: Columbia
State: South Carolina
Website:
http://www.bmrlf.org/loan-programs/
Leave a Reply