Economic Development
Economic Development District
Lower Savannah is the designated regional Economic Development District (EDD) through the US Department of Commerce Economic Development Administration (EDA). It is the responsibility of the staff to keep local governments in the region eligible for financial assistance from EDA through the development and implementation of a Comprehensive Economic Development Strategy (CEDS).
Lower Savannahs Economic Development efforts support the development of projects that improve the regions economic competitiveness and create permanent full time jobs. Staff identifies priorities and funding sources for projects that provide improvements to infrastructure and education resources that will help the region to accommodate economic development projects. The primary economic development objectives of this strategy are: promote economic development and opportunity, foster effective transportation access, enhance and protect the environment, and balance resources through sound management of development. Staff also assists with funding applications and EDA grant administration.
For more information call the Director of Planning at 803.649.7981.
Revolving Loan Fund Program
Through its Economic Development Revolving Loan Fund (RLF), LSCOG offers financing to small businesses to help them grow and expand. Loans are available in amounts from $10,000 to $150,000 based on the number of jobs created or retained by the business. The loan fund program is designed to be flexible and fill the gap between the financing available from traditional private sector lenders and a businesss total financing need. It can provide financing for land, building, equipment and working capital and can assist manufacturing, industrial, service and some retail firms.
By sharing risk, RLF involvement helps to limit the primary lenders risk and extended terms offered by the RLF can help improve the borrowers cash flow, which will help improve the businesss chances for success. The RLF was funded with one time allocations for economic development purposes, therefore, loans are intended to be repaid and potential borrowers must be credit worthy, submit financially sound proposals, and provide adequate collateral to secure the loan and personal guarantees.
For more information call the Finance Director at 803.649.7981.
Links
US Department of Commerce Economic Development Association
www.eda.gov
