Resilient Columbia CARES Act Revolving Loan Fund Information

Does your business need financial assistance due to COVID-19?  

The Resilient Columbia CARES Act Revolving Loan Fund may be an option! 

This opportunity is available for only for businesses located within the corporate limits of the City of Columbia.  



Not sure if your business is within City limits?  Enter your address here to check!

The Resilient Columbia CARES Act Revolving Loan Fund provides a financing option to small businesses in an effort to "prevent, prepare for, and respond" to the economic injury attributed to the coronavirus (COVID-19).
 - Business owners may apply for a loan ranging from $10,000 - $200,000.
 - Loans will be at 0% interest the first year of repayment and 2.5% fixed for the remaining loan term.
 - Businesses must be located within the City of Columbia to be eligible.


 - Resilient Columbia CARES Act RLF Fillable Application
 - Duplication of Benefits for CARES Act Funding
 - Resilient Columbia CARES Act RLF Conflict of Interest and Disclosure Certification
 - Resilient Columbia CARES Act RLF Business Narrative Template
 - Resilient Columbia CARES Act RLF Required Checklist Cover Page
 - Resilient Columbia CARES Act RLF Required Checklist Cover Page (for applications $50,000 and less)
 - Resilient Columbia CARES Act RLF Uses
 - Resilient Columbia CARES Act RLF Ordinance

Templates For Use In Completing Resilient Columbia CARES Act Revolving Loan Fund Application Package
Global Cash Flow Template (for existing businesses)
 - Complete this template for the previous 2 years in business.
 - Complete the resume worksheet included in the Global Cash Flow Template only once or attach a resume.

Profit and Loss Statement for Applications of $50,000 or Less

SCORE's Financial Projection Template for Start-up Businesses

Download and complete the SCORE's financial projection template if you are a start-up business.   An example of a completed start-up financial projection template can be found here

For assistance in completing this template, we recommend downloading the Financial Projections Template Guide in English or Espanol.

Personal Financial Statement Template













COMMERCIAL LOANS







City-wide Commercial Loan Criteria


Funds may be used for the following:
* Building construction or rehabilitation
* Business conversion or expansion
* Purchase of real estate, machinery, equipment., supplies,
  or materials
* Working capital

Eligibility
To be eligible for funding through the Commercial Revolving Loan Fund (CRLF):
* Businesses must be located within the corporate city limit of the City of Columbia
* Project must retain or create a certain number of jobs per amount funded
* Certain funds require participation of private lenders and can only be used to fund part of an entire project
* An equity investment on the part of the applicant may be required

Application Process
1. Contact the City of Columbia's Office of Business Opportunities for more information and to get a loan
    application.  
2. Applicants must submit the following:
    a. Completed Loan application
    b. Three (3) years of taxes and financial statements (business and personal)
    c. Three (3) years of financial projections for the business
    d. Business plan (start-ups) or plan for expansion/rehabilitation. etc.
3. Completed applications are reviewed by staff and if they meet requirements, forwarded to the Commercial
    Revolving Loan Fund committee for review and approval/disapproval.

Commercial Loan Application
Commercial Loan Brochure
Commercial Revolving Loan Fund Code - R-2018-061

INTERACTIVE COMMERCIAL PROPERTY LOCATOR


COMMERCIAL LOAN MEETING AGENDAS
CRLF Agenda 1-22-2020
CRLF Agenda 2-26-2020
CRLF Agenda 4-29-2020
CRLF Agenda 5-20-2020
CRLF Agenda 6-24-2020
CRLF Agenda 7-29-2020
CRLF Agenda 8-18-2020
CRLF Agenda 9-2-2020
CRLF Agenda 9-25-2020
CRLF Agenda 11-6-2020

No meeting held in: March 2020.


Commercial Loan Committee Members
Kathleen Abraham
Jennifer Bishop, Chair
Ryan Coleman
Dianne Rushing
Gloria Saeed
Mills Snell
Bianca Williams


Commercial Retention & Redevelopment Program (CRR) 2019-20
Program Launch:  Monday, February 11, 2019
CRR Project APPLICATIONS CONTINUE TO BE ACCEPTED
CRR 2019-20 Target Area: 
The following portions of:
Harden Street:  600 - 2099 Blocks of Harden Street (Blossom - Solomon-Walker Way)
North Millwood/Millwood Avenue:  1300 - 2599 Blocks of Millwood Avenue (Taylor - King)
Gervais Street:  2100 - 2399 Blocks of Gervais St. (Harden - Millwood)
Taylor Street:  2100 - 2399 Blocks of Taylor St. (Harden - Millwood)
Lower Five Points District Overlay (portions of College, Greene, Saluda, Devine, Santee & Blossom Streets)
This is a forgivable loan program that consists of both a commercial loan project for interior improvements and a facade project for exterior improvements. (See Facade Improvement Program for forgivable facade loan project details.)
Forgivable Commercial Loan Project Materials
♦  CRR Brochure
♦ 
 COMMERCIAL LOAN PROJECT Step-by-Step Guidelines
♦ 
 COMMERCIAL LOAN PROJECT Application Package Checklist
♦  
CRR COMMERCIAL LOAN PROJECT Application (Document is fillable and can be Saved with your entered information.)
♦  Letter of Agency (only required if you are building tenant making the application; not needed if you own the building)  (Document is fillable
    and can be Saved with your entered information.)
Commercial Loan Candidates must apply for a Facade Improvement Forgivable Loan to be eligible for this additional, multipurpose $10,000 forgivable loan.  Please contact 803.545.3259 for more information.


Contact Office of Business Opportunities at 803.545.3950