SPARTANBURG, S.C. (FOX Carolina) -Spartanburg County has invested more than $6 million into supporting and creating more small and minority-owned businesses. Back in March, they launched Power Up Spartanburg to do just that. Thursday night, they unveiled the next phase of that 5-year plan. The announcement was all about money. It’s called Power Up Funding. Leaders say this step will put Spartanburg closer to becoming a prime county for small business start-ups and growth.
“We are already seeing revenue growth we’re seeing payroll growth,” said Allen Smith, the President and CEO of One Spartanburg.
In the three months since the initiative launched, Allen says more than 500 people have reached out for help.
“It is essential for people to support small business,” said Jill Robinson. Robinson co-owns Affordable Pest Control, LLC in Spartanburg. She also launched Bougie Bands by Jill with the help of a free OneSpartanburg consultant during the pandemic.
“There are expenses all over the place where the startup company you know, having to get your product, find a seamstress to make it website, the LLC’s,” she said.
Her business is succeeding, and Power Up funding will help others get off their feet too. Over the next few years, they’ll give out $10 million worth of loans—and more than $600,000 in grants for small businesses.
“30% of the loan and grant will be reserved for two years just for minority businesses because the data says that they have higher walls to climb when it comes to getting access to capital,” said Smith.
OneSpartanburg will partner with three economic assistance companies to run the loan program. Grant applications open July 17th. Both options offer up to $50,000 in funding. Robinson says she’ll be applying for it.
“I’m excited about it,” she said.
There are nine steps to the Power Up Spartanburg initiative, so it doesn’t stop here. Smith says to expect another big announcement by the end of this summer.
Eligibility for Power Up Funding requires participating businesses to fill out a Power Up Spartanburg intake form.
Detailed information about each funding option and more can be found at www.PowerUpSpartanburg.com/funding.
Funding opportunities are as follows:
- Existing Business Loans of up to $50,000 for small and minority businesses in business for more than two years. Administered by Carolina Foothills Federal Credit Union
- Start-Up Loans of up to $50,000 for small and minority businesses in business for less than two years, including start-ups and entrepreneurs. Administered by The CLIMB Fund
- Existing Business Grants for small and minority businesses operating for two or more years. Administered by The National Development Council
- Businesses with between $25,000 and $150,000 in revenue can apply for up to $5,000.
- Businesses with between $150,000 and $3 million in revenue can apply for up to $10,000.
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