Charleston LDC Wins Two Major Federal Awards for Small Business Lending
Wednesday, August 19th, 2020
The Charleston LDC, a federally certified Community Development Finance Institution (CDFI) based in Charleston, SC with 41 years of local lending experience, earned two landmark awards from the US Small Business Administration (SBA) last week.
The organization was recognized for making both the most SBA Microloans, and lending the highest volume of Microloan dollars, in South Carolina during FY2019. SBA Microloans are a federal program designed to serve small businesses through community based intermediary lenders like the LDC.
The loans are capped at $50,000 or less for small businesses who struggle to secure traditional financing, and they are packaged with business coaching from the LDC. In FY2019, the LDC made 15 Microloans worth $564,193 to borrowers, including several local restaurants, retail shops and childcare centers.
“CDFIs matter when it matters most. We are proud to once again be recognized as South Carolina’s top SBA microlender,” said Steve Saltzman, CEO of the LDC. “This program is crucial to fulfilling our mission of providing access to capital to communities who are too often left behind in our economy, especially during these difficult times. We look forward to continuing this strong partnership for years to come.”
CDFIs like the LDC are nonprofit loan funds dedicated to delivering responsible, affordable lending to help low-income, low-wealth, and other disadvantaged people and communities join the economic mainstream. There are only a handful of chartered CDFIs in South Carolina and the LDC is among the oldest and largest.