Grow Your Business With Santee Cooper Programs And Loans

Friday, November 6th, 2020

South Carolina is conveniently located in a premier location on the east coast. It provides unparalleled value for businesses to optimize their operating costs. Both of these factors are driving reasons as to why the state is ideal for thriving business.

Currently, South Carolina is the No. 1 state for business incentives, providing benefits including one of the lowest corporate income tax rates in the United States, a business-friendly method to determine income subject to the state’s corporate income tax rate, and numerous credits and methods to reduce and eliminate corporate income tax liability. There is no state property tax, local income tax, inventory tax, or wholesale tax, among other tax breaks.

On top of that, Santee Cooper has one of the lowest industrial power rates in the nation, averaging only 5.09 cents per kilowatt hour — that’s 25% less than the national average. The low cost to operate and assurance of reliable, affordable power means that businesses that choose to locate in the area can have definite advantages and are optimized for success.

Santee Cooper also offers additional incentives, whether your business is starting a commercial or industrial project from the ground up or renovating existing space.

Santee Cooper Economic Development Loan Program

The Economic Development Loan Program is provided to increase available industrial products throughout the state. These individual loans do not exceed 10 years or 60% of the project cost and are available for land and building acquisition, infrastructure, spec building development and construction, and building demolition.

Santee Cooper Rural Economic Development Fund (SCRED)

The SCRED grant program is available to local government and public economic development entities. These grants are available for durable projects, such as computer hardware and software and presentation materials, as well as training, scholarships, labor studies, lead generation and advertising.

Santee Cooper Municipal Site Readiness Fund (MSRF)

The MSRF grant program is designed to assist in the improvement of very high value economic development sites and buildings. It is available to communities and wholesale municipal customers directly served by Santee Cooper.

South Carolina Power Team Site Readiness Fund (SRF)

SRF grants provide funding for site and building improvements that, specifically, have strong potential for an immediate or short-term return on investment for job creation, capital investment and electric consumption. Grant funds are matched at least one to one by the project.

Santee Cooper Economic Development Investment Fund (SCEDIF)

There are three types of SCEDIF grants. Category B grants aid in the actual location or expansion of specific and identifiable industrial, commercial, and institutional enterprise. Category C grants are available for technical assistance such as feasibility studies, environmental assessments and land use plans. The SCEDIF Direct grant assists in the recruitment and expansion of industrial, commercial and institutional enterprises for the state.

Santee Cooper wants to help your business succeed. All of these programs and opportunities, paired with the excellent benefits offered by South Carolina, are helping to create a healthy, growing economy that continues to provide a flourishing environment for business owners and community members in the state.

Find out more about how Santee Cooper is committed to supporting South Carolina’s business community and is Powering South Carolina in more ways than one.