The U.S. Department of Agriculture (USDA) has awarded $10 million to the South Carolina Community Loan Fund.
USDA Rural Development Under Secretary Lisa Mensah said it’s a public/private partnership with banks and that the money will be loaned out to areas that need infrastructure and services improvements. “The deals are for key facilities that are needed for our rural communities,” Mensah said.
The long-term loans are low-interest for services such as education and health care and infrastructure like water treatment facilities and roads.
The loans must be given to communities with populations under 20,000 to invest in services and infrastructure improvements “to help develop parts of South Carolina that have yet to realize their full economic potential,” Mensah said.
“The South Carolina Community Loan Fund has a long track record of providing important services and promoting economic development throughout the state,” said Mensah.
The South Carolina Community Loan Fund is certified by the U.S. Treasury as a Community Development Financial Institution (CDFI.) As a CDFI, it has extensive financial and managerial experience working in areas that have high rates of poverty.