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Published on August 6th, 2014 | by Millennium Magazine Staff

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Office of Business Opportunities Announces Additional Commercial Lending Funds

The City of Columbia Office of Business Opportunities (OBO) is pleased to announce that additional funding is now available for commercial lending through the Commercial Revolving Loan Fund (CRLF). The additional funding comes through a grant to the City from the Economic Development Administration (EDA), part of the U.S. Department of Commerce.

These funds are intended to provide gap financing for projects which are unable to secure the full amount of financing needed through a private lending institution. The program requires bank participation in all projects funded.

Under this program, applicants are eligible for loans of up to 50 percent of their total project cost with a maximum of $200,000, which may be used for property acquisition and upfit, purchase of inventory and equipment and working capital.

The program offers low interest rates, which is currently 4.25 percent, and terms of up to 20 years.

For more information or to apply for funding, contact Paul Featheringill, Commercial Loan Officer, at 803-545-3259 or pafeatheringill@columbiasc.net.

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