City of Columbia, SC
Office of Business Opportunities, stabilizationloan@columbiasc.gov
Small Business Stabilization Forgivable Loan
CLOSED  Deadline  4/15/2020
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Description  [hide this]

On March 20, 2020, the City of Columbia City Council approved funds to launch the Small Business Stabilization Forgivable (SBSF) Loan Program to provide short-term loan relief to businesses within the corporate limits of Columbia that are seeing a reduction in revenue because of COVID-19. The City of Columbia recognizes the need to support small businesses that are struggling to access capital and keep their doors open in response to COVID-19. SBSF loans of up to $10,000 will be made at zero interest in an effort to mitigate losses experienced by our small business community. This amount may be adjusted to provide immediate assistance to as many small businesses as possible.

In accordance with our Commercial Revolving Loan Fund policy, the City of Columbia defines a small business as a business with fifty (50) employees or less. Due to the severity of the COVID-19 impact, this opportunity is available to businesses with up to 100 employees. Priority will be given to 1.) businesses with five (5) or fewer employees, and 2.) businesses with up to fifty (50) employees. Eligible applicants must demonstrate revenue decreases by 30% or more due to the COVID-19 crisis. Additionally, priority will be given to our most vulnerable business owners as indicated by the City of Columbia’s 2020 COVID-19 Survey of Small Businesses and assessments made by other local, state, and national public entities.


Requirements  [hide this]

Applications will be accepted by qualified for-profit, privately held small businesses that have been in business for at least a year (as of April 1, 2020) and located within the corporate limits of the City of Columbia, South Carolina. All qualified applicants must illustrate the economic injury suffered as a result of COVID-19. The loan is for a period of two (2) years with 50% of the original loan forgiven annually at the anniversary of the origination of the loan. Businesses must remain in good standing throughout the term of the loan in order to receive forgiveness.

Eligible Applicants:

  • Businesses with 100 or less employees at the time of loan submission;
    • Priority will be given to our most vulnerable businesses with five (5) or less employees and businesses with up to 50 employees;
  • Businesses with a City of Columbia business license;
  • Businesses with a physical establishment within the corporate limits of the City of Columbia;
  • Businesses with documented or exhibited losses due to COVID-19; and
  • Applicants must agree to provide a summary and verification report after SBSF loan funds have been exhausted, the report must indicate how the loan funds were spent and include supporting documentation (i.e. receipts, payroll records, etc…). Failure to submit these reports will result in borrower having to pay the loan back in full and forgiveness revoked.


Restrictions  [hide this]

Ineligible Applicants: 

  • Businesses Exclusively Residential;
  • Franchises;
  • Hotels or Motels;
  • Liquor Stores;
  • National/Regional Chain Businesses;
  • Financial/Lending Institutions;
  • Private Membership or Fraternal Organizations/Businesses;
  • Business owners that have defaulted on a City of Columbia loan within the last 15 years;
  • Adult Oriented Businesses; and
  • Businesses owned in part or fully by City of Columbia staff, administration, or leadership.


Library  [hide this]
DescriptionFile NameDate UploadedFile Type
SBSF Guidelines FinalSBSFLoanGuidelines3302020.pdf 3/30/2020 3:19:37 PM PDF
Applicant View Application Status: Not Submitted

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Instructions Show/Hide

SBSF loan funds are designed to provide immediate financial relief needed to strengthen our local small business enterprises that have been affected by the COVID-19 pandemic. The purpose of the SBSF loan is to provide immediate financial assistance to our small businesses for a period of two (2) to four (4) weeks as alternative revenue sources are sought or other private and/or public financing options are made available.

In accordance with our Commercial Revolving Loan Fund policy, the City of Columbia defines a small business as a business with fifty (50) employees or less. Due to the severity of the COVID-19 impact, this opportunity is available to businesses with up to 100 employees. Priority will be given to 1.) businesses with five (5) or fewer employees, and 2.) businesses with up to fifty (50) employees. Eligible applicants must demonstrate revenue decreases by 30% or more due to the COVID-19 crisis. Additionally, priority will be given to our most vulnerable business owners as indicated by the City of Columbia’s 2020 COVID-19 Survey of Small Businesses and assessments made by other local, state, and national public entities.


Business Name
Amount Requested
The forgivable loan amount requested must not exceed 10K
$

Applicant Information

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Organization Information
(changes to this data will be reflected on all other applications for this organization)
Business Name/Entity Name
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Federal Tax ID (EIN) (XX-XXXXXXX)
 
Name of Primary Owner  
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