COMMERCIAL LOANS


City-wide Commercial Loan Criteria


Funds may be used for the following:
* Building construction or rehabilitation
* Business conversion or expansion
* Purchase of real estate, machinery, equipment., supplies,
  or materials
* Working capital

Eligibility
To be eligible for funding through the Commercial Revolving Loan Fund (CRLF):
* Businesses must be located within the corporate city limit of the City of Columbia
* Project must retain or create a certain number of jobs per amount funded
* Certain funds require participation of private lenders and can only be used to fund part of an entire project
* An equity investment on the part of the applicant may be required

Application Process
1. Contact the City of Columbia's Office of Business Opportunities for more information and to get a loan
    application.  
2. Applicants must submit the following:
    a. Completed Loan application
    b. Three (3) years of taxes and financial statements (business and personal)
    c. Three (3) years of financial projections for the business
    d. Business plan (start-ups) or plan for expansion/rehabilitation. etc.
3. Completed applications are reviewed by staff and if they meet requirements, forwarded to the Commercial
    Revolving Loan Fund committee for review and approval/disapproval.

Commercial Loan Application
Commercial Loan Brochure
Commercial Revolving Loan Fund Code - R-2013-117

INTERACTIVE COMMERCIAL PROPERTY LOCATOR


Commercial Loan Committee Members
Kathleen Abraham
Jennifer Bishop, Chair
Dianne Rushing
Gloria Saeed
Mills Snell


Commercial Retention & Redevelopment Program (CRR)
This is a forgivable loan program that consists of both a commercial loan project for interior improvements and a facade project for exterior improvements.
The following businesses were awarded funding for their Commercial Retention & Redevelopment projects.  Projects are now complete -- renovations took place from June - August 2018.

FARROW ROAD
KBEL Properties, 3035 Farrow Road
Cathy's Hair Styling Salon, 3116 Farrow Road
Wells ETAL, 3118 Farrow Road

WEST BELTLINE BLVD.
Outing's Barber Shop, 3705 West Beltline Blvd.
Coaplen Trust, 3830 West Betline Blvd.

Congratulations to these most recent awardees!
Forgivable Commercial Loans
♦  CRR Brochure
♦  Step-by-Step Guidelines
♦  Application Package Checklist
♦  Application
Commercial Loan Candidates must apply for a Facade Improvement Forgivable Loan to be eligible for this additional, multipurpose $10,000 forgivable loan.  Please contact 803.545.3259 for more information.


Contact Office of Business Opportunities at 803.545.3950