Beginning Monday, small businesses within Charleston’s West Side or East End districts that need an extra boost to start or expand can get it at Charleston Main Streets.
The economic development organization is launching its first-ever microloan program, CWVenture.
“We’ve always had the façade and sign grant program, which focuses on the exterior [of a business], but this is really the first time we’ve been able to offer cash on projects that will more than likely be allocated toward the interior of the business,” Main Streets Director Ric Cavender said.
Existing businesses or those looking to start can apply for up to $5,000 to be paid back within three years.
“It’s gap funding to sort of close that gap if they need something to open up or expand that they may not have the cashflow right then — that’s what this is really designed for,” Cavender said.
The funds can be used for working capital, real estate for the use of small business, capital improvements, machinery and equipment, among other things…