Business Loan Resources

Accessing financial resources is crucial for the success of small and minority businesses, so Power Up Spartanburg has updated its business loan opportunities to help local entrepreneurs grow and thrive in Spartanburg County.

Additionally, for the first two years, 30% of funds are reserved for minority-owned businesses.

Community Development Financial Institutions (CDFIs) will serve as fiduciary agents for these small and minority business funding opportunities.

Note: Loans have to be paid back with agreed-upon terms.

Existing Business Loans

Spartanburg County small and minority businesses operating for 2 or more years.

Disbursed loans will have to be repaid.

    • Business cannot be in bankruptcy

  • Updated as of Feb. 5, 2025

    • All new loans in 2025 will have a 3.99% APR (up to $50,000)

    • Loans exceeding $50,000 will require approval

    • Fixed rate based on Prime + 0%, currently 3.99% (only available through Power Up Spartanburg)

    • Interest rates can be bought down on a case-by-case basis

    • No origination fee or closing cost

    • Credit check will not affect loan eligibility

  • Max.: $50,000, offered at the prime interest rate

    Terms:

    • 12-month usage period

    • Any unpaid balance must be paid fully by the end of the 1-year term, at which point the Line of Credit will close

    • If there is no unpaid balance at the end of the term, applicant may reapply to reopen the Line of Credit

  • Applicants must first be approved for either a $50,000 loan or a $50,000 Line of Credit to quality for the Power Up: Access to Space program

    • Funding approval does not obligate the applicant to accept funds

Administered by:

Start-Up Loans

Spartanburg County small and minority businesses operating for less than 2 years, including entrepreneurs and start-ups.

Disbursed loans will have to be repaid.

    • Must complete an hour-long virtual workshop before applying

    • Must commit to 8 hours of technical assistance

    • Power Up Spartanburg is buying down rates on CLIMB Fund loans of up to $50,000, and for larger requests the CLIMB Fund is able to lend additional funds (typically up to $250,000) at market rates

    • Maximum of 6% Interest
      (Reduced Power Up Spartanburg Rate)

    • No origination fee
      (Power Up Spartanburg covering up to 3%)

    • Typically 60-84 months

Administered by:

CLIMB Fund Logo

Need more help?

JAY JENKINS
Director of Small and Minority Business Development