The U.S. Department of Agriculture Rural Development Department has approved the Beaufort County Black Chamber of Commerce (BCBCC) as a micro-lender. It’s the only chamber in the country to receive this designation.
The BCBCC was awarded $335,000 in loan funds as well as $40,000 in grant funds. The chamber is also contributing $125,000 of in-kind support, which will enable the chamber to assist local small business owners with capital and business training support.
The chamber’s status as a micro-lender means that it will be able to make small business loans to entrepreneurs who are unable to secure a loan from traditional lenders, such as banks. These loans will have a fixed interest rate and can be used by micro entrepreneurs to cover qualified expenses related to their businesses.
The award was presented at the Beaufort County Black Chamber of Commerce Business Conference and Expo in Beaufort on November 5.