SC Large Capital Access Program
(SC Large CAP)
The U.S. Department of Treasury and South Carolina Jobs-Economic Development Authority (SC JEDA) have been approved for the South Carolina State Small Business Credit Initiative Capital Access Program (SC Large CAP). The SC Large CAP, which supports state-level, small business lending programs, is an important component of the Small Business Jobs Act signed into law in September 27, 2010.
SC Large CAP is based on a federally-funded reserve fund concept. Unlike traditional insurance or guarantee programs which guarantee individual loans, SC Large CAP works on a portfolio concept. In other words, if a financial institution participates in the SC Large CAP, a special reserve fund, which is owned by the State but managed by Business Development Corporation of SC (BDC), is set up to cover future losses from a portfolio of loans that the institution makes under the program. This reserve fund concept allows financial institutions the ability to make business loans that are considered higher risk than conventional loans and that may not meet conventional underwriting standards.
Which financial institutions can participate in SC Large CAP? Any insured depository institution, insured credit union, or community development financial institution chartered by the State or any national bank provided, however, that the financial institution has offices located in South Carolina. To enroll in the program simply request a copy of the Lender Participation Agreement or download the agreement below, then complete and return to BDC for approval.
What type of loan may qualify for SC Large CAP? Any business loan, short- or long-term, to a corporation, partnership, joint venture, sole proprietorship, cooperative or other entity that carries on a business activity for profit or non-profit in the state of South Carolina. For purposes of this program, a small business means:
- Borrower does not employ more than 500 employees;
- The borrowing amount cannot exceed $5,000,000
SC Large CAP Brochure (PDF)
SC Large CAP Checklist (PDF)
SC Large CAP Lender Participation Agreement (full agreement, contains all exhibits listed below)
- Exhibit A — Borrower's Representations Regarding Reserve Fund
- Exhibit B — Notice To Borrower
- Exhibit C — Loan Filing Form
- Exhibit D — Standard Claim Form
Participating Financial Institutions
The Bank of Clarendon
Branch Banking & Trust Co.
The Citizens Bank
Congaree State Bank
Coastal States Bank
Farmers & Merchants Bank
First Federal Savings & Loan Association of Charleston
First National Bank of South Carolina
The Palmetto Bank
Park Sterling Bank
Provident Community Bank
Palmetto Heritage Bank & Trust
South Carolina Bank and Trust (SCBT)