Business Development Corporation (BDC), through participation with NBSC, has helped McCrory Construction Company finance its new headquarters in Columbia’s Vista with the use of the State Small Business Credit Initiative (SSCBI) Loan Participation Program.
McCrory Construction is a full-service general contractor that was founded in 1918 and now serves retail, commercial, healthcare, multi-family and industrial clients in the public and private sectors across the Southeast.
SSBCI funding for the new headquarters at Lady and Huger streets helped the firm — now in its fourth generation of local ownership — leverage and preserve crucial liquidity needed for its own future growth and job creation, while providing its primary lender its required loan-to-value ratio.
The project also positions McCrory Construction to move into its second century of business in a highly visible headquarters that occupies what had been a long-vacant property in the heart of a key commercial corridor in the capital city.
The SSCBI revolving loan fund was created by the U.S. Treasury Department as part of the Small Business Jobs Act of 2010. BDC administers South Carolina’s participation under contract with the South Carolina Jobs-Economic Development Authority (JEDA).
The fund has now participated in 130 loans through 13 banks, providing $25 million of the $122 million total.
Since 1958, BDC and its associate company, Certified Development Corporation (CDC), have approved more than 2,625 loans totaling in excess of $1.5 billion making us leaders in economic development lending and job creation.
Allen Amsler, President and CEO