Charleston Local Development Corp. receives $650,000 to support business

The Charleston Local Development Corp. recently received $650,000 in financing from the Communities at Work Fund to provide funding to small businesses in the Charleston region.

“The LDC is tremendously fortunate for this infusion of capital during this economically stressed time for small businesses,” said Sharon Brennan, executive director of the development organization. “The funding will allow the LDC to continue to advance its goal of fostering economic development by promoting and assisting the growth and development of business concerns while helping to provide job opportunities in the Charleston region.”

The Charleston Local Development Corp. is a nonprofit economic development organization and certified Community Development Financial Institution formed by Charleston Mayor Joe Riley and other city leaders in 1979 to offer small businesses access to capital.

Businesses can apply to the Charleston Local Development Corp. for several types of loans, including store rehabilitation, small business incentive and small business disaster relief, among others.

The Communities at Work Fund provides affordable loans to Community Development Financial Institution loan funds that finance small businesses, not-for-profits, charter schools and other community service organizations in low-income communities.

The fund was launched in May 2010 by Citi; Community Investment Partners, a wholly owned subsidiary of the Calvert Foundation; and Opportunity Finance Network.
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