Funding Resources

Accessing financial resources is a key element of Power Up Spartanburg, so a pool of more than $10 million total in loans and grants have been made available through Power Up: Funding.

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. Grants do not require repayment.

Start-Up Loan

Spartanburg County small and minority businesses operating for less than 2 years, including entrepreneurs and start-ups. Disbursed loans will have to be repaid.

Learn more about start-up loans

    • 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

Existing Business Loan

Spartanburg County small and minority businesses operating for 2 or more years. Disbursed loans will have to be repaid.

    • Business cannot be in bankruptcy

    • Up to $50,000

    • Fixed rate based on Prime + 0%, currently 8.25% (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

    • Up to 60 months

Administered by:

Existing Business Impact Grant

Note: All grant funding has been allocated as of July 8, 2024.

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

    • A completed business plan

    • At least 2 years of business financial/tax records

    • 50 or fewer full-time employees

    • Commitment to a Power Up initiative or a Power Up technical assistance providing partner

    • Display need for financial assistance due to COVID-19 or other hardship

    Please review the Quick Reference Guide for more information.

  • Some types of businesses are ineligible for a grant.

    • nonprofits

    • a business engaged in illegal activities

    • a third-party delivery or ridesharing service (unless entity is incorporated and has all other documentation required for this program)

    • weapon sales

    • alcohol/tobacco/vape retail sales (except bars, restaurants, brewpubs, food trucks, caterers, grocery stores, and mini marts)

    • consumer and marketing cooperatives

    • dealers of rare coins and stamps

    • multi-sales distribution

    • corporately-owned franchises

    • pyramid schemes or multi-level marketing schemes

    • loan packaging/lending, gambling

    • real estate investment firms

    • illicit adult entertainment

    • Businesses with $25,000-$150,000 in annual revenue may apply for a grant up to $5,000

    • Businesses with $150,000–$3,000,000 in annual revenue may apply for a grant up to $10,000

Administered by:

Need more help?

JAY JENKINS
Director of Small and Minority Business Development