OneSpartanburg to offer loans, grants to small, minority businesses. What you need to know

Samantha Swann, Herald-Journal
Updated ·2 min read

OneSpartanburg Inc. announced more than $10 million in funding for minority and small businesses during an event Thursday, June 29.

Power Up Spartanburg, a small and minority business initiative, received $10 million for business loans for entrepreneurs and start-ups and $665,000 for grants. 30% of the total funds will go exclusively to minority business owners for the next two years.

The funding comes from Spartanburg County Council and will be managed and disbursed by Carolina Foothills Federal Credit Union, the CLIMB Fund, and the National Development Council.

Raj Patel, co-owner of Cribbs Kitchen and The Kennedy, owner of Main Street Pub, and chair of the Power Up Spartanburg Oversight Committee, OneSpartanburg Inc. Director of Small & Minority Business Development Jay Jenkins, and OneSpartanburg Inc. President & CEO Allen Smith announce more than $10 million in funding for small and minority businesses through Power Up Spartanburg.

"The data behind Power Up Spartanburg showed that our county was behind the national average in the number of Black-owned, nonemployer businesses and the number of small businesses overall," said Raj Patel, chair of the Power Up Spartanburg Oversight Committee and co-owner of Cribbs Kitchen and The Kennedy, and owner of Main Street Pub. "Sadly, that's also the case across South Carolina. The difference is, in Spartanburg, we were going to do something about it."

What to know about Power Up Spartanburg's grants

Grant applications will open on July 17. Businesses that have been in operation for at least two years and made at least $25,000 last year can apply.

The grants will be based on the business’s total revenue. Businesses making up to $150,000 will be eligible for up to $5,000 in grant funds and businesses making from $150,000 to $3 million in revenue will be available for up to $10,000.

What to know about Power Up Spartanburg's loans

Two loans are available for small and minority businesses through Power Up Spartanburg.

  • The CLIMB Fund is for businesses operating less than two years and the Carolina Foothills Federal Credit Union is for companies operating two or more years.

  • Both loans can be applied for now and offer up to $50,000.

The CDFI partners managing and dispersing the funds are offering competitive interest rates for the loans.

  • The CLIMB Fund loan offers 3.87-6% interest rates

  • The Carolina Foothills Federal Credit Union loan offers a fixed rate based on Prime and 0% interest.

  • Loans do not incur origination fees and the Carolina Foothills Federal Credit Union loan does not incur closing costs.

Small and minority businesses interested in applying for loans or grants through Power Up Spartanburg should fill out an intake form at www.PowerUpSpartanburg.com.

Samantha Swann covers city news, development and culture in Spartanburg. She is a University of South Carolina Upstate and Greenville Technical College alumna. Contact her at sswann@shj.com or on Instagram at @sam_on_spartanburg. Can't get enough food news? Subscribe to our weekly newsletter for foodies, Spartanburg Eats.

This article originally appeared on Herald-Journal: Power Up Spartanburg announces funding for small, minority businesses