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Charleston, LDC awarded $935,000 for small business loans
Further relief is coming to small businesses and nonprofits as the city of Charleston has been awarded $935,000 to make loans to those affected by the pandemic, Mayor John Tecklenburg said at a news conference Wednesday. The city will lend the money in partnership with the Charleston LDC, which will manage the fund. The capital […]
COG lending $560,000 to tri-county businesses
Tri-county businesses that have lost revenue since the start of the pandemic can now apply for a $10,000 to $100,000 loan from Berkeley-Charleston-Dorchester Council of Governments, the organization said in a news release. The U.S. Department of Commerce has awarded the COG $560,000 in coronavirus relief funding to assist in private-sector recovery and to help create […]
SCRA-backed company acquired by global investment firm
EnviroMix, a startup backed by SCRA, has entered into a partnership that gives a global investor controlling interest in the wastewater technology company, SCRA said in a news release. GEF Capital Partners, which invests in companies promoting resource efficiency and sustainability, has acquired EnviroMix, a Charleston company based in The Cigar Factory that designs and […]
Mount Pleasant insurance company adds services in Georgia
Mount Pleasant-based Johnson & Johnson will expand its insurance services in Georgia with the acquisition of National Program Management. The transaction is expected to close on Tuesday, the company said in a news release. This marks the 10th acquisition since 2009 for the family-owned Johnson & Johnson, according to the company’s website. “By focusing on strong […]
Legal perspective: Are businesses allowed to refuse cash payments?
Lately there has been confusion regarding whether businesses have the ability to refuse cash payments, instead relying solely on credit card transactions or electronic funds transfers such as mobile payment apps. This switch to “cashless” has left many people confused on just what these businesses are allowed to do.
Credit starts to tighten as job losses remain high
By Susan Tompor Detroit Free Press As pandemic emergency relief draws to a close for some renters and others, many struggling consumers could be tempted to cover a few bills by pulling out some old, little-used credit cards. But they could be surprised to discover that the line of credit they thought they had has […]
Congress considers easy forgiveness for coronavirus loans
Congress is considering a simplified process for forgiveness of Paycheck Protection Program loans, especially smaller loans, the CEO of the S.C. Bankers Association said. Across South Carolina, 63,000 businesses received federally backed loans under a quickly passed relief package that made low-interest loans available for businesses to keep employees safely at home but still on […]
Bank of S.C. reports lower earnings year over year
Correction: A previous version of this story mischaracterized the company's earnings. It has been updated. Bank of South Carolina Corp. reported earnings of $1.34 million for the quarter ending June 30, a decrease of nearly $500,000 compared with the same quarter last year. The decrease was largely because of a drop in interest rates related to […]
Keep this energy up:’ Black-owned businesses see surge of interest amid racism protests
Dalvin Brown USA Today Kris Christian, a small-business owner in Chicago, was mourning the death of George Floyd when she was hit with an onslaught of online orders that caught her off guard. The owner of Chicago French Press was home reeling after watching cellphone footage of the white police officer’s knee on Floyd&rsqu[...]
Does insurance cover damage from uprisings? What you need to know about filing claims
By Kelly Tyko USA Today Businesses, homes and cars damaged or vandalized in the uprisings and civil unrest after the death of George Floyd in Minneapolis will be covered by most insurance policies. With few exceptions, auto, business and homeowner insurance policies cover property damage caused by such incidents, industry e[...]
Wells Fargo will no longer accept loan applications from most independent car dealerships
By Jessica Menton USA Today Wells Fargo, one of the largest lenders for purchases of new and used cars, is no longer making auto loans to most independent car dealerships, a sign the bank is concerned about defaults in the wake of the pandemic. In May, Wells Fargo sent letters to hundreds of independent auto […]
