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NGExpert financial copywriter
Page written by Chris Godfrey. Last reviewed on July 15, 2024. Next review due October 1, 2025.
Provided by government departments, corporations, foundations and other organizations, small business grants are effectively free money. There’s no need to repay the funds if you spend them where you said you would.
Small business owners and entrepreneurs in South Carolina can improve their chances of winning a business grant by preparing in advance. Key tasks to take care of include:
If you’re based in South Carolina and you’re seeking a small business grant, you’re in a great place. The Palmetto State has no shortage of funding opportunities to build or launch a business. Here are some of the best places to begin your search:
The South Carolina Research Authority supports entrepreneurs and tech start-ups by providing grants, coaching and external investments. Many grants are available, but only to members of the SCRA. See the rules of membership here. Grants of up to $50,000 may be awarded to early-stage businesses, more established organizations and companies that have already received federal grants that target technology commercialization.
The SC CompTIA IWT Scholarship Program is designed to help South Carolina businesses be more competitive by providing technology training to small business employees. The program awards business scholarships for tech training with a value of $5,000 per worker. To qualify, your business must be based in SC and have at least one full-time employee (who is not the business owner) and who has been on staff for a minimum of six months. The worker must also have at least an average understanding of information technology.
The Catalyst Grant is an annual program offered by the South Carolina Department of Commerce and available to businesses operating in the US Department of Defense supply chain. The program aims to increase the capabilities, efficiency, and overall competitiveness of small and medium sized manufacturers through the adoption of Advanced Manufacturing Technologies (AMT), the implementation of Quality Management Systems (QMSs), and Lean Manufacturing tools and techniques. This may sound daunting, but all means is, there’s free money here to make your business more efficient and tech-savvy. To qualify, your business must be based in SC and have at least four full-time employees (excluding the business owner). Award values vary by project type.
The South Carolina Department of Commerce provides the Relentless Challenge (RC) Grant Program. This is a statewide competitive scheme that plans to award approximately $750,000 for the 2024
funding cycle. The RC grant funds projects that foster a sustainable innovation ecosystem and that focus on high growth/high impact entrepreneurship, talent development, access to capital, and university/industry collaborations. Matching funds are available up to a maximum of $75,000.
The Sustainable Agriculture Research and Education (SARE) Grant Program provides competitive grants for sustainable agriculture research and education projects. Supported by the National Institute of Food and Agriculture, SARE grants are available to all US-based farmers, ranchers, researchers, graduate students, extension agents and other educators. Eligible projects include on-farm renewable energy, pest and weed management, no-till and conservation tillage, pollinators and small ruminants. SARE is divided into four geographical regions—North Central, Northeast, South and West—each has its own set of grant opportunities. Funding up to $250,000 may be available.
MORE: Grants for farmers.
South Carolina’s Small Business Development Centers (SC SBDC) are a statewide operation, offering a wide range of services to SC organizations. Although the SBDC are not a direct source of grant funding, they can provide invaluable business resources such as networking, consulting, seminars and pathways to the cash you need to launch or build your business. Over the past five years they have helped more than 33,000 South Carolina entrepreneurs create or retain more than 13,000 jobs, start over 1,000 new ventures and secure more than $115 million in government contracts.
Let’s face it, nobody has deeper pockets than Uncle Sam. The US federal government pours millions of dollars into South Carolina’s businesses every year. This helps them to grow and add value to their local communities. See below for the best federal funding and support programs available to business owners in SC:
The US Small Business Administration (SBA) provides vital federal support to small businesses across South Carolina. As well as providing access to national business funding programs, the SBA is an open door to federal contracts, business development schemes, disaster assistance, professional consultations, university expertise and much, much more.
If you can’t find it here, you may not find it anywhere. Grants.gov is an online goldmine for grants and federal business support initiatives. Provided by the US Office of Management and Budget, the Grants.gov website gives grant seekers access to more than 1,000 grant programs and vets grant applications for federal grant-making agencies.
US Grants is another one-stop portal to find and apply for government grants, stimulus packages and funding opportunities from local, state and federal government agencies. Available SC small business grants include funding initiatives for organizations that operate in the fields of tech, health, research, sciences, agriculture, the environment, etc.
South Carolina Grantwatch operates a directory of current grant opportunities, although not all may be specific to SC-based organizations. Up to 2,000 grants may be available at any one time, with award values and qualifying criteria varying by category and mission goal.
Some SC business grants are specifically designed to support female and minority entrepreneurs:
The WomensNet Amber Grants awards multiple grants per year to women wishing to start or grow their own business. $10,000 is offered monthly in three separate categories (total of $30,000 per month available). Participants who win a monthly prize also automatically qualify for the draw for an annual $25,000 award – with three prizes available, one for each award category.
You can apply for any of these grants by completing an online application and paying a $15 entrance fee
MORE: Grants for women.
The Minority Business Development Agency (MBDA) provides a gateway to federal grants and business initiatives that specifically support minority entrepreneurs and are part of a total package valued at $500 billion per year. Additionally, MBDA helps organizations run Minority Business Centers across the US, providing services like business advice, help finding contracts, and financial support to minority-owned businesses.
MORE: Grants for minorities.
The Black Girl Ventures Pitch Program is an entrepreneurial fund-raising model for Black and brown female business founders. Using a hybrid pitch and crowdfunding system, participants have three minutes to pitch their opportunity to an audience of community and professional investors. The three participants with the most votes win at each event. First prize is $10,000, second prize is $6,000, third prize is $2,000.
To qualify, your business must be at least 51% owned by Black or brown women, have been operating for one year or more and be generating revenues.
MORE: Grants for Black women.
The federal government aims to award at least 5% of all federal contracting dollars to SDVOSBs each year. Competition is limited for certain federal contract opportunities to businesses that participate in the SDVOSB program, an initiative administered by the US Small Business Association. Joining the SDVOSB program makes your business eligible to compete for the program’s set-aside and sole source contracts. See the full eligibility requirements here.
MORE: Grants for disabled business owners.
The Second Service Foundation offers the Military Entrepreneur Challenge. This is a nationwide grant program that gives veteran, military spouse, and Gold Star Family entrepreneurs the opportunity to network, learn, and compete for capital to grow their small business. Applicants pitch their business ideas to a live audience for a chance to win a small business grant. Award sums vary by location.
MORE: Grants for veterans.
Launching or building a successful business takes more than just money and an idea. You also need contacts, networks and connections to obtain the skills, advice and resources you don’t have and to open pathways to opportunities that will help your organization thrive. Check these resources to give your venture a flying start:
As the name suggests, find links to agencies, directories and all kinds of business support.
Looking for info on non-profits in SC, or training and support resources for your own non-profit? Look no further. Candid has the good stuff on all the organizations that do good.
A directory of state government agencies and resources – everything from emergency management and export & trade, to recycling and your nearest chamber of commerce.
A yearly convention that opens the doors for SC businesses to claim their share of state and federal contracts.
An annual event that brings hundreds of small businesses together in the State House in Columbia SC. Find suppliers, clients and get the inside scoop on what’s happening at the business level across the state.
Get some free legal advice, enjoy networking with other small businesses and make the most of a host of other business resources.
Business loans may provide an alternative source of funding for your business or new venture.
Online lenders will typically be the best option for this type of financing, but you may pay higher interest rates and fees than you would with traditional banks. Credit checks are standard with most commercial financing, but depending on the type of loan you choose, you may not need to provide collateral:
You receive a single, lump-sum cash injection and then pay it back in regular instalments over a fixed period of up to 25 years. Collateral may be required.
A business line of credit is a business loan that functions like a high-value credit card. Borrowers can withdraw as much as they want when they want from a loan facility up to the limit of their borrowing. You only pay interest on the sums you withdraw, not the whole credit line. This can significantly reduce your borrowing costs. Collateral may be required.
Also known as account receivables financing. Borrow against the value of your unpaid invoices. The lender will usually provide up to 95% of the invoice value within a few days or even hours of the bill being raised. Your invoices act as security for the loan, no added collateral required.
Equipment loans use the asset you’re financing as security – no added collateral is required. You use the equipment as you pay for it and the lender maintains a lien on the machinery. Once you pay the loan back, the lender releases the lien, and you own the equipment outright.
Merchant cash advances are designed for businesses that accept customer payments by credit and debit card. You borrow against the value of your card sales. As your card sales increase, your borrowing limit goes up. Pay the loan back with a fixed percentage of your card sales on a daily, weekly or monthly basis. Your sales act as security for the loan, no added collateral is required.
Revenue-based financing functions like a merchant cash advance but with higher borrowing limits. Based on the size and regularity of their total revenues, (not just their credit card sales), businesses may receive a lump sum and pay it back over a short-term schedule, typically by small deductions from their daily sales. This type of loan can usually be secured quickly as qualification rules are less intensive and credit scores are not so critical. No added collateral is required.
Nonprofit and community-based lenders can provide SBA Microloans to business owners who may struggle to secure standard business financing. Available up to $50,000, SBA microloans also come with more relaxed qualifying rules and can usually be secured with FICO scores as low as 500, or even with no credit score at all. Be aware that these type of business loans often require a personal guarantee that makes you personally responsible for the debt.
The federal government does not provide direct grant funding for start-ups. Instead, they provide funds to state and local governments who then disburse the cash based on their own criteria. Check the resources listed above for grants and loans available to new businesses in South Carolina.
There are many grants available, but before you begin applying for them, you should understand the process of grant applications – how they work, who they fund, what you need to do to get one. Find out all you need to know right here.
Every small business grant has its own qualifying criteria and application rules. No two are alike. This means it is important to check the small print before applying for any type of grant. Business loans are usually easier and faster to obtain, (although they are not free money like a grant). Obtaining a loan will depend on your credit history, financial situation, time in business and what you need the funds for. Find out more here.
The SBA can provide South Carolina small businesses with financial assistance and further business opportunities through events, presentations and educational materials.
Working with business finance experts can make all the difference when applying for grant funding. Contact Swoop to discuss your borrowing needs, get help with your application and compare top quality small business grants and business loans from a choice of providers. Give your business the chance it deserves. Register with Swoop today.
Written by
Chris is a freelance copywriter and content creator. He has been active in the marketing, advertising, and publishing industries for more than twenty-five years. Writing for Wells Fargo Bank, Visa, Experian, Ebay, Flywire, insurers and pension funds, his words have appeared online and in print to inform, entertain and explain the complex world of US consumer and business finance.
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