City of columbia commercial plan review

Commercial Revolving Loan Fund (CRLF)

The Office of Business Opportunities (OBO), through the Commercial Revolving Loan Fund (CRLF), has funds available to lend to qualifying small businesses located in the City of Columbia. The goal of the commercial revolving loan program is to foster economic development and improve the number and caliber of job opportunities in the City of Columbia. OBO offers assistance to start-up and existing businesses for expansion, creation, or retention of jobs and assistance in the redevelopment of commercial corridors and the elimination of blight.

The City of Columbia’s commercial loan program supports Small and Minority/Women-Owned Businesses and businesses located in priority development areas of the City. The funds may be used in cooperation with private lenders in making loans that banks might not ordinarily fund on their own, or to provide gap financing beyond what is offered by a bank for a project. Small businesses unable to receive financing from other lenders at reasonable rates and terms may also be eligible.

Funds may be used for the following:

• Building construction or rehabilitation
• Business conversion or expansion
• Purchase of real estate, machinery, equipment, supplies, or materials
• Working capital

To find out if your business is located within the corporate city limits, go to the City of Columbia’s GIS webpage!

Eligibility
To be eligible for funding through the Commercial Revolving Loan Fund (CRLF):

• Businesses must be located within the corporate city limit of the City of Columbia.
• Project must retain or create a certain number of jobs per amount funded.
• Certain funds require participation of private lenders and can only be used to fund part of an entire project.
• An equity investment on the part of the applicant may be required.

Application Process

1. Contact the City of Columbia’s Office of Business Opportunities for more information and to get a loan application.
2. Applicants must submit the following:
   • Completed loan application
   • Three (3) years of taxes and financial statements (business and personal)
   • Three (3) years of financial projections for the business
   • Business plan (start-ups) or plan for expansion/rehabilitation, etc.
3. Completed applications are reviewed by OBO staff and if they meet requirements, forwarded to the Commercial Revolving Loan Fund committee for review and approval/disapproval.

Commercial Revolving Loan Fund Committee
The Commercial Revolving Loan Fund Committee consists of seven (7) members who assume responsibility for final approval of loan applications. The CRLF committee will be compromised of local small business owners and City of Columbia staff that are appointed by the Columbia City Council to serve for a minimum of two (2) year terms.

Commercial Revolving Loan Fund Committee Members
Kathleen Abraham
Jennifer Bishop, Chair
Ryan Coleman
Felicia Kilgore
Dianne Rushing
Mary Sparrow

If you have any questions on the Commercial Revolving Loan Fund, contact the Office of Business Opportunities at 803.545.3950 or [email protected] .