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S.C. Arts Commission Grants

ArtsGrowSC - Artists’ Ventures Initiative Business Builder Loan Program

Purpose

The Artists’ Ventures Initiative Business Builder Loan Program is targeted to previous Artists Ventures Initiative grantees, but is open to any qualifying arts-based business. This micro-loan program is designed to support artists' small businesses through lending, business training, and one-on-one business coaching.

Eligible Businesses

  • Located in South Carolina
  • Owned by a U.S. citizen or permanent legal resident, and a resident of South Carolina
  • Must be an existing business that has the arts as primary to its business

Loan Uses

  • Equipment, machinery, inventory, lease/facility/studio improvements, and/or working capital

Loan Features

  • Loan amounts up to $15,000
  • Loan terms up to 5 years
  • Collateral required equal to at least 40% of loan amount
  • No prepayment penalty

Loan Conditions

  • Must have two years personal federal and state income tax returns
  • Must be current on all federal/state income taxes, payroll taxes, and revenue taxes
  • Must be current on all outstanding credit obligations
  • No charge offs, repossessions, foreclosures, or bankruptcies within previous 12 months
  • Must be willing to attend prescribed training and coaching sessions designed to equip business owners with the tools necessary to achieve entrepreneurial success
  • Must complete site visits and submit tax returns and financial statements annually

Fees

  • Application and closing fees up to 3% of loan amount
  • Additional closing costs may apply
  • S.C. Arts Commission AVI Expansion matching grant may be available to assist with application and closing fees
  • Late fees: up to 5% of payment amount

 

How to Apply

The first step in applying for an Artists’ Ventures Initiative Business Builder Loan is contacting Program Director Joy Young, (803) 734-8203.

 

Artists who apply for a loan will be required to submit the following documentation:

 

  • Business plan – used to verify applicant’s knowledge of the business and what is being requested
  • Complete estimated project cost and source of funds to understand project and equity injection
  • Cash flow projections for 12 months – can be part of business plan and further demonstrates applicant’s depth of knowledge
  • Startup balance sheet for new businesses
  • Year to date business financials (for existing businesses - to include balance sheet and income and expense sheet) can be part of business plan and further demonstrates applicant’s depth of knowledge
  • Two most recent years tax returns (personal and business) with all schedules and W-2s for all filers
  • Signed and dated personal financial statement (PFS) to indicate whether principal has financial strength outside of business
  • Two most recent bank statements (personal and business) – to determine cash flow patterns and to verify funds availability for equity contribution
  • Resume of owner(s) – to understand strengths of the principal
  • List of three references to build confidence in the principal
  • Work samples Please submit work samples that best represent the type of work you will be doing in relation to this business.
  • All work samples should be current (less than five years old).
    • For visual arts and design – 10 high-resolution images
    • For literary arts – two sets of writing samples, totaling 10 pages per set (double-spaced, 12 point type).
    • For dance, film, media, music, or theatre – a 5-minute, high quality recording of principal performer, or service/product demonstration. Your recording may be submitted one of two ways: 1) Send a CD, OR 2) Send a PDF or Word document that lists the Internet link for your recording.

 

 

If you have questions about work samples, please contact Joy Young, (803) 734-8203.

 

 


Questions?

Contact Joy Young, (803) 734-8203 for more information.

 

Last updated: 5/4/17