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S.C. Arts Commission Grants
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.
- 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
- Equipment, machinery, inventory, lease/facility/studio improvements, and/or working capital
- 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
- 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
- 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.
Contact Joy Young, (803) 734-8203 for more information.
Last updated: 5/4/17