New Program Supports Small Businesses in Spartanburg County

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Vibrant small businesses in downtown Spartanburg

News Summary

Spartanburg County has launched the Access to Space program, designed to boost small and minority-owned businesses by helping them find ideal locations. The initiative includes generous rental assistance and aims to revitalize downtown areas. Alongside it, updates to the Access to Capital program offer loans up to $50,000 at affordable interest rates. Furthermore, a mentoring program pairs entrepreneurs with experienced mentors to enhance their operational skills. The community’s support for small businesses is set to foster growth and development throughout the county.

Exciting New Program Launches in Spartanburg County to Boost Small Businesses!

Spartanburg County is buzzing with excitement after the recent launch of the Access to Space program by Power Up Spartanburg on February 5. This innovative initiative is designed specifically to support small and minority-owned businesses in their search for the perfect locations to set up shop.

PuddN’: The Sweet Spot for a Sweet Announcement!

The announcement for this forward-thinking program kicked off with a lively launch ceremony held at PuddN’, the Upstate’s beloved pudding bar located at 147A W. Main Street in Duncan. It’s a fitting location, as local businesses like PuddN’ are exactly what this program aims to nurture. One business owner shared how this program was a game-changer, helping him find a new location after three years of successful wholesale dealings with over 20 area stores.

Aiming for Downtown Development

The Access to Space program is not just about finding any old location – the focus is on developing 12 key locations throughout Spartanburg County, particularly in bustling downtown areas. This strategy not only aims to help small businesses but also assists local landlords who are on the lookout for reliable tenants. The towns involved are anticipated to see a new wave of revitalization!

Support for Small Business Owners

One of the standout features of this program is its generous rental assistance. Eligible businesses will receive a whopping 100% coverage on rent for the first six months, making it easier for them to establish themselves without the immediate financial stress. After that, the support gradually reduces by 10% each month for an additional six months. It’s a thoughtful approach designed to give small businesses a significant leg up.

Applying to the Program

Of course, like any program, there’s a vetting process to ensure the businesses fit the criteria. There are various eligibility requirements that potential applicants will need to meet. However, the structure is set in place to ensure that the program truly benefits those who participate.

Access to Capital Also Getting a Boost!

$50,000 through Carolina Foothills Federal Credit Union at an appealing interest rate of just 3.99%. These options provide small business owners with much-needed financial resources to support their ventures and growth plans.

Mentoring Program: A Helping Hand for Entrepreneurs

66 mentors currently partnered with 27 active mentees, the program is equipped to guide aspiring entrepreneurs toward greater sophistication.

For instance, one mentee successfully launched two businesses, including a consulting firm addressing HR issues, thanks to the insights received from their mentors. The program is designed not only to assist new business owners but also to help them transition beyond the traditional “mom-and-pop” setup and into more sophisticated business models.

Looking Ahead

business financial operations, ensuring that participants are well-prepared for any business challenges they might face.

For those looking to dive into this exciting opportunity, more details about the Access to Space and Access to Capital programs can easily be found online. This initiative promises to not just uplift individual businesses but enrich the entire community in Spartanburg County!