Town of Irmo launches small business loan program

Town of Irmo launches small business loan program
(Source: WIS)

IRMO, S.C. (WIS) - The Town of Irmo has created a program to help local businesses that have been affected by the COVID-19 pandemic.

Leaders in the community have collaborated with the Irmo Future Growth Corporation to create the $250,000 loan program. The program will be used to provide relief, hire more staff, and grow with the future economic expansion.

“The Town of Irmo operates without a millage, Our business community success is crucial to the growth of our Town. To offer this assistance after the year we just had is vital for the success of the business community,” Irmo Mayor Barry Walker said.

The loan program is available to fund loans of up to $10,000 for qualifying businesses.

The Security Federal Bank will be providing loans at a low interest rate of 2% with the first payment being deferred for six months. The bank is also offering its expertise at no cost as a service to the community and the interest paid will be returned to the loan pool for the use of others.

“This is just the start of our plans to support and foster the businesses in the Town. Irmo is a business-friendly community, and we hope this is a bridge for more growth to come. We are thankful for the Mayor and Council’s vision and the Irmo Future Growth Corporation’s will to make it happen,” Irmo Councilman and Irmo Future Growth Corporation Board Member Erik Sickinger said.

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