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SANTEE-LYNCHES REGIONAL DEVELOPMENT CORPORATION
WALTER DUNLAP: Phone 803-775-7381, FAX 803-773-9903
E-MAIL: slrdc@slcog.org

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    The Regional Development Corporation (RDC) provides business capital in the form of direct loans to new and expanding businesses. The project must meet eligibility for public policy goals, repayment ability, and collateral adequacy.
     The typical borrower finds regular lending sources unwilling to fund the full request. When traditional lenders participate, Santee-Lynches can participate up to 90% of project costs. The RDC can facilitate projects as small as $75,000 and as large as approximately $6 Million.
 
(a)
The RDC operates as an independent corporation with its own board made up of 13 individuals. The Board is made up of the 4 county economic developers and at least one other person from that county. In addition to the economic developer, the Board contains bankers, a real estate developer and business owners. The RDC Board has a representative from the Santee-Lynches Regional Council of Governments Board. An annual report is made to both boards and to the various funding sources in accordance with the program plans as applicable.
(b)
Links at the local level include the administrators of the cities and counties, bankers, real estate developers, and other referral sources to the "Financing Option$" program.
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Target Population: The RDC has as its service delivery area (SDA), the four counties of Clarendon, Kershaw, Lee, and Sumter. Loans must be adequately secured. The refinancing of existing debt usually does not serve an economic development purpose and can only be done when the refinancing will be effective in saving a significant number of jobs in a business facing emanate closure because of badly structured existing financing.
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Goals & Objectives of Program: RDC funding is provided to eligible business that will create jobs for our citizens, increase the tax base to support fundamental services and to provide diversification. Because the RDC accepts a higher risk and smaller equity requirements, we create economic activity today instead of later. The overall effect is a faster growing region.
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Measures of Success: Portfolio balances outstanding, # businesses assisted, # Jobs created, leverage of internal funds used to draw external funds to the project.
• The RDC is self-supporting from its interest earned.