South Carolina Community Loan Fund
- Assets
- $42.2m
- Revenue
- $6.6m
- Investments
- $0.0
- Employees
- 20
- Location
- Charleston, SC
- Founding
- 02/2004
- Data as of
- 12/2023
- EIN
- 01-0793507
Organization Overview
South Carolina Community Loan Fund is located in Charleston, SC. The organization was established in 2004. According to its NTEE Classification (L99) the organization is classified as: Housing & Shelter N.E.C., under the broad grouping of Housing & Shelter and related organizations. As of 12/2023, South Carolina Community Loan Fund employed 20 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. South Carolina Community Loan Fund is a 501(c)(3) and as such, is described as a "Charitable or Religous organization or a private foundation" by the IRS.
For the year ending 12/2023, South Carolina Community Loan Fund generated $6.6m in total revenue. This organization has experienced exceptional growth, as over the past 9 years, it has increased revenue by an average of 15.9% each year . All expenses for the organization totaled $4.4m during the year ending 12/2023. While expenses have increased by 13.5% per year over the past 9 years. They've been increasing with an increasing level of total revenue. You can explore the organizations financials more deeply in the financial statements section below.
Since 2020, South Carolina Community Loan Fund has awarded 15 individual grants totaling $275,000. If you would like to learn more about the grant giving history of this organization, scroll down to the grant profile section of this page.
Form
990
Mission & Program ActivityExcerpts From the 990 Filing
TAX YEAR
2023
Describe the Organization's Mission:
Part 3 - Line 1
SOUTH CAROLINA COMMUNITY LOAN FUND (SCCLF) ADVANCES EQUITABLE ACCESS TO CAPITAL TO BUILD ASSETS AND BENEFIT THE COMMUNITIES AND PEOPLE MOST IN NEED OF ECONOMIC OPPORTUNITY.
Describe the Organization's Program Activity:
Part 3 - Line 4a
SCCLF PROVIDES LOANS, GENERALLY UP TO $1,000,000, TO FINANCE ACQUISITION, PREDEVELOPMENT, INFRASTRUCTURE, CONSTRUCTION, RENOVATION, LEASEHOLD IMPROVEMENTS, MACHINERY AND EQUIPMENT, WORKING CAPITAL, AND PERMANENT FINANCING BUSINESS COSTS. SCCLF FINANCES THE CAPITAL NEEDS OF COMMUNITY BUSINESSES SERVING AND EMPLOYING LOW TO MODERATE INCOME INDIVIDUALS LOCATED IN UNDERSERVED SOUTH CAROLINA COMMUNITIES. IN 2023, SCCLF MADE 7 LOANS TOTALING $3.3MM TO SMALL BUSINESSES LOCATED THROUGHOUT THE STATE.
COMMUNITY FACILITY (CF) SCCLF PROVIDES COMMUNITY FACILITY LOANS GENERALLY UP TO $1,000,000 TO FINANCE ACQUISITION, PRE-DEVELOPMENT, INFRASTRUCTURE, CONSTRUCTION, REHABILITATION, AND PERMANENT FINANCING DEVELOPMENT COSTS. SCCLF FINANCES THE CONSTRUCTION AND RENOVATION OF COMMUNITY FACILITIES INCLUDING, BUT NOT LIMITED TO, RECREATION CENTERS, DAY CARE CENTERS, HEALTH CARE CENTERS, SENIOR CENTERS, CHARTER SCHOOLS, HOMELESS SHELTERS, AND TRANSITIONAL HOUSING IN UNDERSERVED SOUTH CAROLINA COMMUNITIES. IN 2023, SCCLF MADE 1 LOANS TOTALING $2.9MM TO COMMUNITY FACILITIES LOCATED THROUGHOUT THE STATE.
IN ADDITION TO LENDING, SCCLF PROVIDES TECHNICAL ASSISTANCE TO BORROWERS AND PROSPECTIVE BORROWERS IN THE FORM OF ONE-ON-ONE TECHNICAL ASSISTANCE AND SMALL BUSINESS DEVELOPMENT WORKSHOPS. IN 2023, SCCLF AWARDED $168,500 OF SEED CAPITAL IN THE FORM OF FORGIVABLE LOANS TO 19 SMALL BUSINESSES AND SCCLF'S LOAN OFFICERS PROVIDED TECHNICAL ASSISTANCE TO 48 INDIVIDUALS AND BUSINESSES SEEKING CAPITAL FOR THEIR PROJECTS.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Shauna Cooper Member | Trustee | 1 | $0 |
Drew Harrison Member | Trustee | 1 | $0 |
Shaunte Evans Member | Trustee | 1 | $0 |
Walter Gayle Member | Trustee | 1 | $0 |
Cortney Nick Thomas Member | Trustee | 1 | $0 |
Charles Dew Member | Trustee | 1 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $3,656,120 |
| All other contributions, gifts, grants, and similar amounts not included above | $806,476 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $4,462,596 |
| Total Program Service Revenue | $2,038,537 |
| Investment income | $131,974 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $0 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $6,646,393 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $0 |
| Grants and other assistance to domestic individuals. | $168,500 |
| Grants and other assistance to Foreign Orgs/Individuals | $0 |
| Benefits paid to or for members | $0 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $1,304,566 |
| Pension plan accruals and contributions | $28,883 |
| Other employee benefits | $89,824 |
| Payroll taxes | $98,588 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $0 |
| Fees for services: Accounting | $0 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $770,149 |
| Advertising and promotion | $9,399 |
| Office expenses | $93,506 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $39,634 |
| Travel | $39,683 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $23,205 |
| Interest | $760,403 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $50,289 |
| Insurance | $22,273 |
| All other expenses | $64,843 |
| Total functional expenses | $4,392,494 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $13,459,419 |
| Savings and temporary cash investments | $378,981 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $245,312 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $27,280,848 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $122,243 |
| Net Land, buildings, and equipment | $745,995 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $3,850 |
| Total assets | $42,236,648 |
| Accounts payable and accrued expenses | $69,442 |
| Grants payable | $0 |
| Deferred revenue | $0 |
| Tax-exempt bond liabilities | $0 |
| Escrow or custodial account liability | $0 |
| Loans and other payables to any current Officer, Director, or Controlling Person | $0 |
| Secured mortgages and notes payable | $0 |
| Unsecured mortgages and notes payable | $29,268,539 |
| Other liabilities | $0 |
| Total liabilities | $29,337,981 |
| Net assets without donor restrictions | $9,306,497 |
| Net assets with donor restrictions | $3,592,170 |
| Capital stock or trust principal, or current funds | $0 |
| Paid-in or capital surplus, or land, building, or equipment fund | $0 |
| Retained earnings, endowment, accumulated income, or other funds | $0 |
| Total liabilities and net assets/fund balances | $42,236,648 |
Grants Awarded
Over the last fiscal year, South Carolina Community Loan Fund has awarded $212,500 in support to 11 organizations.
| Grant Recipient | Amount |
|---|---|
LIGHTHOUSE HYDRO MART PURPOSE: FORGIVABLE LOAN | $30,000 |
DELTA 4 SECURITY LLC PURPOSE: FORGIVABLE LOAN | $10,000 |
FABEL FARMS LLC PURPOSE: FORGIVABLE LOAN | $10,000 |
CHOPS PRODUCE PURPOSE: FORGIVABLE LOAN | $30,000 |
WICKS SCENTS PURPOSE: FORGIVABLE LOAN | $30,000 |
SAL'S & GEORGE'S FEED SEED AND SUPPLY PURPOSE: FORGIVABLE LOAN | $10,000 |