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South Carolina Grant Program Lends a Helping Hand To Rural Small Businesses

New-America CorpEntrepreneurs in poor areas of South Carolina who want to start their own business but need a little help with start-up costs can turn to New America Corp., a nonprofit organization formed two years ago to help small businesses in Orangeburg County. It's more than a grant; it's a program to help entrepreneurs help themselves.

By utilizing the company's Business Individual Development Account, small business owners can open up a savings account for their business. After six months, the account can begin receiving $3 for every dollar saved, up to $1,000 in savings. So, a small business owner can receive $3,000 for their $1,000 in savings.

Grant recipients are required to participate in personal finance and business training sessions that will help them develop their business plan. The grant money can be used for expenses to help start or expand a business. The grants are offered by New America Corp. and the South Carolina Association of Community Development Corporations.

New America Corporation is a nonprofit organization that specializes in finding funding for affordable housing, collegiate housing, and education for rural and underserved communities. According to South Carolina Association of Community Development Corporations, since 2001 when the grant program began, $750,000 in grant money has been awarded, resulting in generating almost $11.5 million within the economic community.

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