Update on CommunityWorks, local impact investments, and PPP

Update on CommunityWorks, local impact investments, and PPP

Since the Paycheck Protection Program was announced, CommunityWorks has handled 200 calls from local businesses and nonprofits and has provided 100 coaching sessions.  Staff have participated in 20 webinars and educational sessions to provide information to potential applicants.  This has resulted in more than 50 applications submitted by CommunityWorks for about $830,000 in PPP loans.  Other facts:

  • Average PPP loan amount of $16,780, ranging from $789-$69,000
  • 50% female led businesses
  • 40% minority businesses
  • 60% from Greenville
  • 30% from Spartanburg
  • 10% from Other areas in SC
  • Business types ranged from sole proprietors (1 person) to health care providers (over 20 employees) to nonprofits
  • 10 were nonprofits
  • Business locations ranged from downtown Main Street to Simpsonville to out in the counties

 

Thanks to GPP members and others, CommunityWorks also raised $400,000 in 0% Program Related Investments from philanthropy to support capital and create a loan loss rseserve to help provide PPP loan and COVID 19 loans.

If you work with a small business or nonprofit and need a loan, please contact CommunityWorks for help and information.  Individuals in need can contact Self-Help Credit Union.