2016 South Carolina Code of Laws
Title 41 - Labor and Employment
CHAPTER 43 - SOUTH CAROLINA JOBS - ECONOMIC DEVELOPMENT FUND ACT
Section 41-43-170. Guaranty fund authorized; purposes.
The authority is authorized to create a guaranty fund, consisting solely of program funds, which may be used to guarantee or insure or purchase insurance for loans of financial institutions to business enterprises which meet the eligibility requirements of Section 41-43-150. Such funds shall be held in the custody of the State Treasurer, or with his approval may be held in the custody of one or more commercial banks or trust companies having a principal place of business in this State.
Loans which qualify for a guaranty or insurance under this section must consist of:
(1) Loans to eligible business enterprises located in distressed areas as defined in Section 41-43-180 for any purpose for which a loan may be made pursuant to Section 41-43-160, including the provision of working capital;
(2) Loans used to finance export sales or production for export by eligible business enterprises as provided in Section 41-43-190.
HISTORY: 1983 Act No. 145 Section 18.
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