South Carolina Self-employment
Loan Program

The Self-Employment Loan Program is a state and federally funded program that helps qualified South Carolinians with disabilities obtain the technology they need to become more independent and productive citizens in the community.

It provides loan guarantees for people with disabilities to purchase equipment, devices and services to enable them to work from home or at another location outside the traditional work environment.

Access to the program is provided regardless of disability, age, income level, location of residence within the state or type of work-related device or services for which financing is requested.

Who can apply?

People with disabilities or their families or friends on behalf of the individual with a disability can apply for a self-employment loan.

How do I qualify for a loan?

You must have the ability to repay the loan. The program will look at your income compared to your debt, stability in your residence and/or job, and credit history.

Some applicants will not qualify. However, the criteria for the loan program’s guarantee guidelines are much less stringent than those used by most banks. This will enable many people to get loans who otherwise would not qualify.

How can the loan be used?

The program will facilitate loans to purchase a broad range of equipment necessary to be self-employed, at home or elsewhere.

Equipment may include, but is not limited to:

  • Computers and software
  • Office machines
  • Telecommunications devices
  • Telecommunications system installation (telephone, DSL Internet)
  • Office furniture
  • Home modifications
  • Motor vehicles for business purposes
  • Necessary assistive technology

What types of businesses are eligible?

Self-employment loans may be used for just about any business that can be performed from the home or outside the traditional work environment.

Some examples include:

  • Engraver
  • Farmer
  • Pet groomer
  • Medical transcriptionist
  • Stained glass artist
  • Janitorial service
  • Photographer
  • Baker

How long does it take to approve a loan?

Loan decisions are made as quickly as possible. Once a completed application and a business plan are received, they are sent to the lender to obtain a credit report.

The application then is forwarded to an independent review panel within three to four days. The panel will make its decision after reviewing the application and business plan. Applicants are notified as soon as the decision is made.

How much can I borrow?

Individuals may borrow up to $30,000.

What are the interest rate and repayment terms?

Interest rates vary depending on the collateral, but generally are below market rates.

Terms may range from one to seven years, depending on the loan.

How do I apply?

Contact the loan program to have an application mailed or faxed to you.

S.C. Self-employment Loan Program
P.O. Box 280243
West Columbia, SC 29228

For more information, contact:

Timothy B. Russell
803-896-6349

Leslie Shipp
803-896-4553

866-247-8354 (toll free) • Email us