“Summer of Growth”- Irmo helps create loan program to provide local small businesses economic assistance

Many cities and municipalities are facing challenging business environments post covid-crisis, and the Town of Irmo has created a program to help local businesses. Irmo, with a population of 13,000, recognizes that a healthy and growing business community means a healthy and growing town.

The Irmo Future Growth Corporation is a 501©(3) non-profit, created in coordination with the Irmo Town Council, Greater Irmo Chamber, and local business leaders to identify businesses adversely affected by the pandemic.  The result is the creation of a $250,000 loan program to provide relief, hire more staff, and grow with the future economic expansion.

The initial funding was approved by the Irmo Town Council, and the application process along with required forms have been made available on the Town’s Website www.townofirmosc.com  

Mayor Barry Walker said, “The Town of Irmo operates without a millage, Our business community success is crucial to the growth of our Town.  To offer this assistance after the year we just had is vital for the success of the business community.” 

Bill Danielson, the Chair of the Irmo Future Growth Corporation and Irmo Councilman, says, “This is an opportunity for the town to assist its small businesses during this terrible pandemic.  We are not out of the woods yet, however, we are fighting back with our businesses to help stabilize the local economy.”

Business owner and member of the Irmo Future Growth Corporation, Beach Loveland says, “Both short-term and long- term efforts are in play for preserving, identifying and promoting key economic growth opportunities unique to the Town of Irmo while encouraging and serving local businesses for the enrichment of our community.”

The Town of Irmo, The Irmo Future Growth Corporation, Security Federal Bank and locally run organizations, agreed to take part in offering loan guarantees to help those in need. The loan program is available to fund loans of up to $10,000 for qualifying businesses (criteria can be found on the website).

The Security Federal Bank is providing the loans at the low interest rate of 2% with the first payment being deferred for six months .  The bank is offering its expertise at no cost as a service to the community and the interest paid will be returned to the loan pool for the use of others.

Irmo Councilman Erik Sickinger also a board member for the  Irmo Future Growth Corporation says, “This is just the start of our plans to support and foster the businesses in the Town.  Irmo is a business-friendly community, and we hope this is a bridge for more growth to come.  We are thankful of the Mayor and Council’s vision and the Irmo Future Growth Corporation’s will to make it happen.”