Cummins and CommunityWorks Charleston Small Business Success

Cummins and CommunityWorks Charleston Small Business Success

Your small business may be eligible for a loan between $900 and $250,000.

Cummins Advocating for Racial Equity (CARE) has partnered with CommunityWorks to present black-owned businesses in the Charleston, SC area with a special opportunity. Those that qualify for one of CommunityWorks small business loan products can receive capital with a capped interest rate at 6% and waived application / processing fees.

This program applies to the following CommunityWorks small business products:

  • Credit Builder Secured Savings Program The Credit Builder Secured Savings is for business owners looking to build personal credit, business credit, and facilitate intentional business savings practices. Secured Savings accounts will go up to $900 over a 12-month period and will be based on room in a household budget for a savings payment. 
  • Business Capacity LoanThe Business Capacity Loan is for the business owner looking to build their organization capacity through investments in technology, small equipment, licensing, a specific project, and often for those entrepreneurs who have successfully completed a Credit Builder Secured Savings with us. Business Capacity Loans range from $1,000 to $3,000 up to 24 months. 
  • Express LoansThe Express Loan is for business owners looking to start or build their business through a more expedited loan application process. Funds can be used for a variety of general business purposes including equipment, inventory, lease improvements, or working capital. Express Loans range from $3,001 to $10,000 up to 48 months. 
  • Microbusiness LoansThe Microbusiness Loan is for a business that has been open for at least a year and is looking for loan capital to build or grow their enterprise. Funds can be used for a variety of general business purposes including equipment, inventory, lease improvements, or working capital. Microbusiness Loans are from $10,001 to $50,000 up to 60 months. 
  • Start Up Microbusiness LoanThis loan product is exclusively for start-up businesses that are in the pre-launch stage through 1 year of operation. The loan can be used for equipment, inventory, lease improvements, and/or up to 3 months of working capital necessary to start or run your business.    
  • Small Business Loan – CommunityWorks will consider loans up to $250,000 to qualifying, existing small businesses. Loans can be used for the purchase of equipment or real estate, to refinance existing debt, or for use as working capital.

Eligible businesses must:

Click below to learn more and apply. When completing an application, a CommunityWorks loan officer will notify you if your business is eligible for Cummins and CommunityWorks Small Business Success program benefits.