Benedict-Allen Community Development Corporation
Department Contact
Columbia, SC 29204
The Benedict-Allen Community Development Corporation (CDC) is a 501(c)(3) nonprofit organization created to promote residential and commercial revitalization by seeking and providing resources for the acquisition, renovation, and redevelopment of substandard properties. A primary objective of the CDC is to serve as a catalyst for improvement by combining public and private resources to accomplish common goals. The CDC seeks to revitalize commercial corridors as proposed in the City of Columbia Master Plan. Residential revitalization is addressed through the promotion of home ownership via the acquisition, renovation, and resale of existing housing to individuals and families. The Board of Directors consists of various community stakeholders, including neighborhood residents, the president of Benedict College, the president of Allen University, college staff, and business leaders.
The BMRLF is a program specifically designed to provide commercial loan capital to qualified small and/or minority owned businesses so that they can be successful in creating new jobs, expanding the tax base and enhancing the overall quality of life in their communities. The BMRLF program is comprised of a group of community–minded lenders and funding sources that provide loan capital.
While our customers must meet similar standards, we have removed certain barriers that often restrict small or minority-owned businesses from securing loans. Unlike a traditional banker, the BMRLF program recruits its customers through non-traditional grassroots efforts and spends time establishing a mutually beneficial relationship. Through the BMRLF, we offer more flexibility in the terms of the loan, because we are willing to accept more risk than traditional financial institutions. We help our customers gain knowledge, skills and resources to secure a loan and operate a successful business.
For more BMRLF information or to apply, please contact us at (803)705-4715 or pittse@benedict.edu.
Applicants may submit a BMRLF loan request for:
- Equipment or inventory purchases
- Business expansion
- Working capital
- Business real estate acquisition
- Leasehold improvements
