Carolina Foothills FCU helps women entrepreneurs find success
Through pandemic interruptions of daily activities and the resulting threat to livelihoods, 132 Upstate women entrepreneurs—92 of them women of color—have kept their small businesses moving forward thanks to Small Business Administration (SBA) Paycheck Protection Program (PPP) loans secured through Spartanburg-headquartered Carolina Foothills Federal Credit Union.
Nearly half (47.8%) of the 276 PPP loans the credit union funded since program inception in April 2020 have helped women-owned businesses sustain their operations during mandated limitations. Carolina Foothills funded loans averaging $16,403 through the COVID-prompted program, helping borrowers secure as little as $310 to bridge an uncertain future.
That stands in stark contrast to the millions that borrowers like Ruth’s Chris Steakhouse ($20M), the Los Angeles Lakers ($4.6M), Shake Shack ($10M), and Potbelly Sandwich Shop ($10M) would receive from the $790.9 billion issued by the SBA through May 31, 2021.
For local entrepreneur Latron McDaniel and partners Maleisha Rice and Stephanie Valentine at Hair Therapy Hair Studio, Carolina Foothills brought hope just as they and their options were nearly exhausted. They collaborated to secure loans ranging from $4,000 to 7,000 to keep the trio’s business viable through the shutdown and keep alive their aspirations as members of the Spartanburg business community. In the end, all of their loans in 2020 and 2021 were fully forgiven by the SBA, and the salon has regained 75% of its pre-pandemic capacity according to McDaniel.
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