(AP) -- South Carolina small businesses are getting a new source of funds under a new federal program.
The state Jobs Economic Development Authority, bankers and business advocates are scheduled to announce the program Tuesday at a news conference in Columbia.
The State Small Business Credit Initiative is making up to $18 million in reserve funds available to banks to encourage lending to credit-worthy small businesses.
Harry Huntley is executive director of the South Carolina Jobs Economic Development Authority, and he says the program will offer loans of up to $5 million. The state already has a similar program but it can offer loans of no more than $100,000 each.
The Business Development Corporation of South Carolina, South Carolina Bankers Association and South Carolina Chamber of Commerce support the program.
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