South Carolina Code 41-43-170. Guaranty fund authorized; purposes
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The authority is authorized to create a guaranty fund, consisting solely of program funds, which may be used to guarantee or insure or purchase insurance for loans of financial institutions to business enterprises which meet the eligibility requirements of § 41-43-150. Such funds shall be held in the custody of the State Treasurer, or with his approval may be held in the custody of one or more commercial banks or trust companies having a principal place of business in this State.
Loans which qualify for a guaranty or insurance under this section must consist of:
Terms Used In South Carolina Code 41-43-170
- Authority: means the South Carolina Jobs - Economic Development Authority, which is a state-owned enterprise. See South Carolina Code 41-43-20
- Banks: means financial organizations organized, chartered, or holding an authorization certificate and subject to supervision by an agency or official of South Carolina or of the United States and authorized to make loans and receive deposits. See South Carolina Code 41-43-20
- Program funds: means any monies, including, but not limited to, the proceeds from bond sales, the sale or disposition of any assets, or any other source available to the authority, other than administrative funds and the earnings on the funds. See South Carolina Code 41-43-20
(1) Loans to eligible business enterprises located in distressed areas as defined in § 41-43-180 for any purpose for which a loan may be made pursuant to § 41-43-160, including the provision of working capital;
(2) Loans used to finance export sales or production for export by eligible business enterprises as provided in § 41-43-190.