Section 11-56-50 - Criteria for awarding grantsIn developing criteria for awarding grants to microloan delivery organizations, the department shall consider the organization's:
(1) plan for providing business development services and microloans to microenterprises;(2) plan for securing loan assistance from financial institutions;(3) plan for coordinating the services and loans provided by the microloan delivery organization with loans from financial institutions;(4) scope of services to be provided;(5) ability to provide business development in areas of chronic economic distress and low-income regions of the State;(6) area of the State to be served, with consideration being given to achieving equitable geographic distribution in awarding grants to areas of the State in need, including rural and urban communities and neighborhoods;(7) ability to provide business training and technical assistance to microenterprise clients;(8) ability to monitor and provide financial oversight of microloan recipients; and(9) sources and sufficiency of operating funds.Added by 2014 S.C. Acts, Act No. 171 (HB 3125), s 1, eff. 5/16/2014.