Section 11-56-70 - Use of grantsA grant made by the department to a microloan delivery organization may be used to:
(1) satisfy matching fund requirements for other federal or private grants;(2) establish a revolving loan fund from which the microloan delivery organization may make loans to microenterprises;(3) establish a guaranty fund from which the microloan delivery organization may guarantee loans made by financial institutions to microenterprises; and(4) provide funding for the operating costs of a microloan delivery organization.Added by 2014 S.C. Acts, Act No. 171 (HB 3125), s 1, eff. 5/16/2014.