Community Economic Development (CED) Fund
The CED grant program was created by the SC General Assembly in 2000 (through the SC Community Economic Development Act) to support certified community development corporation (CDC) and community development financial institution (CDFI) sponsored projects in the state of South Carolina. Qualifying projects and activities are designed to enhance the economic opportunities of underserved and rural communities, this may include small business development, workforce training, commercial retail, historic preservation, financial empowerment, neighborhood revitalization, or affordable housing.
Background & History
In 2000, the South Carolina General Assembly passed, and Governor Jim Hodges signed into law, the South Carolina Community Economic Development Act authorizing the appropriation of $5 million over 5 years ($1 million annually) to state certified community development corporations (CDCs) and community development financial institutions (CDFIs). The purpose of the appropriation is to support CDCs and CDFIs whose primary function is to develop projects and activities that enhance economic opportunities and wealth creation in the economically challenged communities through community economic development (CED). CED includes efforts to enable low-to-moderate income persons to become small businesses owners, homeowners, and secure jobs through the development of small businesses, jobs, affordable housing and economic development in the community. In 2006, Governor Mark Sanford and the South Carolina General Assembly approved the first $1 million appropriation from recurring funds. A second appropriation of $1.4 million was provided in 2007 by the South Carolina General Assembly and Governor Sanford, with a third appropriation of $400,000 included in the 2013 State Budget. In both 2015 and 2016, an appropriation of $100,000 was included in the State Budget. Currently $3 million of the available $5 million has been appropriated.
