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CDFIs provide major help for microbusinesses

A community filled with thriving micro- and small businesses fosters increased stability and investment — both capital and social — as well as upward financial mobility. Microbusinesses are critical to fostering vibrant economies. In South Carolina, 87 percent of businesses are considered microbusinesses, and yet so many have trouble accessing capital to start or expand. Many microbusinesses are founded by individuals and families with determination and drive; however, 60 percent of state households have subprime credit, which affects the ability to get a loan.

Despite the raw talent a potential business owner may have and the benefit to the community at large, there can be obstacles to starting, succeeding, and sustaining a microbusiness. Fortunately, there are community resources to help entrepreneurs contribute to the flourishing Upstate.

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