Wells Fargo investment to provide microgrants to Tri-County entrepreneurs

Earlier this year, Lowcountry Local First (LLF) launched the first Kiva Hub in the state of South Carolina. By operating the Lowcountry Kiva Hub, LLF is helping small businesses and entrepreneurs who have trouble accessing more conventional forms of capital from banks and CDFIs. In addition to providing training and support to entrepreneurs across the Tri-County, LLF can now also help borrowers navigate Kiva US’s online lending platform.

Thanks to the generous support of Wells Fargo, Lowcountry Local First will be able to provide $1,000 microgrants at a critical stage in the small business owner’s crowdfunding process in the Kiva Hub. These grants will be provided separately from, and in addition to, whatever loan they raise on the Kiva platform, and the entrepreneurs will not be expected to repay the grants. The funds from Wells Fargo will sustain the small businesses and entrepreneurs through the critical 35-day public crowdfunding period, giving them the resources they need to lay the groundwork for their loan-funded projects.

The Lowcountry faces a persistent capital access gap for small businesses. This especially affects entrepreneurs who are just starting out, who do not have a strong credit score, or who lack access to collateral. Traditional lenders and even CDFI’s often require collateral, strong credit histories, or established business records that many early-stage entrepreneurs lack. As a result, promising businesses remain underfunded, stifling growth.

By establishing South Carolina’s first Kiva Hub, Lowcountry Local First offers a unique opportunity to bridge a financing gap through a proven platform that provides community funded microloans. With support from Wells Fargo, LLF can offer the infrastructure, staffing, and partnerships needed to unlock this new source of capital for the region. Additionally, an investment of $10,000 from Wells Fargo will fund ten $1,000 microgrants to ten businesses, sustaining them through the challenging crowdfunding period. Wells Fargo’s investment will catalyze entrepreneurial growth, job creation, and economic development in the Lowcountry.

“Congratulations to Lowcountry Local First on this well-deserved grant award. We are proud to celebrate this investment in Charleston's vibrant small business community and excited for the opportunity to partner with LLF to help small businesses grow, strengthen local economies, and create lasting impact across the Charleston region,” says Pam Bryant, Vice President and Lead Philanthropy, Community Impact Specialist on the Wells Fargo Public Affairs team in South Carolina.