South Carolina Community Loan Fund
- Assets
- $42.5m
- Revenue
- $5.0m
- Investments
- $0.0
- Employees
- 18
- Location
- Charleston, SC
- Founding
- 02/2004
- Data as of
- 12/2021
- EIN
- 01-0793507
Organization Overview
South Carolina Community Loan Fund is located in Charleston, SC. The organization was established in 2004. According to its NTEE Classification (L99) the organization is classified as: Housing & Shelter N.E.C., under the broad grouping of Housing & Shelter and related organizations. As of 12/2021, South Carolina Community Loan Fund employed 18 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. South Carolina Community Loan Fund is a 501(c)(3) and as such, is described as a "Charitable or Religous organization or a private foundation" by the IRS.
For the year ending 12/2021, South Carolina Community Loan Fund generated $5.0m in total revenue. This organization has experienced exceptional growth, as over the past 7 years, it has increased revenue by an average of 16.0% each year . All expenses for the organization totaled $3.9m during the year ending 12/2021. While expenses have increased by 15.9% per year over the past 7 years. They've been increasing with an increasing level of total revenue. You can explore the organizations financials more deeply in the financial statements section below.
Since 2020, South Carolina Community Loan Fund has awarded 15 individual grants totaling $275,000. If you would like to learn more about the grant giving history of this organization, scroll down to the grant profile section of this page.
Form
990
Mission & Program ActivityExcerpts From the 990 Filing
TAX YEAR
2021
Describe the Organization's Mission:
Part 3 - Line 1
SOUTH CAROLINA COMMUNITY LOAN FUND (SCCLF) IS A U.S. TREASURY CERTIFIED COMMUNITY DEVELOPMENT FINANCIAL INSTITUTION (CDFI) WHOSE MISSION IS TO ADVANCE EQUITABLE ACCESS TO CAPITAL BY PROVIDING LOANS, TECHNICAL ASSISTANCE, AND ADVOCACY FOR AFFORDABLE HOUSING, HEALTHY FOOD, COMMUNITY FACILITIES, AND COMMUNITY BUSINESS ENTERPRISES TO CREATE THRIVING, PROSPEROUS, ECONOMICALLY RESILIENT COMMUNITIES FOR ALL SOUTH CAROLINIANS.
Describe the Organization's Program Activity:
Part 3 - Line 4a
COMMUNITY FACILITY (CF) SCCLF PROVIDES COMMUNITY FACILITY LOANS GENERALLY UP TO $1,000,000 TO FINANCE ACQUISITION, PRE-DEVELOPMENT, INFRASTRUCTURE, CONSTRUCTION, REHABILITATION, AND PERMANENT FINANCING DEVELOPMENT COSTS. SCCLF FINANCES THE CONSTRUCTION AND RENOVATION OF COMMUNITY FACILITIES INCLUDING, BUT NOT LIMITED TO, RECREATION CENTERS, DAY CARE CENTERS, HEALTH CARE CENTERS, SENIOR CENTERS, CHARTER SCHOOLS, HOMELESS SHELTERS, AND TRANSITIONAL HOUSING IN UNDERSERVED SOUTH CAROLINA COMMUNITIES. IN 2021, SCCLF MADE 6 LOANS TOTALING $4.3MM TO COMMUNITY FACILITIES LOCATED THROUGHOUT THE STATE.
SCCLF PROVIDES LOANS, GENERALLY UP TO $1,000,000, TO FINANCE ACQUISITION, PREDEVELOPMENT, INFRASTRUCTURE, CONSTRUCTION, RENOVATION, LEASEHOLD IMPROVEMENTS, MACHINERY AND EQUIPMENT, WORKING CAPITAL, AND PERMANENT FINANCING BUSINESS COSTS. SCCLF FINANCES THE CAPITAL NEEDS OF COMMUNITY BUSINESSES SERVING AND EMPLOYING LOW TO MODERATE INCOME INDIVIDUALS LOCATED IN UNDERSERVED SOUTH CAROLINA COMMUNITIES. IN 2021, SCCLF MADE 15 LOANS TOTALING $3.9MM TO SMALL BUSINESSES LOCATED THROUGHOUT THE STATE.
IN ADDITION TO LENDING, SCCLF PROVIDES TECHNICAL ASSISTANCE TO BORROWERS AND PROSPECTIVE BORROWERS IN THE FORM OF ONE-ON-ONE TECHNICAL ASSISTANCE AND SMALL BUSINESS DEVELOPMENT WORKSHOPS. IN 2021, SCCLF AWARDED $180,000 OF SEED CAPITAL IN THE FORM OF FORGIVABLE LOANS TO 12 SMALL BUSINESSES AND SCCLF'S LOAN OFFICERS PROVIDED TECHNICAL ASSISTANCE TO 77 INDIVIDUALS AND BUSINESSES SEEKING CAPITAL FOR THEIR PROJECTS.
OTHER PROGRAM SERVICE ACCOMPLISHMENTS
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Leigh Ann Shelton Chief Financial Officer | Officer | 40 | $156,040 |
Victoria Haugen Chief Strategy Officer | Officer | 40 | $130,137 |
Anna Lewin Chief Executive Officer | Officer | 40 | $52,151 |
Nathaniel Barber Chief Executive Officer | Officer | 40 | $42,548 |
James Chasterfield Chief Lending Officer | Officer | 40 | $27,635 |
Deborah Mcketty President | Officer | 40 | $20,615 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $1,200,000 |
| All other contributions, gifts, grants, and similar amounts not included above | $1,264,553 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $2,464,553 |
| Total Program Service Revenue | $2,494,114 |
| Investment income | $349 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $0 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $4,959,016 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $237,500 |
| Grants and other assistance to domestic individuals. | $0 |
| Grants and other assistance to Foreign Orgs/Individuals | $0 |
| Benefits paid to or for members | $0 |
| Compensation of current officers, directors, key employees. | $457,064 |
| Compensation of current officers, directors, key employees. | $145,438 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $711,161 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $80,725 |
| Payroll taxes | $93,696 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $73,707 |
| Fees for services: Accounting | $0 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $581,384 |
| Advertising and promotion | $5,644 |
| Office expenses | $101,846 |
| Information technology | $67,470 |
| Royalties | $0 |
| Occupancy | $73,809 |
| Travel | $6,751 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $12,422 |
| Interest | $656,503 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $50,291 |
| Insurance | $27,961 |
| All other expenses | $13,241 |
| Total functional expenses | $3,931,589 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $7,888,987 |
| Savings and temporary cash investments | $627,391 |
| Pledges and grants receivable | $226,206 |
| Accounts receivable, net | $0 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $32,831,258 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $115,887 |
| Net Land, buildings, and equipment | $846,577 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $3,150 |
| Total assets | $42,539,456 |
| Accounts payable and accrued expenses | $96,063 |
| Grants payable | $0 |
| Deferred revenue | $0 |
| Tax-exempt bond liabilities | $0 |
| Escrow or custodial account liability | $12,250 |
| Loans and other payables to any current Officer, Director, or Controlling Person | $0 |
| Secured mortgages and notes payable | $0 |
| Unsecured mortgages and notes payable | $32,094,797 |
| Other liabilities | $215,630 |
| Total liabilities | $32,418,740 |
| Net assets without donor restrictions | $9,283,395 |
| Net assets with donor restrictions | $837,321 |
| Capital stock or trust principal, or current funds | $0 |
| Paid-in or capital surplus, or land, building, or equipment fund | $0 |
| Retained earnings, endowment, accumulated income, or other funds | $0 |
| Total liabilities and net assets/fund balances | $42,539,456 |
Grants Awarded
Over the last fiscal year, South Carolina Community Loan Fund has awarded $212,500 in support to 11 organizations.
| Grant Recipient | Amount |
|---|---|
LIGHTHOUSE HYDRO MART PURPOSE: FORGIVABLE LOAN | $30,000 |
Conway, SC PURPOSE: FORGIVABLE LOAN | $30,000 |
WICKS SCENTS PURPOSE: FORGIVABLE LOAN | $30,000 |
THE NAKED PANTRY COMPANY PURPOSE: FORGIVABLE LOAN | $30,000 |
VISA NOW PURPOSE: FORGIVABLE LOAN | $30,000 |
GLORIOUS GROCERY ON WHEELS PURPOSE: FORGIVABLE LOAN | $12,500 |
Grants Recieved
Over the last fiscal year, we have identified 5 grants that South Carolina Community Loan Fund has recieved totaling $196,005.
| Awarding Organization | Amount |
|---|---|
The Nathan Cummings Foundation Inc New York, NY PURPOSE: GENERAL SUPPORT | $75,000 |
Opportunity Finance Network Philadelphia, PA PURPOSE: CF RELENDING | $75,000 |
Sisters Of Charity Foundation Of South Carolina Cleveland, OH PURPOSE: Social Services | $25,000 |
Bank Of America Charitable Foundation Inc Charlotte, NC PURPOSE: OPERATIONAL SUPPORT | $21,000 |
Amazonsmile Foundation Seattle, WA PURPOSE: GENERAL SUPPORT | $5 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
Lutheran Home-Hickory West Inc Salisbury, NC | $4,616,109 | $14,117,518 |
Lutheran Home - Wilmington Inc Salisbury, NC | $3,485,965 | $12,654,546 |
Community Affordable Housing Equity Corporation Raleigh, NC | $30,228,876 | $11,307,712 |
Lutheran Home-Albemarle Inc Salisbury, NC | $5,090,743 | $9,142,249 |
Passage Home Inc Raleigh, NC | $13,185,958 | $5,411,567 |
Covenant House Georgia Inc Atlanta, GA | $22,755,199 | $6,304,494 |
Seacliff Village Shopping Center Inc Charlotte, NC | $151,078,311 | $8,901,233 |
South Carolina Community Loan Fund Charleston, SC | $42,539,456 | $4,959,016 |
Pittsboro Christian Village Inc Pittsboro, NC | $6,409,750 | $2,568,383 |
Emanuel-Morris Brown-Ebenezer Apartments Inc West Columbia, SC | $6,126,201 | $2,440,836 |
Triangle Apartment Association Inc Raleigh, NC | $3,309,696 | $1,758,249 |
Movement Resources Fort Mill, SC | $232,553,205 | $215,498,226 |