Makers Finance, based in Newberry, South Carolina, is a Community Development Financial Institution (CDFI) dedicated to supporting small businesses and entrepreneurs in underserved areas of the state, particularly rural communities. Their mission is to foster economic growth and create opportunities for individuals who might otherwise lack access to traditional financial resources.
Established to address the specific needs of South Carolina’s smaller towns and counties, Makers Finance understands the challenges faced by entrepreneurs in these areas. These challenges often include limited access to capital, a lack of business support services, and a smaller customer base compared to larger metropolitan areas. Makers Finance steps in to bridge these gaps, offering a range of financial products and services designed to empower small business owners.
Their core offering revolves around small business loans. These loans are typically smaller than what conventional banks are willing to provide, making them ideal for startups, micro-businesses, and companies looking to expand or purchase essential equipment. Makers Finance considers a variety of factors beyond just credit scores when evaluating loan applications, taking into account the entrepreneur’s business plan, their commitment to the community, and the potential for job creation.
Beyond loans, Makers Finance provides valuable technical assistance to their clients. This assistance can include business plan development, financial literacy training, marketing support, and guidance on navigating the complexities of running a small business. They often partner with local organizations and experts to deliver these services, ensuring that entrepreneurs have access to the knowledge and resources they need to succeed.
Makers Finance’s impact extends beyond individual businesses. By supporting entrepreneurs and creating jobs, they contribute to the overall economic vitality of the communities they serve. This can lead to increased tax revenues for local governments, improved quality of life for residents, and a more vibrant and resilient local economy.
The organization actively engages with the Newberry community and surrounding areas, participating in local events and working with community leaders to identify and address economic development priorities. They strive to be more than just a lender; they aim to be a trusted partner and resource for small businesses throughout the region.
Makers Finance relies on a combination of funding sources, including government grants, private donations, and investments from socially responsible individuals and organizations. This allows them to continue their important work of supporting entrepreneurship and fostering economic opportunity in South Carolina’s underserved communities.
In essence, Makers Finance is a crucial engine for economic development in Newberry and the surrounding region, providing vital financial support and technical assistance to small businesses that are often overlooked by traditional financial institutions. Their commitment to community development makes them a valuable asset to the area.
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