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 the South Carolina Community Economic Development Act authorizing funding for the Community Economic Development (CED) Fund for 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 the 2021-2022 and 2022-2023 state budget, the General Assembly appropriated a total of $4 million for the CED Fund. In 2021, $975,000 was granted to 11 certified CDCs and CDFIs. At the beginning of 2023 the next competitive grant round for the CED Fund opened, and in May 2023, fourteen state certified CDCs and CDFIs were awarded a total of $2.7 million. Grants size ranged from $50,000 to $300,000.

Learn more about CDCs and CDFIs.

Learn more about the SC Commerce Certification Program.