Santee Cooper Extends Economic Development Revolving Loan Program

Staff Report From South Carolina CEO

Thursday, July 5th, 2018

The Santee Cooper Board of Directors approved the extension of the utility’s Economic Development Revolving Loan Program at its meeting on Monday, June 25. The extension of the loan program has been approved through Dec. 31, 2020.

Santee Cooper’s economic development loan program was established in 2012 and extended in 2015. The Revolving Loan Program offers loans of $500,000 to $5 million to local governments and economic development organizations served by Santee Cooper, its wholesale customers and the state’s electric cooperatives. The loans can be used for land or building acquisition, infrastructure projects or speculative building construction, and the loan program allows the localities and nonprofit economic development organizations to better compete for new or expanded industrial or commercial development.

"Santee Cooper has a responsibility to promote economic development and throughout our history, we’ve been a leader in offering initiatives that attract major industries,” said Pamela Williams, Santee Cooper’s vice president of corporate services. “By providing financing for critical land, speculative buildings and infrastructure, we are helping South Carolina successfully compete for advanced manufacturing and the good jobs that come with it.”

Santee Cooper has loaned municipalities, counties and economic development organizations more than $91 million for economic development. Twenty-nine separate entities have utilized the program. Projects helped include:

Inland Port Dillon, the South Carolina Ports newest facility, expected to convert 45,000 container movements from truck to rail in its first year and already created 1,000 jobs

  • Volvo Car USA’s Training Center, located next to Volvo’s first U.S. automotive manufacturing facility, which represents an initial investment of $500 million and 2,000 jobs in Berkeley County

  • Wyman-Gordon, a manufacturer of large titanium and super alloy forgings for the aerospace and power generation markets, with an investment of $115 million and 400 jobs in Dillon County

  • Sigmatex, a world leader in the manufacturing of carbon fiber textiles, with an investment of $12 million in Orangeburg County and 50 jobs

  • Coca-Cola Consolidated Sales and Distribution Center, with an investment of $5 million in Jasper County and 20 jobs