Business

Santee Cooper approves $10.85 million in loans for 4 industrial development projects serving rural SC

by Nikki Gaskins Campbell

santee cooper 1MONCKS CORNER, S.C. – The Santee Cooper Board of Directors approved $10.85 million in loans today to advance four commercial and industrial development projects that will benefit rural South Carolina.

Today’s loans support projects representing a total $23.5 million in infrastructure investment when local financing is included. Projects receiving the funding are located in Beaufort, Orangeburg, Calhoun and Jasper counties.

“Industrial site selectors tell us over and over that what they need most in locating a new plant is a building that’s already in the ground,” said Lonnie Carter, Santee Cooper president and CEO.  “Santee Cooper’s board demonstrated again today its commitment to helping create opportunities for industrial expansion and good, high-paying new jobs, especially for rural communities that so critically need them.”

Approved are:

• A $4 million loan to Beaufort County to build a 40,000 square foot commercial building in the county’s Myrtle Park Industrial Park. With local match funds, the total project cost is anticipated to be $7.5 million. Palmetto Electric Cooperative serves the project.

• A $4 million loan to Orangeburg County, to build a 75,000 square foot industrial building in the county’s Matthews Industrial Park, which is served by Tri-County Electric Cooperative. With the local matching funds, the total project cost is anticipated to be $8.5 million.

• A $2 million loan to Calhoun County, to help build a 50,000 square foot industrial building in the I-26 Industrial Park. The park currently is home to the Starbucks Sandy Run Roasting Plant and is served by Tri-County Electric Cooperative. The total project cost is anticipated to be $5.4 million, with the balance coming from local investment.

• An $850,000 loan to Jasper County, to help build a 40,000 square foot industrial building that could be expanded to 100,000 square feet. Local investment in the project totals $1.2 million, bringing total project cost to just over $2 million. The building would be in the Cypress Ridge Industrial Park and is served by Palmetto Electric Cooperative.
Nikki Gaskins Campbell
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