South Carolina § 33-37-1020 - Establishment of program; loan loss reserve.
Full text of South Carolina South Carolina Code of Laws § 33-37-1020 — Establishment of program; loan loss reserve., with citation guidance and answers to common questions.
§ 33-37-1020. Establishment of program; loan loss reserve.
(A) Upon appropriation of funds by the General Assembly for the CAP in the minimum initial sum of two million five hundred thousand dollars, those funds and funds resulting from later appropriations to the state fund must be provided to BDC for deposit in the state fund account.
(B) BDC shall establish the CAP to provide a loan loss reserve from the state fund to assist participating financial institutions making loans to small businesses located in South Carolina that otherwise find it difficult to obtain regular bank financing.
(C) The assistance must be provided by BDC through transfers by it from a state fund account into a loss reserve account maintained by, in the name of, and controlled by BDC as custodian to provide loan loss reserves for loans made to those small businesses.
HISTORY: 2005 Act No. 157, SECTION 4.A, eff June 10, 2005, applicable for taxable years beginning January 1, 2006; 2015 Act No. 60 (S.389), SECTION 1, eff June 4, 2015.
Effect of Amendment
2015 Act No. 60, SECTION 1, reenacted this section with no change.
Source: official South Carolina text · Last verified 2026-08-27
Frequently Asked Questions About South Carolina § 33-37-1020
What does South Carolina Code of Laws § 33-37-1020 cover?
Section 33-37-1020 ("Establishment of program; loan loss reserve.") is part of the South Carolina Code of Laws, the codified statutory law of South Carolina. It sets out the legal rule or procedure described in the text above. Statutes are amended regularly, so always verify against the official source.
How do I cite South Carolina § 33-37-1020?
A common citation format is "South Carolina Code of Laws § 33-37-1020" (South Carolina). Legal writing may require the code abbreviation, section number, and year or edition. Match the style required by your court, professor, or publisher.
Is this the official text of South Carolina law?
No. This page is for research and education and may not include the most recent amendments. For official current law, check the South Carolina official source linked on this page or consult a licensed South Carolina attorney.
How does South Carolina § 33-37-1020 apply to my situation?
Statutes are interpreted in context, and application depends on your specific facts. Only a licensed attorney in South Carolina can advise on how this section applies to you. Contact your state or local bar association for a referral.
Sources & Verification
Not legal advice. Verify against the official source and consult a licensed attorney in South Carolina.