Irmo Future Growth Corporation Loan Program


The Irmo Future Growth Corporation (IFGC) is a non-profit that desires to collaborate with the Irmo Chamber of Commerce, Security Federal Bank and other business leaders in the community for the purpose of creating a loan program designed to help eligible businesses obtain financing designed to help overcome financial strains resulting from Covid-19 pandemic.


In order to be eligible to apply for this financing, a business must be:

  • Located within the town limits of Irmo
  • Have a Town of Irmo Business License in good standing
  • Been in business as of March 1, 2018

Loan Amount

Interest Rate


$10,000 2% per annum, fixed Unsecured

Loan Terms

The loan would have a 24-month term, with 6 months of payments deferred, followed by 18 Monthly principal and Interest payments

Personal Guarantees

Each individual having an ownership of 20% or more in the business will be required to sign a personal guaranty

General Qualifications Loan Approval

  • Minimum personal credit score of 625 for the owners of the business.
  • Have a history of profitability as determined by tax returns.

Financial Documentation

Submit business and personal tax returns for 2018 and/or 2019, and a 2020 internally prepared interim income statement with your loan application.

Other Documentation

Loan applications are available by clicking here or at Irmo Town Hall, 7300 Woodrow Street, Irmo, SC 29063. Once completed, the application and supporting documentation need to be forwarded to Security Federal Bank, 1900 Assembly Street, Columbia, SC.  If you have questions, please call the bank at 803-641-3000 (Main)  or 866-851-3000 (Toll Free).

Loan Applications are available by clicking on the link below or obtain a copy of the application by stopping by Town Hall located at 7300 Woodrow Street, Irmo, SC 29063.  Business Owners must submit the completed application and supporting documentation to:

The bank will designate certain personnel to review the documentation and provide the Irmo Future Growth Selection Committee with a recommendation to approve or deny. The Committee will have the final decision-making authority and will notify the applicant. Approved borrowers will be directed to contact Security Federal Bank to complete the loan process.


The program will make available loans of $10,000 each up to $125,000. These loans will be funded by Security Federal Bank. If there is a demand for more than $125,000 in loans, the Irmo Future Growth Corporation will petition the Town of Irmo for additional funding.

Inherent Risk

It is expressly understood that unsecured loans represent higher-than-average risk to the parties involved in this Loan Program. The Security Federal Bank will apply normal and customary underwriting in its review of the applications. The Bank will make recommendations for approval or denial based on these underwriting factors, as well as the criteria for the Loan Program.

If any loan granted under this program becomes delinquent, the Bank agrees to apply normal and customary collection efforts to remedy the delinquency. If collections efforts are unsuccessful and a charge-off becomes necessary, Security Federal Bank and the Irmo Future Growth Corporation agree to a 50/50 loss-sharing agreement.

Other Consideration

The Irmo Future Growth Corporation agrees to deposit $125,000 with Security Federal Bank, to be used as a guarantee and source of funding for the loss-sharing agreement.

If you have any questions or need additional information, please email the Irmo Future Growth Corporation at

 Loan Resources

Loan Program Information


Loan Application


Security Federal Bank