South Carolina Business Review

Federal equity funding still available for SC entrepreneurs

By Mike Switzer

Published May 31, 2024 at 6:30 AM EDT

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Mike Switzer, host of the South Carolina Business Review

Almost two years ago, the US Department of Treasury approved the appropriation of $101 million to our state as part of the State Small Business Credit Initiative. $50 million is for loans handled by the Business Development Corporation. The remaining $51 million is for equity investment administered by our next guest’s organization. Mike Switzer interviews Will Cruz, chief investment officer at InvestSC in Columbia, S.C.

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Mike Switzer

After almost 20 years, Mike Switzer retired from Wells Fargo Securities in 2001 as Senior Vice President/Investment Officer and Certified Portfolio Manager. In 1999, he and his wife, Maggie, purchased and operated for eight years the Baskin Robbins ice cream store on Forest Drive in Columbia. They grew the store from a bottom-tier operation in the Baskin Robbins franchise system to one in the top 5% nationwide within three years, tripling sales along the way. While operating the ice cream store, Mike and Maggie received patents for a portable ice cream sink and fold-down sneezeguard they invented and in 2002 started Magnolia Carts, an ice cream cart manufacturing company, which they sold in 2013.

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