Screen Door, LLC is a new casual-theme, family-style restaurant experience along Folly Road which offers old and new American style food and works to create a festive ambiance for customers. The owner of Screen Door came to the Berkeley-Charleston-Dorchester Council of Government (BCDCOG) looking for gap financing through the Revolving Loan Fund (RLF) program at the beginning of the year and was recently awarded the financing needed to help get their business moving forward. In order to apply for the loan Screen Door, LLC needed to provide information for what they hoped to provide for the community, how their business could help the local economy, their other sources of funding as well as capital contributions and plans in case of future expansion. All information needed to be presented to the BCDCOG, who is the local funding source for the RLF, so that they could make their decision.
As part of the RLF agreement in order to get funding a business has to prove they will have a positive impact on the local economy through the creation of new jobs. Screen Door, LLC was able to create 42 new jobs for those in the area, providing for 14 Full-time positions and 28 part-time positions that needed to be filled.
The Screen Door offers three dining options; a standard table service, a casual bar service and a walk-up window service for on-site outdoor dining or take-out. The restaurant features an open style kitchen which contains both a wood fire grill and wood fire pizza oven. Their establishment aims to provide a comfortable and casual dining experience during their lunch and dinner hours. The menu consists of an eclectic mix of wood fired items and family-style platters with dietary choices for every taste ranging from standard items to vegetarian and seafood options.
The RLF, administered by the BCDCOG, is considered project gap financing. It helps to “fill the gap” between what banking institutions can reasonably lend towards a project and what a business can provide in equity. The RLF is not meant to compete with the banking community or function as a lender of last resort but works together with the business requesting the loan and the bank.
Though funding for the RLF comes from the Economic Development Administration it is a locally controlled source of capital that can assist both startup and growing businesses whose projects will improve the tri-county economy through the creation and retention of jobs. Decisions regarding the distribution and maintenance of the loan are made by the BCDCOG which is a representative of the region.
For more information about the Revolving Loan Fund Program contact:
1362 McMillan Avenue Suite 100
North Charleston, SC 29405