Congratulations Jaxon!
This pint-sized powerhouse became the first child to complete the 1000 Books Before Kindergarten Program sponsored by the Keith Summey North Charleston Library.
We are so proud of Jaxon and we know he has a bright future ahead, becoming one of our future leaders.
Photo Credit: Keith Summey North Charleston Library
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Funding Through Newly Established Credit Facility Sets the Stage for Acceleration of Fintech’s Growth
CHARLESTON, S.C., July 27, 2023 /PRNewswire/ — Breakout Capital, a leading fintech company simplifying access to capital for small businesses, announced today the completion of a $45 million credit facility in which Synovus Bank will provide the senior credit facility and an Austin, Texas-based credit fund, will provide the subordinate credit facility. Under the terms of the agreement, Breakout may now obtain funding through Synovus by accessing $35 million of committed capacity with an additional $10 million uncommitted.
“We are incredibly excited to have Synovus, a highly respected banking partner, on board to support our mission to fuel the growth of small business,” said McLean Wilson, CEO & President of Breakout Capital. This substantial facility will enable Breakout to meet the growing demand from small businesses seeking affordable and flexible capital. As the small business lending landscape continues to evolve, Breakout’s commitment to product diversity, from working capital term loans to invoice factoring, reflects the company’s dedication to catering to a wider range of clients, including those with unique financial needs, while also empowering its strategic partner network with a more reliable funding outlet. This approach not only strengthens Breakout’s position as a leader in the industry but also nurtures expansion and growth across the entire small business lending community.
“This transaction expands our on-balance sheet funding capacity and provides valuable runway for future loan growth,” said Wilson. “More importantly, it enhances our flexibility in providing best-in-class terms, prioritizing the needs of our clients. We could not be more pleased with their ability to think creatively to structure a transaction that supports our business model and look forward to building a lasting partnership together.”
Steven Safirstein, Director of Asset-Based Lending at Synovus Bank, Specialty Finance Division, said, “We are thrilled to partner with the Breakout team in their efforts to empower American entrepreneurship by providing access to capital. This transaction provides flexible capital that will help Breakout execute on its strategic growth plans.”
About Breakout Capital, LLC
Breakout Capital, headquartered in Charleston, SC, with offices in McLean, VA, is one of the fastest growing fintech companies in the nation, offering transparent and innovative small business lending solutions. As a strong advocate for small business growth, Breakout is dedicated to increased transparency and the adoption of best practices within the alternative capital industry.
Since 2015, Breakout has provided nearly $500 million in funding to small businesses in every corner of the U.S. They are a proud member of the International Factoring Association (IFA), the world’s largest association for Factors, Asset Based Lenders, PO Finance and commercial finance companies which provides education and training to the small business lending community. To learn more, visit breakoutfinance.com, or its social media pages on LinkedIn, Facebook, Instagram and Twitter.
About Synovus Bank
Synovus Bank, a Georgia-chartered, FDIC-insured bank, provides commercial and consumer banking in addition to a full suite of specialized products and services, including private banking, treasury management, wealth management, mortgage services, premium finance, asset-based lending, structured lending, capital markets and international banking. Synovus has branches in Georgia, Alabama, South Carolina, Florida and Tennessee. Synovus is a Great Place to Work-Certified Company and is on the web at synovus.com, and on Twitter, Facebook, LinkedIn and Instagram.
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Groundbreaking program intends to expand college access in all 46 South Carolina counties
CHARLESTON, S.C., July 27, 2023 /PRNewswire/ — An ambitious initiative aims to eliminate the financial barrier to college for bright, under-resourced South Carolina students, improving both the trajectory of their lives and the communities where they reside.
Mission 46 is the trailblazing campaign to offer college scholarships to high-achieving students with financial need who live in one of the state’s 46 counties. Every dollar raised by the Meeting Street Scholarship Fund, the nonprofit behind Mission 46, will go directly to student scholarships. The success of the three-year old Meeting Street Scholarship Fund has been remarkable, with $21.6 million committed in scholarships for 540 students to date, that it now plans to expand statewide.
“We want our state’s students to know their future is bright, and with hard work, a college education is within their reach,” said Ben Navarro, a businessman and philanthropist who founded the Meeting Street Scholarship Fund. “We’re passionate about making a four-year degree accessible and affordable to all South Carolina students, and Mission 46 is how we create opportunities and change lives – both for current students and for generations to come.”
Mission 46 means making the Meeting Street Scholarship Fund accessible to students across the state. Expanding to 35 additional counties and serving more students will require the support of more donors. Until now, the fund has been backed primarily by the Navarro family, as well as the Darla Moore Foundation.
“We are seeking more visionary partners to join us in supporting Mission 46,” said Darla Moore, a nationally recognized business leader and philanthropist. “The return on this investment is tangible and powerful. Our best and brightest deserve the chance to go to college without debilitating debt, and we are more committed than ever to giving those students that opportunity.”
New donors, including retired businessman Dave Proctor, have provided more support, enabling the expansion to additional counties for 2023 high school graduates. Administrative costs to operate the fund are fully covered by the Navarros’ Beemok Family Foundation.
The Meeting Street Scholarship Fund helps make college dreams a reality for public school students with a strong record of academic achievement and a demonstrated financial need. The scholarship uses simple criteria to determine student eligibility, the South Carolina LIFE Scholarship for academic achievement and federal Pell Grant for demonstrated financial need, and that leverages the power of both existing programs.
The Meeting Street Scholarship Fund provides awards to cover the remaining costs after all other scholarships and need-based grants, but it’s given prior to the use of student loans. Up to $10,000 per year is given per student for in-state tuition, fees, housing or food costs. Every qualified student who applies for the scholarship will receive one; there is no limit to the number of scholarships granted.
The Meeting Street Scholarship Fund is available to public school students in 11 counties: Barnwell, Charleston, Clarendon, Darlington, Dillon, Florence, Jasper, Lee, Marion, Marlboro and Williamsburg.
The Meeting Street Scholarship Fund is one of the largest privately funded scholarship programs in the nation. A total of 261 outstanding students will attend one of 17 eligible in-state colleges this year with its assistance. Those colleges have a 50 percent or higher graduation rate, ensuring the greatest likelihood for successful completion of a degree.
Local and state leaders applauded Mission 46 for its inspired approach to enhancing the state’s educational landscape.
“Mission 46 is much more than a scholarship; this is about transforming the future of South Carolina,” said South Carolina Gov. Henry McMaster. “By investing in these students, we are helping to build a stronger generation of leaders in every corner of our state. We must ensure that achieving a college degree is accessible and affordable to South Carolina students, and we are fully supportive of private partners, such as the Meeting Street Scholarship Fund, that are working tirelessly to send more high achieving students with a demonstrated financial need to college.”
Other supporters of Mission 46 include Sen. Sean Bennett (R-Dorchester County).
“More students graduating with college degrees is critical to a better future for all of South Carolina,” Bennett said. “We’ve got to do our part at the state level to ensure the total price tag of college is reasonable and – more importantly – that all South Carolina college degrees deliver value to students. We are grateful to the Meeting Street Scholarship Fund for helping to generously cover some of that cost for students who need it most. Mission 46 will help more South Carolina students focus on how to earn a degree rather than worry about how to pay for it.”
Sen. Gerald Malloy (D-Darlington County) also stands in support of Mission 46.
“This will allow thousands of hard-working, deserving students to earn a college diploma and pursue their dreams,” Malloy said. “Our school districts must do all they can to prepare more young people to take advantage of this life-changing opportunity.”
More graduates from South Carolina colleges would result in significant benefits for the state as a whole. Research has shown that graduates of state colleges generally stay an average of 330 miles from their alma mater; 40 percent are within 50 miles.
Additionally, college graduates are more likely to be employed and have higher earnings than those without a college degree. Research also indicates college graduates are more likely to be upwardly mobile, married, not living in their parents’ homes and to be satisfied with their jobs.
Josh Bell, executive director of the fund, said he looks forward to broadening efforts in partnership with donors to support the state’s rural and often-forgotten communities.
“Hard-working students across South Carolina dream of going to college, and Mission 46 will equip more of them with the financial resources they need to make those dreams a reality,” Bell said.
To donate to Mission 46 and the Meeting Street Scholarship Fund, go to meetingstreetscholarshipfund.org/mission-46.
For updates, news, and more, sign up for the Progress Report newsletter and follow the nonprofit on TikTok, Instagram, Facebook and LinkedIn.
COLUMBIA, SC (July 27, 2023) – A Powerball® player in Simpsonville is holding a ticket worth $2 MILLION wonin Wednesday night’s drawing. That ticket was purchased from the KC Mart #7 at 303 Lee Vaughn Rd. in Simpsonville, the same store that sold a $1.5 billion Mega Millions® ticket back in 2018.
The ticket sold in Simpsonville matched all five white ball numbers drawn but missed the red Powerball® number. Because the ticket holder purchased PowerPlay® for an extra $1, the $1 million prize increased to $2 MILLION.
Powerball® – Wednesday, July 26
3 – 16 – 40 – 48 – 60 Powerball®: 14
Check your tickets. More than to 10,000 players in South Carolina hold tickets for prizes from $4 up to $2 MILLION. Players have 180 days from the date of the drawing to claim their prizes. For complete information on claiming prizes, visit sceducationlottery.com.
The odds of matching five white balls are 1 in 11,688,054.
The estimated jackpot for Saturday night’s Powerball® drawing is $60 million. Mega Millions® draws for its fifth largest jackpot on Friday night, worth an estimated $910 million.
Net proceeds from every dollar spent by players on the South Carolina Education Lottery are returned to the state in the form of funding for education, prizes, retailer commissions, and payment to contractors for goods and services.
About the Video
Welcome to Charleston, South Carolina, a charming city with a rich history, culture, and charm. The top 7 things you absolutely must do during your vacation to the Holy City are highlighted in this intriguing YouTube video.
Enjoy this new video from The Trip Companion.
CHARLESTON, SC – July 21, 2023 – JE Dunn Construction’s Client Solutions Manager, Janet Bates, has been appointed to the Advisory Board of the Women’s Business Center at Increasing H.O.P.E.
The I-HOPE Women’s Business Center mission is to inspire and empower women, minority, and veteran entrepreneurs of the Lowcountry by providing programs and services focused on small business education, development, and support. The I-HOPE Women’s Business Center of the Lowcountry is hosted by Increasing H.O.P.E Financial Training Center through a cooperative agreement with the U.S. Small Business Administration. The mission of Increasing H.O.P.E is to create financial freedom and stability for families in South Carolina by building assets through financial education and training.
Janet Bates brings a wealth of experience in business development, project management, and client solutions to the Advisory Board. “We are thrilled to welcome Janet Bates to the Advisory Board of the Women’s Business Center at Increasing H.O.P.E. Janet’s experience in business development and communications will be invaluable as we work to inspire and empower women, minority, and veteran entrepreneurs of the Lowcountry,” said the Executive Director Dorothea Bernique.
“I am honored to join this Advisory Board,” Bates said, “and I look forward to the opportunity to contribute to the Women’s Business Center’s mission.” Bates was previously recognized as the One to Watch by the Charleston Metro Chamber of Commerce in 2022 and as a 40 Under 40 Winner in 2021. She serves on the Board of Directors of the Charleston Chamber and was the inaugural President of the National Association of Women in Construction Palmetto Chapter.
With Janet Bates’s appointment to the Advisory Board, the Women’s Business Center at Increasing H.O.P.E is better equipped to help entrepreneurs of the Lowcountry build successful and sustainable businesses.
About JE Dunn — Charleston
JE Dunn Construction, founded in 1924, is one of the largest general building contractors in the United States, providing construction management and self-perform services through 26 offices nationwide. JE Dunn is recognized for leadership in both sustainable and lean construction practices and for community philanthropy. The company services an array of market sectors, including healthcare, K-12, commercial, industrial, manufacturing, mission critical and hospitality. The Charleston office’s portfolio includes repeat work for clients including Charleston County School District, South City Partners and Middle Street Partners. The JE Dunn organization is employee and family owned, and today is represented by three generations of the Dunn family in its day-to-day operations. www.jedunn.com.
BCDCOG RECEIVES $342,000 GRANT FROM THE FEDERAL TRANSIT ADMINISTRATION TO PROVIDE RURAL ON-DEMAND SERVICE TO UNDERSERVED AREAS
NORTH CHARLESTON, S.C. (July 24, 2023) – The Berkeley-Charleston-Dorchester Council of Governments (BCDCOG) announced it was awarded $342,000 from the Federal Transit Administration (FTA) for the development of a Rural On-Demand Transit Development Plan for TriCounty Link (TCL).
The funds are part of the Areas of Persistent Poverty (AoPP) program and will support the planning work needed to implement innovative same day, on-demand transit service in the underserved rural areas of Charleston, Dorchester, and Berkeley Counties.
“This grant provides critical resources to enhance transit services to our region’s most rural residents,” said TriCounty Link Executive Director Ron Mitchum. “The On-Demand Transit Plan will reduce the traditional barriers to employment and economic prosperity for residents in rural communities and ensure everyone in the TriCounty has access to the transportation they need.”
The grant funding will be used to improve transit access and connectivity to Areas of Persistent Poverty and Historically Disadvantaged Communities in the TriCounty Link Service Area. The aim of the plan is to connect the region’s most vulnerable residents to existing and emerging job centers, with a modern, efficient, transit system.
Outcomes of the planning work include:
FTA’s Areas of Persistent Poverty programprovides support to state and local governments, transit agencies, and nonprofit organizations to create better transit for residents with limited or no transportation options.
The grant is a testament to BCDCOG’s dedication to improving transportation options for all residents. Through the development of the Rural On-Demand Transit Development Plan, BCDCOG aims to create an enhanced and more efficient transit system that meets the evolving needs of the TriCounty area.
Visit www.bcdcog.com or more information.
ABOUT BCDCOG:
The BCDCOG is a voluntary association of, by and for local governments, and was established to assist Berkeley, Charleston and Dorchester county leaders in planning for common needs, cooperating for mutual benefit, and coordinating for sound regional development. BCDCOG’s purpose is to strengthen the individual and collective power of local governments and to help them recognize regional opportunities, eliminate unnecessary duplication, and make joint decisions. For the latest on BCDCOG, visit www.bcdcog.com, like us on Facebook or follow on Twitter at @BDCCoG.
SPANISH ASSISTANCE
Si usted necesita la ayuda de un traductor del idioma español, por favor comuníquese con el BCDCOG al teléfono (843) 529-2574 o envíe un correo electrónico a publiccomment@bcdcog.com, cuando menos 48 horas antes de la junta.
Heirloom Cloud Corporation (Heirloom), a digital technology service provider, today announced plans to relocate its headquarters to Charleston County. The company’s $150,000 investment will create 19 new jobs.
Founded by two veterans while working for the U.S. government in Washington, D.C., Heirloom uses cloud computing to digitally transform outdated media content. Through a private cloud network, cherished photos and videos become accessible, making old memories sharable like new ones. The company plans to add iPhone and Android applications soon, so subscribers can easily consolidate content onto one platform.
When looking to move its headquarters from Delaware, the owners searched for a business-friendly home from which to scale. They researched multiple regions within a two-day ground delivery to large population centers on the Eastern Seaboard before choosing Charleston County.
Heirloom will lease two offices at the Harbor Entrepreneur Center located at 11 Ewall Street in Mount Pleasant. This headquarters location will be the company’s hub for receiving nationwide shipments and serving walk-in customers. Heirloom will continue using an existing facility in Berkeley County for backend operations.
Operations are already online; individuals interested in joining the Heirloom team should visit the company’s careers page.
QUOTES
“We’ve already digitized millions of photos, home movies and other priceless memories. However, Heirloom can grow faster by moving our headquarters to South Carolina. From a larger fulfillment center here, we get to serve many more families who ship us their cherished media for conversion.”
-Heirloom Cloud Corporation Founder Geoff Weber
“The decision by Heirloom to relocate its headquarters to South Carolina further solidifies our reputation as the best place in the country to do business. We are certain that Charleston will provide the ideal environment for Heirloom to thrive in the years ahead.”
-Gov. Henry McMaster
“It is an honor that after researching multiple East Coast locations, Heirloom chose Mount Pleasant as the location for its new headquarters. Charleston County is the complete package offering quick access to major U.S. cities while being the kind of place where people want to settle and raise their families. Congratulations Heirloom, and we are anxious to see what is next.”
-Secretary of Commerce Harry M. Lightsey III
“We are thrilled to welcome Heirloom’s headquarters to Charleston County’s thriving technological ecosystem. With Heirloom’s presence, our community’s innovative spirit will be further invigorated, fostering collaborations and driving technological advancements.”
-Charleston County Council Chairman Herbert Ravenel Sass III
FIVE FAST FACTS
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Honor LSV, a startup manufacturing company, today announced it chooses Berkeley County for establishing South Carolina operations to design, manufacture and assemble golf carts and luxury low speed vehicles (LSV). The company’s $34.2 million investment will create 65 new jobs.
Honor LSV is an original equipment manufacturer (OEM) of golf carts and LSVs and is a contract manufacturer that utilizes precision lasers and robotic welding while working with mostly American-made metals, plastics and other components to build its products. The company also provides in-house powder coat services utilizing its state-of-the-art, 9,000-square-foot automated powder coat line. As a result, Honor LSV has the capacity for full production – from manufacturing to finishing – at its Berkeley County operations.
Operations are online at the company’s 130,000 square-foot building located at 636 Omni Industrial Blvd. in Summerville. Individuals interested in joining the Honor LSV team should submit resumes electronically.
The Coordinating Council for Economic Development approved job development credits related to this project. The council also awarded a $100,000 Set-Aside grant to Berkeley County to assist with the costs of building improvements.
QUOTES
“I am beyond thrilled to be launching my third startup company, the second of which is in Berkeley County. There has never been a more important time to bring manufacturing back to America than now, and we are doing just that!”
-Honor LSV Owner Brian Plaisance
“South Carolina continues to provide the workforce and resources needed for startups like Honor LSV to thrive. This investment will bring our people even more opportunity and help continue to propel the state’s rapidly growing economy forward.”
-Gov. Henry McMaster
“We are excited to announce Honor LSV’s new operations in South Carolina. This is the result of the state’s leading-edge manufacturing infrastructure and Berkeley County’s foundation that enables companies to excel. We look forward to partnering with Honor LSV for years to come.”
-Secretary of Commerce Harry M. Lightsey III
“Berkeley County is excited to welcome Honor LSV to our industrial sector. This state-of-the-art, startup company’s $34 million investment will benefit our county’s economy, workforce and residents by creating more quality paying jobs and helping to keep our taxes low. This project is yet another shining example of how strategic investments can go a long way to positively impact our community.”
-Berkeley County Supervisor Johnny Cribb
FIVE FAST FACTS
COVINGTON, Ky. – The founder of Berenyi, Inc., headquartered in Charleston, SC, Antoine “Tony” Berenyi, 63, was found guilty late Tuesday, by a federal jury sitting in Covington, following a six-day trial, of one count of conspiracy to commit honest services wire fraud, 14 counts of wire fraud, and 10 counts of money laundering.
According to the evidence at trial, beginning in late 2017, Berenyi entered into an illegal kickback agreement with Jaymin Vinson, an employee of Nucor Steel Gallatin, to deprive Nucor of money and Vinson’s honest services as an employee. Berenyi and Vinson agreed that Vinson would help steer a $14,950,000 construction management contract for a $650 million Nucor mill expansion project to Berenyi’s company and provide other services on behalf of Berenyi within Nucor, in exchange for Berenyi paying Vinson a 15% kickback on the contract, all without Nucor’s knowledge or approval. Berenyi’s secret kickback payments continued into 2019, totaling over $452,000 kicked back to Vinson.
Berenyi was indicted in October 2022.
Carlton S. Shier, IV, United States Attorney for the Eastern District of Kentucky, and Jodi Cohen, Special Agent in Charge, FBI, Louisville Field Office, jointly announced the guilty verdict.
The investigation was conducted by the FBI. The United States was represented in the case by Assistant U.S. Attorneys James Chapman and Kyle Winslow.
Berenyi is scheduled to appear for sentencing on December 13, 2023. He faces up to 20 years in prison on the conspiracy to commit honest services wire fraud count; up to 20 years in prison on each of the wire fraud counts, and not more than 10 years in prison on each count of money laundering. However, the Court must consider the U.S. Sentencing Guidelines and the applicable federal sentencing statutes before imposing a sentence. Berenyi also faces potential fines, a forfeiture money judgment, and a judgment of restitution, as ordered by the Court.
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