2024-11-05T14:12:13-05:00 2023-12-31 571021392 SCOTT AND COMPANY LLC PO BOX 8388 COLUMBIA SC 29202 990 2023-01-01 570954747 PALMETTO STATE GROWTH FUND INC PALM 8434419100 PO BOX 11099 COLUMBIA SC 29211 J THOMAS JOHNSON PRESIDENT & BRD CHRM 8434419100 2024-10-31 true true WILLIAM C WEST P00043197 8032566021 2024-10-31 2023 2024-10-15 13:58:12Z PALMETTO STATE GROWTH FUND INC J THOMAS JOHNSON 1609068 false X NA X 1992 SC PALMETTO STATE GROWTH FUND LESSENS THE BURDENS OF SOUTH CAROLINA'S STATE GOVERNMENT BY ASSISTING THE SOUTH CAROLINA JOBS-ECONOMIC DEVELOPMENT AUTHORITY IN MEETING ITS STATUTORY PURPOSES AND OBLIGATIONS OF PROMOTING ECONOMIC DEVELOPMENT AND INCREASING AND/OR RETAINING EMPLOYMENT IN SOUTH CAROLINA. 5 5 0 0 0 1286104 1232005 171655 376830 233 1457759 1609068 0 0 0 0 0 516483 726498 516483 726498 941276 882570 20785548 21384660 12503 33590 20773045 21351070 X PALMETTO STATE GROWTH FUND LESSENS THE BURDENS OF SOUTH CAROLINA'S STATE GOVERNMENT BY ASSISTING THE SOUTH CAROLINA JOBS-ECONOMIC DEVELOPMENT AUTHORITY IN MEETING ITS STATUTORY PURPOSES AND OBLIGATIONS OF PROMOTING ECONOMIC DEVELOPMENT AND INCREASING AND/OR RETAINING EMPLOYMENT IN SOUTH CAROLINA. false false 93249 244527 PALMETTO STATE GROWTH FUND PROVIDES LOAN AND EQUITY FUNDING FOR ECONOMIC DEVELOPMENT INITIATIVES THAT PROMOTE PRIVATE BUSINESS DEVELOPMENT AND JOB GROWTH. THE COMPANY PROVIDES LOANS TO A SPECIALIZED SMALL BUSINESS LENDER WHICH IN TURN USES THE FUNDS TO PURCHASE LOAN PARTICIPATIONS IN SMALL BUSINESS LOANS THAT WOULD NOT BE MADE THROUGH TRADITIONAL SOURCES. 550091 987478 PALMETTO STATE GROWTH FUND IS A LIMITED PARTNER IN A SBA SMALL BUSINESS INVESTMENT COMPANY (SBIC) WHICH MAKES BUSINESS LOANS AND EQUITY INVESTMENTS IN LOWER MIDDLE MARKET BUSINESSES. THE COMPANY'S INVESTMENT PROVIDED INITIAL CAPITAL FOR THE SBIC WHICH IS THE FIRST SBIC BASED IN SOUTH CAROLINA. THE SBIC WAS LICENSED AND BEGAN OPERATIONS IN 2018. PALMETTO STATE GROWTH FUND ALSO PARTICIPATED IN A SECOND LIMITED PARTNERSHIP DURING THE YEAR WHICH INVESTED IN SOUTH CAROLINA SMALL BUSINESSES AND INCURRED 83,186 IN EXPENSES DURING THE YEAR. THE COMPANY INVESTS FUNDS COMMITTED BUT NOT YET ADVANCED IN SHORT TERM INVESTMENTS. 643340 true false false false false false false false false false false false true false false false true false false false false false false false false false false false false false false false false false false false false false false false false false false false false false true true 4 0 true 0 false false false false false false false false false false false false false false X 5 5 false false false false false false false true true false false true true true true false true false false true true X X JIMMY PATE 8434419100 1201 MAIN STREET COLUMBIA SC 29201 X KAREN J CALHOUN DIRECTOR 1.00 X 0 0 0 J THOMAS JOHNSON PRESIDENT & 1.00 X X 0 0 0 MICHAEL W NIX DIRECTOR 1.00 X 0 0 0 JAMES A SHUFORD SECRETARY 1.00 X X 0 0 0 GREG THOMPSON DIRECTOR 1.00 X 0 0 0 false false false ROUTE 2 SBIC INTEREST K-1 941790 941790 INTEREST ON BDC INVESTMENT 165195 165195 INTEREST ON LOANS 79332 79332 ROUTE 2 SBIC OTHER INCOME 45688 45688 1232005 376830 376830 MISC 233 233 233 1609068 1609068 86724 43362 43362 27812 6953 20859 12000 3000 9000 1466 733 733 1950 975 975 2455 1227 1228 937 468 469 7608 3804 3804 ROUTE 2 SBIC K-1 PORTFOLI 466905 466905 OTHER MINORITY INVESTMENT 83186 83186 PROVISION FOR LOAN LOSSES 30000 30000 MISCELLANEOUS EXPENSE 3195 1597 1598 2260 1130 1130 726498 643340 83158 0 130310 89781 9028697 8239650 38079 7902509 8008999 3553330 4890697 170702 117454 20785548 21384660 12503 33590 12503 33590 X 20773045 21351070 20773045 21351070 20785548 21384660 882570 -304545 X false true X true false X X X 1 SC JOBS ECONOMIC DEV AUTHORITY 570960018 6 true 0 0 1 0 true true false false false false false false false false false false false false false false true true X PART IV, SECTION A, LINE 2 PALMETTO STATE GROWTH FUND (PSGF) SUPPORTS SOUTH CAROLINA JOBS-ECONOMIC DEVELOPMENT AUTHORITY (JEDA SC), AN AGENCY OF THE STATE. JEDA SC WAS FORMED IN 1983 BY THE SOUTH CAROLINA GENERAL ASSEMBLY PURSUANT TO THE SOUTH CAROLINA JOBS-ECONOMIC DEVELOPMENT ACT, CHAPTER 43 OF TITLE 41 OF THE CODE OF LAWS OF SOUTH CAROLINA 1976 AS AMENDED. PART IV, SECTION D, LINE 3 THE CHAIRMAN OF THE SUPPORTED ORGANIZATION, JEDA SC, SERVES AS A MEMBER OF THE PSGF BOARD. HE ALSO HAS THE AUTHORITY TO APPOINT BOARD MEMBER(S) UP TO A TOTAL WHICH DO NOT CONSTITUTE A MAJORITY OF THE APPOINTED MEMBERS. PART IV, SECTION E, LINE 1C PSGF SUPPORTS JEDA SC AS DESCRIBED IN ITS FORM 1023 PURPOSE STATEMENT. THE BOARD EVALUATES PROGRAM ACTIVITIES FOR ITS EFFICACY IN PROMOTING ECONOMIC DEVELOPMENT AND INCREASING/RETAINING EMPLOYMENT IN SOUTH CAROLINA. ROUTE 2 CAPITAL PARTNERS 3896631 C EQUITY INVESTMENTS 994066 4890697 1913613 304545 304545 1609068 1609068 726498 726498 726498 FORM 990, PAGE 1, ITEM C PALMETTO STATE GROWTH FUND, INC FORM 990 - ORGANIZATION'S MISSION PALMETTO STATE GROWTH FUND LESSENS THE BURDENS OF SOUTH CAROLINA'S STATE GOVERNMENT BY ASSISTING THE SOUTH CAROLINA JOBS-ECONOMIC DEVELOPMENT AUTHORITY IN MEETING ITS STATUTORY PURPOSES AND OBLIGATIONS OF PROMOTING ECONOMIC DEVELOPMENT AND INCREASING AND/OR RETAINING EMPLOYMENT IN SOUTH CAROLINA. FORM 990, PAGE 2, PART III, LINE 4D THE COMPANY INVESTS FUNDS COMMITTED BUT NOT YET ADVANCED IN SHORT TERM INVESTMENTS. FORM 990, PAGE 6, PART VI, LINE 11B THE EXECUTIVE COMMITTEE WHICH ACTS AS THE AUDIT COMMITTEE REVIEWS THE 990. FORM 990, PAGE 6, PART VI, LINE 12C THE ORGANIZATION MONITORS THE CONFLICT OF INTEREST POLICY ON AN INQUIRY BASIS. FORM 990, PAGE 6, PART VI, LINE 19 FORM 990 FILED ON GUIDESTAR.ORG. OTHER GOVERNING DOCUMENTS, CONFLICT OF INTEREST POLICY AND FINANCIAL STATEMENTS ARE AVAILABLE TO THE PUBLIC AT ITS OFFICE, 1201 MAIN STREET, COLUMBIA, SC, SUITE 1745. ROUTE 2 CAPITAL PARTNERS SBIC LP 220 MEETING ST SUITE 403 CHARLESTON SC 29401 611830782 SBA SBIC DE RELATED false false false 0.06060