Effective immediately we are accepting project proposals. It is assumed that private sector entities will contribute funds (ideally matching) to each project being submitted for approval.
Applications for project proposals will be assessed on a rolling monthly basis. Applications must include the project assessment and a project description in order to be considered complete and ready for review. Once an application is completed, it will be sent to the review board. The board will make every effort to complete the review process within three weeks. If the board reaches a majority decision that that the project proposal should be recommended for approval, the submitting party will be notified directly regarding next steps. If a project is not approved, the submitting party will be notified as such and may be invited to resubmit in the future. Throughout the project life-cycle, ongoing client testimonial and faculty team assessments will be required to assess project performance.
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Project Criteria
Project proposals will be assessed using seven criteria and each criteria is weighted – resulting in a cumulative score. Criteria and its respective weighting as follows:
30% | Does the project enhance the client’s competitiveness and lead to additional job creation? |
20% | Does the proposed project match the Alliance’s collective competencies/capabilities? |
15% | Does the project offer other positive secondary impacts? Example: Is a supply chain strengthened? Will employee skills be enhanced and justify higher wages? |
10% | Does the project offer strategic benefits to overall state goals such as supporting small and medium enterprises, rural-based companies, growing technology sector, etc. |
10% | Is the organization operating and/or does it have a substantial investment, presence, or workforce in South Carolina? The more direct impact on the SC economy, the better the project. |
10% | Does the project address one or more of South Carolina’s strategic industries targeted for expansion for Commerce? Projects that build success stories in Manufacturing, Healthcare, or Shipping and Logistics are preferred. |
5% | Can the project serve as a showcase to attract new domestic and international business to South Carolina? |
Submission & Approval Process
Applications for project proposals will be assessed on a rolling monthly basis. Applications must include the project assessment and a project description in order to be considered complete and ready for review. Once an application is completed, it will be sent to the review board. The board will make every effort to complete the review process within three weeks. If the board reaches a majority decision that that the project proposal should be recommended for approval, the submitting party will be notified directly regarding next steps. If a project is not approved, the submitting party will be notified as such and may be invited to resubmit in the future. Throughout the project life-cycle, ongoing client testimonial and faculty team assessments will be required to assess project performance.
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Post Approval Steps
- Once projects are recommended for approval by Review Board, it is recommended that 50% of funds be distributed to start the project.
- Review Board will advise all relevant parties on project results immediately following Review Board meeting(s).
- Review board will review and provide feedback on ongoing projects’ milestones and results.
- In the case of dissatisfactory project results, concurrent funding should be delayed or discontinued until such time as project results are considered to be achieved and/or project is discontinued.