BEST ADVICE Eric Watson, Charleston County deputy administrator of public safety
PAGE 4 VOLUME 26 NUMBER 23 ■ CHARLESTONBUSINESS.COM
Part of the
network
NOVEMBER 2-15, 2020 ■ $2.25
Banking sector works to balance coronavirus, business By Teri Errico Griffis and Alexandria Ng
Giving
A guide to nonprofits and philanthropic organizations across the Lowcountry, including Philanthropy Day Awards. INSIDE
W
tgriffis@scbiznews.com ang@scbiznews.com
hen the Paycheck Protection Program became available, loan officers at S.C. Federal Credit Union found themselves logging into the Small Business Administration website at 3 a.m. and on
Sunday afternoons to process loans. This pivot in operational strategy was the best they could do to avoid national web traffic as droves of small business owners flocked to banks and credit unions for support. Financial institutions like these were getting thousands of applications a day. “It was the sheer volume — the program was being heavily utilized across the entire country, and that was the only time the vol-
Powering Forward
By Teri Errico Griffis tgriffis@scbiznews.com
Century Aluminum threatens to turn off smelter without a better electricity contract. Page 9
The future is retail for the South Carolina Ports Authority. For the past 10 years, the SCPA has been driven by advanced manufacturing, doubling its container volume and jobs almost 1 for 1 from 2009 to 2019 and generating $63.4 million annually throughout the state, an economic impact study found last year. The heavy, advanced manufacturing focus has made the Palmetto State’s ports stand out from others who have had a larger percentage of retail distribution. Yet as the pandemic altered consumption habits and delayed the production of auto parts, S.C. Ports Authority President and CEO Jim Newsome said the time is right to diversify the port’s cargo base and transition into retail. Let’s not forget that Walmart also is building a 3-million-square-foot distribution center in Dorchester County. “We’re an efficient port. We should not underestimate the whole thesis behind what we’ve done in the last 11 years in investing in
Banking up
JP Morgan Chase brings expansion plans to Charleston region. Page 13
Upfront................................. 2 SC Biz News Briefs................. 3 Best Advice........................... 4 In Focus: Banking and Finance.......... 13 List: Banks.......................... 14 Bonus List: Financial Brokerage Firms................. 16 At Work............................... 19 Viewpoint............................ 21 Day in the Life......................23
See BANKS, Page 10
S.C. Ports sees rising value in retail cargo
Power play
INSIDE
ume dropped down to where we could log in and input our members’ application data,” said Scott Woods, president and CEO of S.C. Federal Credit Union. “We had to get very creative in getting our members’ information in the system and getting the loans generated.” Across the country, financial institutions shifted their services to help struggling busi-
As half of professional ECHL teams return to the ice next month, the move isn’t without risk for organizations such as the S.C. Stingrays, with only a fraction of fans allowed to attend. Page 8
See PORTS, Page 11
Remaking Volvo Car Stadium
The owners of the tournament investing in reimagined experience for visitors, events, athletes at iconic Daniel Island venue. Page 7