Columbia, SC: The South Carolina Education Lottery (SCEL) is pleased to announce the full repayment of the start-up loan advanced by the State of South Carolina's Insurance Reserve Fund(IRF). The SCEL's enabling legislation passed by the General Assembly last year authorized a $10 million loan to cover the cost of the working capital required before the launch of the lottery operations.
The SCEL borrowed $5.4 million from the IRF and repaid the loan in full, including, interest of $61,179. "This is a great day for the state of South Carolina and the Education Lottery", says SCEL Executive Director Ernie Passailaigue. "The SCEL paid this loan in less than a month of launching its instant ticket games on January 7th".
The SCEL borrowed $5.4 million from the IRF and repaid the loan in full, including, interest of $61,179. "This is a great day for the state of South Carolina and the Education Lottery", says SCEL Executive Director Ernie Passailaigue. "The SCEL paid this loan in less than a month of launching its instant ticket games on January 7th".
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