SAVANNAH, GA – April 27, 2023 – In two separate announcements, first at the end of February 2023 and another in April 2023, SBAC learned it was selected as a recipient of two grant awards totaling over $3.3 Million from the U.S. Department of Treasury. The grant programs, CDFI Financial Assistance (FA) and CDFI Equitable Recovery Program (ERP) are provided to mission-driven financial institutions to help support economically disadvantaged communities.
“These grant funds will be transformative for grantees that are building a more equitable, resilient economy, along with helping sustain our strong economic recovery,” said Secretary of the Treasury Janet L. Yellen.
Being a CDFI allows SBAC to make a lasting impact in disadvantaged communities by helping small businesses in Savannah, Southeast Georgia, and the Low Country. The ERP funding will help these businesses to bridge funding gaps. SBAC plans to use the grants to provide small businesses with affordable access to capital and expand its small business scholarship pool. Target businesses are rural, minority, CDFI-defined investment areas, and businesses with revenues under $1 Million. The businesses that receive these funds will be able to make long-term investments in economic development while contributing to the prosperity of their communities.
Read more about the CDFI’s Financial Assistance and Equitable Recovery Program
About the Small Business Assistance Corporation
Established in 1989, the Small Business Assistance Corporation (SBAC) is a nonprofit lender that provides financing support for small businesses. SBAC is a Community Development Financial Institution (CDFI), certified by the U.S. Department of the Treasury. SBAC is also a Certified Development Company (CDC) licensed by the U.S. Small Business Administration (SBA) and contracted by the U.S. Department of Agriculture (USDA), Georgia’s Department of Community Affairs (DCA) and the City of Savannah, to promote small business development through financing and technical assistance. It offers a wide variety of loan programs for new and existing businesses in Savannah and throughout Southeast Georgia and the South Carolina Lowcountry. For more information on the Small Business Assistance Corporation, visit sbacsav.com.
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