SAVANNAH, GA – March 8, 2023 – The U.S. Small Business Administration has approved the Small Business Assistance Corporation (SBAC) for delegated authority for the Community Advantage (CA) loan program. What does this mean? SBAC has in-house authority to approve CA loans up to $350k. Having Delegated Authority status allows SBAC to fund loans quickly without the need to submit them to the SBA for approval.
“Our local economy is growing quickly. The loan approval process can take up to 10 days. Many of our SBA loans are below the $350k threshold, and the benefit to our clients is that we can reduce the processing time, and get them approved more quickly, sometimes within 24 hours.” Victoria Saxton, SBAC’s COO & CFO stated.
Having this status places SBAC in a strategic position to service the needs of its clients and the community more quickly and efficiently. SBAC continues to partner with banks and other local organizations to keep the local economy moving.
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 additional information about the Small Business Assistance Corporation, please call 912-232-4700 or visit online at SBACsav.com. The SBAC is an equal opportunity lender, provider, and employer.
Sharon Del Sol
Marketing & PR Specialist
Small Business Assistance Corporation