by Christian FeltThu, Fox 28 News Savannah, March 9th 2023, 10:32 PM EST
SAVANNAH, Ga. (WTGS) — For those with dreams of running a small business in Savannah, the process of getting started has now become more accessible.
The Savannah Small Business Assistance Corporation has been granted loan authority from the U.S. Small Business Administration.
S.B.A.C president Tony O’Reilly said for any new business owner, one of the most significant roadblocks is access to capital, and they now can grant business loans of up to $350,000 without the need to submit them for approval.
“If they are looking for a loan and they need to get it quickly, we are able to respond faster because they have delegated to us authority to approve the guarantee that they will issue on that loan,” O’Reilly said.
He said they can now issue loans that other banks would deem too risky and cut down the processing time of that loan by up to ten days.
He added that the S.B.A.C is not only to help secure funding but also to help form a business plan and connect with other small business resources within the city.
Let us know how we can help with your small business loan or business education needs.