|Grant funds to SBAC help strengthen the local small business community|
|Savannah, 7/23/2020 – Small Business Assistance Corporation (SBAC) announced it received a $7,500 grant from Wells Fargo Community Foundation to help local small businesses survive and recover from the effects of the COVID-19 pandemic. The grant is part of the financial services company’s COVID-19 recovery efforts, which are intended to help address public health needs, small business, housing, and financial health for vulnerable populations. SBAC, a Savannah-based nonprofit that provides loans to small businesses across Georgia and South Carolina, has used the grant to provide financial relief to local small businesses struggling during this unprecedented economic crisis. “The pandemic has been hard on our local small business community,” said Tony O’Reilly, president of SBAC. “SBAC is committed to getting small business owners the financial support they need during this time, and this grant is extremely helpful towards achieving that.” Since March 2020, SBAC has provided over 100 recovery loans, using this grant as well as federal funds.|
|SBAC, located at 111 E. Liberty, Suite 100 in Savannah, is a 501(c)3 non-profit Community Development Financial Institution (CDFI) licensed by the U. S. Small Business Administration and supported by the City of Savannah, the U. S. Department of Housing and Urban Development and the U.S. Department of Agriculture to promote economic growth. Since 1989, the SBAC has provided financing and technical assistance to businesses in Southeast Georgia and South Carolina’s Low Country. SBAC is an equal opportunity lender, provider, and employer.|
|About Wells Fargo|
Wells Fargo & Company (NYSE: WFC) is a diversified, community-based financial services company with $1.97 trillion in assets. Wells Fargo’s vision is to satisfy our customers’ financial needs and help them succeed financially. Founded in 1852 and headquartered in San Francisco, Wells Fargo provides banking, investment and mortgage products and services, as well as consumer and commercial finance, through 7,300 locations, more than 13,000 ATMs, the internet (wellsfargo.com) and mobile banking, and has offices in 31 countries and territories to support customers who conduct business in the global economy. With approximately 266,000 team members, Wells Fargo serves one in three households in the United States. Wells Fargo & Company was ranked No. 30 on Fortune’s 2020 rankings of America’s largest corporations.