SAVANNAH, GA, April 9, 2024
Starting a business can be an uphill task, especially when it comes to funding in the initial stages. However, the City of Savannah has come to the aid of small businesses with its unique loan program. This program is specifically designed to stimulate economic development and create jobs for low to moderate-income individuals within the city.
Small Business Lending
The Small Business Assistance Corporation (SBAC) is a leading authority in small business funding. Certified by the U.S. Department of Treasury as a Community Development Financial Institution (CDFI), and a recognized lending partner of the U.S. Small Business Administration (SBA), SBAC has a wealth of experience and expertise in business financing.
This partnership with the City of Savannah has led to the execution of loan financing and loan guarantee programs that are directly beneficial to businesses located within the city limits of Savannah. The primary goal of these programs is job creation and retention for low to moderate-income individuals.
Loan Program Eligibility
The program is open to for-profit businesses located in the city of Savannah. The maximum term for these loans is 10 years, with a dollar limit of up to $150,000.
Interest rates are fixed, with businesses in the designated Incentive Zones enjoying a 4.00% fixed rate, and those outside the zones having a 6.50% fixed rate. These Incentive Zones are specific low to moderate-income neighborhoods chosen by the City of Savannah to receive business development and job creation incentives.
Use of Funds
Funds acquired from these loan programs can be used for most business purposes, giving businesses a wide range of flexibility. However, proof of funding at reasonable terms and conditions may be necessary, showing that the funding could not be available from conventional sources.
Loan Application Process
Applying for these loans is made easy through the SBAC website. Small businesses can submit their loan applications and learn more about the loan programs and other small business services offered by the SBAC.
Incentive Zones
The designated Incentive Zones include Enterprise Zones such as MLK, Jr Blvd – Montgomery St, Waters Ave, and Pennsylvania Avenue. The Opportunity Zone is the West Downtown area, and the Military Zone is the Hunter Army Airfield.
For more information on these Incentive Zones and the associated business incentives, visit the Economic Development Business Incentives page on the City of Savannah’s website.
To learn more: Download the Loan Information Flyer or Visit the Economic Development Business Incentives page on the City of Savannah website.
The Small Business Assistance Corporation is located at 111 East Liberty St, Savannah, GA 31401, and can be reached at 912-232-4700 for specific loan terms and details. Please note that interest rates and terms are subject to change.
So, if you are a business seeking financing in Savannah, this is a golden opportunity. The City of Savannah and the SBAC are eager to help you grow your business and contribute to the city’s economic development. Remember, your success is our success!