Areas Served: Appling, Atkinson, Camden, Burke, Bulloch, Bryan, Brooks, Brantly, Bleckley, Berrien, Ben Hill, Bacon, Candler, Charlton, Chatham, Clinch, Coffee, Cook, Dodge, Echols, Effingham, Emanuel, Evans, Glascock, Glynn, Irwin, Jeff Davis, Jefferson, Jenkins, Johnson, Lanier, Laurens, Liberty, Long, Lowndes, McIntosh, Montgomery, Pierce, Pulaski, Screven, Tattnall, Telfair, Tift, Toombs, Treutlen, Turner, Twiggs, Ware, Washington, Wayne, Wheeler, Wilkinson
The Small Business Assistance Corporation (SBAC) is a SBA Micro Intermediary that has been selected to administer the MicroLoan Program in 53 counties in Southeast Georgia.
PROJECT ELIGIBILITY Any business located in the 53 assigned counties with under $5 million annual sales and fewer than 5 employees may be eligible.
USE OF PROCEEDS The funds you borrow can be used for working capital, purchase of inventory, supplies, furniture/fixtures, raw materials, and machinery/equipment for your business.
The funds cannot be used to purchase real estate or refinance existing debt.
MAXIMUM AMOUNT The SBA guidelines encourage SBAC to make loans of not more than $7,500.00 however, each application will be considered on the basis of the company’s unique financial needs.
The maximum loan is $50,000, and may be combined with a bank loan for total financing of $105,000. INELIGIBILITY Non-profit organizations, consumer and marketing cooperatives, businesses dealing in the creation, origination, expression or distribution of ideas, values, thoughts, or opinions are not eligible.
Specialty stores primarily engaged in selling products that promote or advocate ideas, specialized delivery, distribution of transportation concerns limiting themselves to distribution of ineligible materials are not eligible.
Loans to refinance existing debt are not eligible.
RATES/TERMS The current interest rate on the MicroLoan is 8% APR.
The repayment period will be determined on a case by case basis not to exceed six (6) years.
There is a $100 service charge per year for the life of the financing.
You will be required to pay closing costs and normal filing fees.
The amount will be different for each loan.
The SBAC will process all loans on a first-come, first-served basis.
Borrowers are cautioned that rates and terms are subject to change.
COLLATERAL/SECURITY Collateral (or security) will be determined on a case by case basis.
However, potential borrowers should know that the SBAC is legally bound by the SBA to secure each loan with sufficient collateral.
If you purchase an asset, a first lien will be obtained.
In all loans the personal guarantees of the principal owners of the small business concern will be required.
TECHNICAL ASSISTANCE SBAC offers technical assistance to all clients who participate in the MicroLoan Program.
Technical Assistance is designed to help our micro entrepreneurs obtain any additional tools needed to operate their businesses successfully.
Contact InformationSmall Business Assistance Corporation
Address: 111 E. Liberty Street, Suite 100
City: Savannah
State: Georgia
Website:
http://www.sbacsav.com/loan-programs/microloan-program
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